On November 1, the Victoria Real Estate Board (VREB) joined the Canadian Real Estate Association and nine major real estate markets in Canada by adopting a new approach to reporting residential property sales price trends. Instead of relying on average and median sale prices, VREB switched to the MLS® Home Price Index (MLS® HPI), which is considered more accurate based on its reporting methods.
MLS® HPI estimates the values of typical homes, whereas medians and averages merely reflect the overall selling prices of the particular mix of homes that sold in a given month. The Victoria Real Estate Board is proud to include the MLS® HPI as one the tools used by our Member REALTORS®, ensuring greater accuracy in tracking trends and reducing confusion around trend analysis.
In addition to market reports, the VREB is a source for buyers, sellers and those who wish to lease commercial premises to Find a REALTOR® and to research upcoming Open Houses in our marketing area.
The VREB is a member-based association of more than 1,200 REALTORS who work and live in the communities of Greater Victoria and the Southern Gulf Islands. We provide our Members with the tools and education they need to provide the best possible service and expertise to their clients.
REALTOR® is a trademark that identifies real estate professionals in Canada who are members of the Canadian Real Estate Association and who subscribe to a high standard of service and a Code of Ethics.