CREA, Altus Group join for national MLS HPI boost

The MLS Home Price Index will become even more accurate following an agreement between the Altus Group and the Canadian Real Estate Association and its founding boards.

It means that the index will have a framework to expand from its current 18 real estate boards to all 90 CREA member boards and associations across Canada.

“We’re excited to announce that for the first-time there is an agreement in place for all Canadian real estate boards and associations to join the MLS® Home Price Index and create a truly national housing price index that encompasses all of the housing market activity. Providing all of our members with this level of analysis and visibility into the market trends is invaluable,” said Michael Bourque, CEO of CREA. “We’re pleased to continue and further expand our strategic partnership with Altus Group to deliver greater value to REALTORS® and the Canadian real estate market by providing consistent and reliable insights on a local and national level.”

CREA chief economist Gregory Klump added that the expansion of the HPI will better equip Realtors and help consumers across all markets.

And Altus Group’s managing director of data solutions Richard Simon said it represented how well the two organizations have worked together so far.

“This is a reflection of the success we’ve achieved in our partnership to date, and the combination of machine learning and AVM technology delivers a powerful tool at a scale that brings greater value to everyone across the industry,” said Richard Simon, Managing Director of Data Solutions at Altus Group.

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