Calgary, Canada, April 05, 2014 --(PR.com
)-- HPI is a relatively new tool to the market, but is very valuable when estimating your Calgary home value. HPI stands for housing price index and is the best measure of price and price trends for residential properties.
HPI creates more inclusive and accessible real estate data that can be used to easily compare properties, understand the true value of your home, and better predict market trends.
HPI is calculated using an advanced statistical model that estimates home values based their quantitative and qualitative attributes.
Some of the attributes taken to account include:
-number of rooms above basement level
-number of bathrooms and half bathrooms
-square footage for main living and basement areas
-age of property
These, among a few other specific home attributes, are given a value that creates the HPI and benchmark price.
There is also a Benchmark HPI, which is a typical “benchmark home” that has a certain set of attributes. These typical “benchmark homes” differ from community to community. Here is an example of a typical Calgary condo benchmark home and HPI in a certain community.
Cliff Bungalow Apartment Benchmark Attributes
Above Ground Bedrooms: 2
Age of Property: 26
Full Bathrooms: 1
Half Bathrooms: 0
Gross Living Area (Above Ground): 829
The benchmark price for Cliff Bungalow in February was $389,500, which is a 3.56% increase from January and a 9.39% increase from one year ago.
If you have any questions or you need more information on your Calgary condo HPI value, please contact CIR realtor Karim Hassam at 403-689-9594.