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Housing Data Crunch: Canadian House Price Indices and Provincial Housing Reports

pfl1Canadian financial institutions are fortunate to have access to and are even producers of Canadian house price information all the way from Canadian house price indices to provincial housing reports. This vital Canadian housing data is relied upon in every aspect of a lending institution: underwriting, forecasting, risk management, business development, marketing and more…

There are so many different type of reports that deal with housing data from so many sources it can be hard to know which the best to subscribe to are and what their data means to you. Producers of Canadian housing data include private enterprise, municipalities, provincial and federal government, insurers, financial institutions, real estate boards, property management companies and more.

The easiest way to determine which publications and reports to subscribe to is to understand their differences as to eliminate overlap. Also, it is helpful to subscribe to a data source that updates on changes monthly.

National house price indices organize housing data across the country. The Teranet-National Bank House Price Index™ is an excellent example of a national house price index that is published monthly and provides the rate of change for Canadian single family home prices. Here is a really great page that explains the methodology behind this particular house price index, which can be quite helpful for you to understand how the numbers are derived: http://www.housepriceindex.ca/default.aspx.

When it comes to provincial housing reports, the most accurate source of provincial housing data in Ontario is the Ontario Land Registry Database. Lenders use provincial housing reports like the Ontario Mortgage Insights Report to look at provincial market trend and monitoring data at a more granular level.

  • Market trend data includes: the number and value of sales or transfers in a particular area, the number and value of mortgages including charges, discharges and transfers, as well as home equity on properties and turnover rates.
  • Monitoring data includes: estimates of market penetration, mortgages, equity and switches in properties between all monitored institutions.

Together this data gives you the ability to better target markets, make lending decisions, and do your due diligence. By subscribing to reports such as these, you’ll have the intel at hand to be able to make more profitable decisions across the board.

The more you know about what is happening in the Canadian housing market, the more equipped you are to make decisions, leading to reduced losses and increased competitiveness.

For more information on the Teranet-National Bank House Price Index or the tools offered by Purview For Lenders, please call us today at 1.855.787.8439.

 

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