Today’s eMemo contains the following update:
- CREA MLS® HPI dashboard tool now available as part of your membership
- The MLS® HPI made easy: CREA’s tool automates Home Price Index calculations
- Quickly, easily validate your CMA and listing price recommendations to clients
- Lots of online training resources, plus two virtual Learn-at-Lunches
Introducing a new, free stats tool – the CREA MLS® Home Price Index (MLS® HPI) dashboard
The Board is excited to launch a new, free statistics tool to help you help your clients. For years, you’ve asked for an “HPI calculator.” This is it.
The MLS® HPI dashboard tool automates Home Price Index calculations allowing you to quickly and easily, validate your CMA and listing price recommendations.
As you know, the MLS® HPI is the most accurate method of measuring home price trends in Canada. Pioneered here at the FVREB and adopted nationally by CREA, the MLS® HPI uses more than 15 years of MLS® data and statistical models of “typical properties” to track changes in home values.
Every month, we publish benchmark prices and the percentage change in the home price index in our statistics package, but one challenge members have always had, is applying the MLS® HPI to a ‘real’ home or listing and feeling confident that they’re doing the calculations correctly.
This tool does it for you. One of the handiest functions is the Price Estimate tab. You enter the area, property type, when it sold and for how much, and the tool produces a current estimate of that home’s value based on the HPI. The tool is another benefit of FVREB membership and is now live on REALTOR Link®.
CREA MLS® HPI training resources
FVREB is amongst the first boards in Canada to offer our members this tool. CREA has numerous MLS® HPI dashboard training resources available via their CREA Learning Hub:
- What is the MLS® HPI? – brief introductory video
- Why Use the MLS® HPI? – brief introductory video
- Introduction to the HPI Tool – 6 short segments on the HPI Tool
- HPI Tool Help Guide – in-depth walkthrough on all features available in the tool
- HPI Tool Online Course – free course for members, includes a short quiz at the end
- MLS® Home Price Index (HPI) Training Webinar – a 24-minute webinar demonstrating the tool
In addition, we’re pleased to offer our members two live, virtual Learn-at-Lunches from 12 noon to 1 pm.
- Tuesday, September 29
- Wednesday, October 21
Presented by CREA Economist, Chris Jokel, join either of these free sessions to learn about the tool, see it in action and ask questions. Register through our TLC Calendar.
If you want to dive right in and head to the MLS® HPI dashboard tool now, click here. Similar to our FVREB Stats Centre and other Board apps, you can access the tool directly via a button on our main page on REALTOR Link®. Need help? As always, feel free to give our Helpdesk a call at (604) 930-7626.
Source: FVREB Communications