Most properties sold in Greater Victoria and the Southern Gulf Islands are listed and sold on the Victoria Real Estate Board's Multiple Listing Service® (MLS®) System. The data from this system is compiled into a series of reports that are published via the RSS feed used to drive this page. As such, you can always get the latest results on this website.

To analyze trends of sales prices for real estate in the Greater Victoria (Capital Regional District) housing market, the Victoria Real Estate Board (VREB) moved away from reporting changes in average and median sale prices. It now analyzes these statistics using the MLS® Home Price Index (MLS® HPI). This provides a consistent and accurate depiction of statistical data.

The MLS® Home Price Index uses the concept of an average, benchmark home, an abstract home comprised of common features and properties of houses in a given area. By analyzing ten years of sales data, benchmark homes have been defined in the single family, townhouse and condominium apartment categories for individual neighbourhoods, regions and the Greater Victoria area as a whole. The MLS® HPI model then uses a sophisticated statistical analysis methodology to determine values for benchmark home attributes in order to arrive at a benchmark price for each of our benchmark homes.

MLS® HPI computed historic monthly benchmark prices for each benchmark home back to January 2005. Moving forward, VREB MLS® sales data is used to compute new benchmark prices each month. In addition to being able to report on changes in benchmark prices over time, MLS® HPI also maintains a running index of the percentage change in benchmark prices from the January 2005 starting point.

We overcome the deficiencies inherent in a dependence on average and median sale prices, which are based on the particular mix of homes that are sold in a given month by using the MLS® HPI benchmark prices and index values to report on market trends. This is because MLS® HPI measures changes in benchmark prices of the same benchmark homes, month after month.

Representatives from Statistics Canada, Canada Mortgage and Housing Corporation, Finance Canada and Central One Credit Union have also reviewed and endorsed this methodology as well as provided contributions in support of the VREB's development of the Housing Price Index.


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