The MLS® Home Price Index ("HPI") has been emphasized a bit more by the Toronto Real Estate Board ("TREB") recently, and I've been seeing it mentioned in the media a bit more of late. This index is supposed to work like the Consumer Price Index ("CPI") that most are familiar with. The CPI tracks changes in price of a "basket of goods and services," while the HPI tracks a "basket of home attributes." In both cases what's in the basket... [read more]

The MLS Home Price Index (HPI) is supposed to act like the more familiar Consumer Price Index (CPI). While the CPI tracks the price of a basket of goods, the HPI tracks the price of a basket of house attributes. For a more detailed look into how the HPI works, check out this blog post. Similar to the monthly Toronto real estate market charts, the full set of HPI charts (with the charts much larger and more legible) are available as a SlideShare report The HPI isn't... [read more]

[Note: the analysis from this blog post was referenced in a Globe & Mail article in March of 2018.] The calendar just turned from February to March. That means February real estate statistics will be released next week. And that means we're going to be seeing harsh year-over-year (YoY) price comparisons for the next few months. If you want a fun drinking game, have a shot every time you hear or read the media use any variation on the word "plunge" related to... [read more]

The MLS Home Price Index (HPI) is designed to act like the more familiar Consumer Price Index (CPI). While the CPI tracks the price of a basket of goods, the HPI tracks the price of a basket of house attributes. For a more detailed look into how the HPI works, check out this blog post. It's been a long time since I've posted the HPI charts, but with 2018 just ending I thought it would be a good time to share a look-in. Note, I zero-in on just the 416. Different parts of the... [read more]

Every month recently has been a lot different than the prior. In February things were hot. March was a tale of two halves, with the first half continuing hot, and then the brakes coming on in the second half after all three levels of government started implementing COVID-19 measures. Then April was one long month of riding the brakes, with 2,975 GTA sales representing the lowest April in the last 25 years (as far back as TRREB supplies monthly numbers for). May was the start... [read more]