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Calgary Real Estate Updates
Calgary Luxury Home Market
The NHPI measures changes over time in the selling prices of new residential houses agreed upon between the contractor and the buyer at the time of the signing of the contract. It is designed to measure the changes in the selling prices of new houses where detailed specifications pertaining to each house remain the same between two consecutive periods. The prices collected from builders and included in the index are market selling prices less value added taxes, such as the Federal Goods and Services Tax (GST) or the Harmonized Sales Tax (HST).
Note: With the publication of the December 2010 reference month scheduled for February 10, 2011, the base year of the New Housing Price Index (NHPI) will be changed from 1997 to 2007.
Teranet-National Bank House Price Index
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. The monthly indices cover six Canadian metropolitan areas: Vancouver, Calgary, Toronto, Ottawa, Montréal and Halifax. The metropolitan areas are combined to form a national composite index.
The Teranet – National Bank House Price Index™ is estimated by tracking the observed or registered home prices over time. Properties with at least two sales are required in the calculations. Such a “sales pair” measures the increase or decrease of the property value in the period between the sales in a linear fashion. The fundamental assumption of the constant level quality of each property makes possible the index calculation but imposes difficulties in selecting (or filtering) those properties that satisfy it. This difficulty arises from the lack of information about the property, and only the amount of price fluctuations versus time may provide an indication on possible changes in the physical characteristics of the property or non-arms-length transaction. Such properties may not be included in the estimation process.