What is the MLS® Home Price Index (HPI)?
The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge a neighbourhood’s home price levels and trends.
Average or median prices can change a lot from one month to the next and paint an inaccurate or even unhelpful picture of price values and trends. The MLS® HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time. It therefore provides an “apples to apples” comparison of home prices across the entire country.
Each month, the MLS® HPI uses more than a decade of MLS® System data and sophisticated statistical models to define a “typical” home based on the features of homes that have been bought and sold. These benchmark homes are tracked across Canadian neighbourhoods and different types of houses.