Market Tool: Home Price Index (HPI)

If you are trying to find out what the market looks like in your local area, a great tool is the Home Price Index (HPI) found on the Real Estate Board of Greater Vancouver website.

You can select the area you are looking to buy in (or the area you currently live in to help determine a sale price); the property style (detached, condo, etc) and the time period (most recent, or past periods to help spot trends).

An example of the HPI results for residential properties in the Lower Mainland based on May 2014 data

Why it's good for sellers:

- provide recent, relevant information to give you an overall idea of the market in certain ares, for different property types, and what the trends have been

- select a fair price to list your home to help it sell faster

Why it's good for buyers:

- provide information about prices in areas you are interested in

- help you make informed offers that reflect a variety of considerations, such as the local market trends and prices for the different kinds of properties available

Having a tool like this can help give you an overall picture of current market conditions as you prepare to buy or sell. Listing your house at a fair, competitive price can help make it attractive to buyers & help it sell fast. For buyers, this can help you determine how realistic your budget and expectations are for properties in the areas you are seeking to buy in. 

If you have any questions about the local market, curent prices, and other information, contact us today and we will happily answer all your questions and make the process simple & straight forward.

Image Sources:

Real Estate Board of Greater Vancouver