Housing prices in Greater Vancouver are a topic of discussion across the country. We are often asked about the differences between the MLS® Home Price Index benchmark prices that we report, the average prices and the median prices.
Here’s a comparison of the MLS HPI®, average, and median prices in Greater Vancouver over the last year.
Average price
The average price is calculated by dividing the total dollar volume of sales by the number of sales. The average price is the simplest to explain but is not always the most accurate since it may be skewed by the mix of properties, such as more high-end or low-end sales will skew the number up or down.
Greater Vancouver
|
Category |
|
Sept 2012 (average) |
|
Sept 2011 (average) |
|
% change year over year |
| Detached | $1,119,166 | $1,104,896 | +1.3% | |||
| Attached | $531,311 | $573,259 | -7.3% | |||
| Apartment | $445,429 | $455,342 | -2.2% |
Median price
In a list of numbers from high to low, the median is the one in the middle. In a list of housing prices from high to low, the median is the middle price.
Greater Vancouver
|
Category |
|
Sept 2012 (median) |
|
Sept 2011 (median) |
|
% change year over year |
| Detached | $824,500 | $856,000 | -3.7% | |||
| Attached | $490,000 | $511,000 | -4.1% | |||
| Apartment | $367,500 | $367,200 | +0.1% |
MLS® Home Price Index
The MLS® HPI reports the price for an ‘economic bundle’ of housing features of a ‘typical’ house for a neighbourhood, area or region. Modelled on the Consumer Price Index or CPI, it is considered to be the most accurate indicator of housing prices trends in a given region.
Greater Vancouver
|
Category |
|
Sept 2012 (MLS HPI®) |
|
Sept 2011 (MLS HPI®) |
|
% change year over year |
| Detached | $935,600 | $939,900 | -0.5% | |||
| Attached | $458,600 | $471,500 | -2.7% | |||
| Apartment | $368,600 | $371,100 | -0.7% |
Source: Real Estate Board of Greater Vancouver
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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