Monday, October 7, 2019

CREA's home price index will now cover all of Canada

Earlier this week, Altus Group and the Canadian Real Estate Association confirmed a renewed partnership that would expand CREA’s Multiple Listing Service® (MLS®) Home Price Index on a national level.

The stronger, wider-ranging agreement would boost the coverage of the MLS® Home Price Index from the current 18 real estate boards to all of CREA’s 90 real estate boards and associations across Canada.

“This is a reflection of the success we’ve achieved in our partnership to date, and the combination of machine learning and AVM technology delivers a powerful tool at a scale that brings greater value to everyone across the industry,” Altus managing director of data solutions Richard Simon stated.

The expansion would incorporate the work of CREA’s more than 130,000 members nationwide.

“Having greater access and visibility to data is critical in today’s competitive market and a national MLS® Home Price Index will better equip REALTORS® to address the needs of consumers across all markets,” CREA chief economist Gregory Klump noted.

CREA CEO Michael Bourque added that this alliance will provide consistent and reliable data on both the local and national levels.

“We’re excited to announce that for the first-time there is an agreement in place for all Canadian real estate boards and associations to join the MLS® Home Price Index and create a truly national housing price index that encompasses all of the housing market activity,” Bourque said. “Providing all of our members with this level of analysis and visibility into the market trends is invaluable.”

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