New System for Home Sale Stats
Parksville Qualicum Beach News
Tuesday, November 5, 2013 – submitted by VIREB
Sales activity across the Vancouver Island housing market area continued to improve in the month of October, resulting in a 29 per cent increase in unit sales over this time last year. As sales momentum continues to build after a particularly slow market last year, we are witnessing a return to our historical averages across the board area.
This month, VIREB joins the Canadian Real Estate Association and ten major real estate markets in Canada by adopting a new method of statistical reporting called the MLS Home Price Index, or HPI. Mirrored after the Consumer Price Index, the HPI calculates the value for a typical “benchmark home”, which is a notional dwelling that shares a specific set of qualitative and quantitative attributes that are typical for the type of residential dwelling in question.
For October 2013, the benchmark price for a single-family benchmark home in the VIREB coverage area was $310,000, with an MLS HPI index value of 145.5. (This represents a 45.5 per cent increase since January 2005, when the index was 100). The benchmark price for a single-family home in Parksville Qualicum Beach was $347,300, dipping 0.4 per cent from last year.