Advanced AVM technology from Altus Group combined with extensive data from real estate boards and associations delivers first national Canadian index making it one of largest and most comprehensive in the world
TORONTO (October 2, 2019) — Altus Group Limited (“Altus Group”) (TSX: AIF), a leading provider of software, data solutions and independent advisory services to the global commercial real estate (“CRE”) industry, together with The Canadian Real Estate Association (“CREA”) and the Founding Boards, including the Greater Vancouver Real Estate Board, the Fraser Valley Real Estate Board, the Calgary Real Estate Board, the Toronto Regional Real Estate Board, and the Quebec Professional Association of Real Estate Brokers, announced the broadening of their partnership to expand CREA’s Multiple Listing Service® (“MLS®”) Home Price Index nationally.
The MLS® Home Price Index is the most advanced and accurate tool relied on by the industry to gauge a neighbourhood’s home price levels and trends. The MLS® Home Price Index was pioneered by CREA and the Founding Boards and leverages Altus Group’s proprietary technology and sophisticated statistical models.
Altus Group developed the technology that powers the MLS® Home Price Index in 2009 which analyzes all of the sales data from a board or association’s MLS® System, applies a value to a “typical” home for various types of dwellings for each submarket, and tracks the relative change in value over time. Through the timely access to data inputs directly from the real estate boards and associations, real estate transactions across the country are captured on a real-time basis to ensure the index values capture market trends and activity to allow for faster insights for realtors and their clients. Leveraging its machine learning expertise along with its proprietary knowledge of automated valuation models (“AVM”) and data cleansing, Altus Group has continued to improve the technology that powers the MLS® Home Price Index and supports its expansion to markets across Canada.
“We’re excited to announce that for the first-time there is an agreement in place for all Canadian real estate boards and associations to join the MLS® Home Price Index and create a truly national housing price index that encompasses all of the housing market activity. Providing all of our members with this level of analysis and visibility into the market trends is invaluable,” said Michael Bourque, CEO of CREA. “We’re pleased to continue and further expand our strategic partnership with Altus Group to deliver greater value to REALTORS® and the Canadian real estate market by providing consistent and reliable insights on a local and national level.”
This new agreement provides a framework to expand the MLS® Home Price Index from the current 18 real estate boards to all of CREA’s 90 real estate boards and associations across Canada, representing more than 130,000 REALTOR® members. The expansion enables CREA and all real estate boards and associations to jointly provide a truly national MLS® Home Price Index for Canada.
“This is a reflection of the success we’ve achieved in our partnership to date, and the combination of machine learning and AVM technology delivers a powerful tool at a scale that brings greater value to everyone across the industry,” said Richard Simon, Managing Director of Data Solutions at Altus Group.
“This expanded agreement with Altus Group enables us to support REALTORS® with the first truly national Housing Price Index. Having greater access and visibility to data is critical in today’s competitive market and a national MLS® Home Price Index will better equip REALTORS® to address the needs of consumers across all markets,” said Gregory Klump, Chief Economist at CREA.
“This is great news for REALTORS® and their clients,” said Bill Stirling, CEO of the Newfoundland and Labrador Association of REALTORS®. “The MLS® Home Price Index provides the best way to understand how local housing price trends are evolving, and we’re proud to be a part of this.”
About Altus Group Limited
Altus Group Limited is a leading provider of software, data solutions and independent advisory services to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,500 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world’s largest real estate industry participants. Altus Group pays a quarterly dividend of $0.15 per share and our shares are traded on the TSX under the symbol AIF.
For more information on Altus Group, please visit: www.altusgroup.com.
About The Canadian Real Estate Association
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations. CREA works on behalf of more than 130,000 REALTORS® who contribute to the economic and social well-being of communities across Canada. Together they advocate for property owners, buyers and sellers.
FOR FURTHER INFORMATION PLEASE CONTACT:
Altus Group
Jeff Hayward
Vice President, Global Marketing & Communications
416-234-4212
jeff.hayward@altusgroup.com
The Canadian Real Estate Association
Pierre Leduc
Media Relations
613-237-7111 or 613-884-1460
pleduc@crea.ca