The MLS HPI is a repeat-sales index quite similar to the Teranet index. However unlike the Teranet, they separate it out into "benchmark" single family homes, townhouses, and condos. They also have separate data for the various regions, not just greater Victoria as a whole.
With this new information, the VREB has come to accept the skewing of medians and averages that we've talked about here for a few months already. “Past reporting of averages and medians showed flat pricing across the Board’s trading area but MLS® HPI indicates a moderate decline in prices in many markets over the last year,” says VREB's Shelley Mann.
So prices continue their slide at a rate of 3-5% a year depending on where you live.
Overall the HPI tells us nothing we don't already know. Prices on a slow downward slide since 2010. Victoria the weakest market in the country. Over 5 years, prices are down 5.6%.
Update: So how does the new MLS HPI compare to our existing measures of the market? Pretty similar, but surprisingly the MLS HPI is the most pessimistic of the bunch. Note that this is the SFH median, while the two indices are comprised of all properties.
Based on the SFH median we are down about 8% from peak. According to the Teranet we are down 5%, and the MLS HPI says we are down 8% as well.