New Home Price Index Introduced to Canada
Evidently, Brookfield RPS, a subsidiary of Brookfield Asset Management Inc., recently soft-launched its own Canadian home price index.
This index is expected to compete with the country’s two existing price indices, one by the Canadian Real Estate Association and another by a Teranet and National Bank partnership.
So How Does This Affect the Ottawa Real Estate Market?
First, let me tell you a little bit more about what home price indices are and how they work.
Instead of just gauging average home prices, home price indices try to take in the whole picture, knowing that only one statistical figure can be misleading if it stands on its own.
The new public index that Brookfield created includes data on 13 cities. Meanwhile, the private index ( the kind that banks and other corporations pay for) covers all of Canada, breaking the index down into 1,000 cities and towns as well as 1,500 other neighbourhoods.
Already, this new index appears to mirror what the other indexes are doing and to show the same kinds of general trends.
Ultimately, the new index means that buyers and sellers navigating the market have one more source of information for ascertaining the current state of the local housing market. And that’s key. Because the more knowledge you have, the better prepared you will be to make wise decisions on the market.
Helping You Buy and Sell Ottawa Real Estate
Are you interested in entering the market in Ottawa anytime soon as a buyer or seller? If so, then please contact us, Geoff and Bobbie McGowan, your dedicated Ottawa REALTORS®.
It’s all a part of our efforts to help you enjoy a successful outcome on the local housing market in Ottawa!
Until next time,