We are glad you asked!
The Home Price Index is the most advanced and accurate tool to gauge a neighbourhood’s home price levels and trends. Average home prices can change frequently, and don’t always tell the complete story. They do not consider features in the home that may impact pricing – examples include:
Number of rooms above the basement level
Number of bathrooms & half-bathrooms
Square footage for main living & basement areas
Whether it has a fireplace and/or finished basement
Lot size
The age of the property
Parking
How the home is heated
Foundation, flooring, siding & roofing types
Whether the property has waterfront or panoramic view
Whether the property has been sold previously (newly constructed and previously unsold, or repeat sale)
Proximity to shopping, schools, hospitals, police stations, churches, sports centres, golf courses, parks, and transportation (including the train station, railways, and airports)