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Toronto Star – Feb 06 2012 – Susan Pigg

“The Canadian Real Estate Association has launched a new system for tracking home and condo sales prices aimed at giving buyers and sellers a more precise picture of what’s happening right in their neighbourhoods.”

“The new system will track Canadian and regional home sales and price escalations based on “benchmark prices.” ”

“CREA has also established a new MLS Home Price Index — similar to the Consumer Price Index which measures price inflation — that tracks prices relative to January, 2005.”

“As of January, the benchmark price of a single-family home in Toronto hit $606,600 — $100,000 more than the $499,800 benchmark price for a similar home in the rest of Canada. That Toronto home cost 50.3 per cent more than it would have in January, 2005.”

“Eight more boards will start using the new measures this year, and another eight boards next year.”

Related: New index shows housing market heating up again