Teranet and National Bank upgrade the Canadian House Price Index
Montreal, May 8, 2013 –National Bank and Teranet are pleased to announce that the Teranet – National Bank House Price Index™ will now provide a more timely indication of the housing market. The index will be published no later than 15 days after the transaction month.
New Publication Dates
“We have been thrilled with the growing adoption of the Teranet – National Bank HPI as the standard in measuring the rate of change in Canadian house prices” said Simon Côté, Managing Director – Risk Management Solutions at National Bank. “We are excited to be able to deliver this trustworthy and reliable data within two weeks after month end”.
The Teranet – National Bank House Price Index is an independent representation of the rate of change of Canadian single-family home prices. The measurements are based on the property records of public land registries, where sale price is available. The monthly indices cover 11 Canadian metropolitan areas: Calgary, Edmonton, Halifax, Hamilton, Montreal, Ottawa-Gatineau, Québec, Toronto, Vancouver, Victoria, and Winnipeg. Indices are published monthly, on the last Wednesday of each month, on www.housepriceindex.ca. Since its launch in December 2008, the index has steadily gained acceptance on a path to becoming a Canadian benchmark. It is now perceived by many as the most accurate measure of change in Canadian house prices.
“This is great news for our growing base of 12,000 Canadian and international subscribers who depend on the index for timely housing data in order to keep abreast of Canadian housing market dynamics” added Eduardo Alzamora, Director, Financial Services at Teranet. “We continuously look for ways to enhance our HPI and look forward to sharing even more exciting developments in the near future”.
The Teranet – National Bank House Price Index is based on the “repeat sales methodology,” which is widely accepted as the most reliable and robust approach for tracking the housing market. In fact, this same methodology is used for the house price benchmark index in the United States. To be included in the calculation, properties must have been sold at least twice. The two prices are used to measure the increase or decrease in property value in the period between the two transactions.
The index is published monthly on the last Wednesday of each month at www.housepriceindex.ca. Indices are published 30 days after transactions are registered. The actual and historical values of the index, as well as a description of the methodology, are also available on this site.