A measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices is the MLS® HPI.
West Vancouver detached house benchmark price ended 2021 at $3,224,500 despite a full year of COVID-19 impacts. It was -4% below the record monthly high of $3,365,600, July 2016 . However, 2021 was a record year for the HPI year average of $3,098,808 which was +17% above 2020 and just above previous record years, $3,066,625 in 2017 and $3,062,483 in 2016.
Note: The MLS® HPI offers only a benchmark in which to track price trends and consumers should be careful not to misinterpret index figures as actual prices. Benchmark properties are considered average properties in a given community and do not reflect any one particular property.
