Navigating Deception:
Benchmark Price
The Toronto Regional Real Estate Board (TRREB) and the Ontario Real Estate Association (OREA) and Canadian Real Estate Association (CREA)
and the over 90,000 REALTORs in Ontario promote the belief that the MLS Benchmark Price is the most accurate measure of house price change in Canada.
The question that should be asked is "what does the data say"?
When making a home buying decision should you rely upon anything attached to the MLS Benchmark Price?
and the over 90,000 REALTORs in Ontario promote the belief that the MLS Benchmark Price is the most accurate measure of house price change in Canada.
The question that should be asked is "what does the data say"?
When making a home buying decision should you rely upon anything attached to the MLS Benchmark Price?
The DATA
Example #1
An independent CUSPAP Appraised Price for 7 Mulberry Cres, Toronto to be worth 18% more than
264 Robina Ave just one block away.
The MLS Benchmark Price for Toronto has increased 29% between July 2018 and October 30th, 2023
In May of 2018 264 Robina Ave, Toronto was purchased for $950,018 and Appraised to allow the sale to successfully conclude.
The Appraised Price of 7 Mulberry Cres, Toronto as such would equal approximately $1,121,021 in May 2018.
An October 2023 Appraisal using the change in the MLS Benchmark Price suggests to any Home Buyer that
7 Mulberry Cres, Toronto would be worth buying at $1,446,117 as a result.
You can buy 7 Mulberry Cres, Toronto today as it is on the market for only $900,000.
This suggests 7 Mulberry Cres, Toronto is actually worth 37.7% less than it would have Appraised at in 2018.
264 Robina Ave just one block away.
The MLS Benchmark Price for Toronto has increased 29% between July 2018 and October 30th, 2023
In May of 2018 264 Robina Ave, Toronto was purchased for $950,018 and Appraised to allow the sale to successfully conclude.
The Appraised Price of 7 Mulberry Cres, Toronto as such would equal approximately $1,121,021 in May 2018.
An October 2023 Appraisal using the change in the MLS Benchmark Price suggests to any Home Buyer that
7 Mulberry Cres, Toronto would be worth buying at $1,446,117 as a result.
You can buy 7 Mulberry Cres, Toronto today as it is on the market for only $900,000.
This suggests 7 Mulberry Cres, Toronto is actually worth 37.7% less than it would have Appraised at in 2018.
Example #2
An independent CUSPAP Appraised Price for 463 Westmont Ave.,Toronto to be worth 6% more than
433 Westmont Ave., just 14 doors away.
The MLS Benchmark Price for Toronto has increased 29% between July 2018 and October 30th, 2023
In Dec of 2018 433 Westmont Ave, Toronto was purchased for $730,000 and Appraised to allow the sale to successfully conclude.
The Appraised Price of 463 Westmont Ave, Toronto as such would equal approximately $773,846 in Dec 2018.
An October 2023 Appraisal using the change in the MLS Benchmark Price suggests to any Home Buyer that
463 Westmont Ave, Toronto would be worth buying at $990,532 as a result.
You can buy 463 Westmont Ave, Toronto today as it is on the market for only $779,000.
This suggests 463 Westmont, Toronto is actually worth 21.4% less than it would have Appraised at in 2018.
433 Westmont Ave., just 14 doors away.
The MLS Benchmark Price for Toronto has increased 29% between July 2018 and October 30th, 2023
In Dec of 2018 433 Westmont Ave, Toronto was purchased for $730,000 and Appraised to allow the sale to successfully conclude.
The Appraised Price of 463 Westmont Ave, Toronto as such would equal approximately $773,846 in Dec 2018.
An October 2023 Appraisal using the change in the MLS Benchmark Price suggests to any Home Buyer that
463 Westmont Ave, Toronto would be worth buying at $990,532 as a result.
You can buy 463 Westmont Ave, Toronto today as it is on the market for only $779,000.
This suggests 463 Westmont, Toronto is actually worth 21.4% less than it would have Appraised at in 2018.
Example #3
An independent CUSPAP Appraised Price for 11 Failsworth Ave,Toronto to be worth 4% more than
9 Failsworth Ave., just next door.
The MLS Benchmark Price for Toronto has increased 29% between July 2018 and October 30th, 2023
In June of 2018 9 Failsworth Ave, Toronto was purchased for $810,000 and Appraised to allow the sale to successfully conclude.
The Appraised Price of 11 Failsworth Ave, Toronto as such would equal approximately $842,400 in June 2018.
An October 2023 Appraisal using the change in the MLS Benchmark Price suggests to any Home Buyer that
11 Failsworth Ave, Toronto would be worth buying at $$1,086,696 as a result.
You can buy 11 Failsworth Ave, Toronto today as it is on the market for only $799,000.
This suggests 11 Failsworth Ave, Toronto is actually worth 26.5% less than it would have Appraised at in 2018.
9 Failsworth Ave., just next door.
The MLS Benchmark Price for Toronto has increased 29% between July 2018 and October 30th, 2023
In June of 2018 9 Failsworth Ave, Toronto was purchased for $810,000 and Appraised to allow the sale to successfully conclude.
The Appraised Price of 11 Failsworth Ave, Toronto as such would equal approximately $842,400 in June 2018.
An October 2023 Appraisal using the change in the MLS Benchmark Price suggests to any Home Buyer that
11 Failsworth Ave, Toronto would be worth buying at $$1,086,696 as a result.
You can buy 11 Failsworth Ave, Toronto today as it is on the market for only $799,000.
This suggests 11 Failsworth Ave, Toronto is actually worth 26.5% less than it would have Appraised at in 2018.
Conclusion
What did the Data reveal to you?
Did the Data reveal a An independent CUSPAP Average Appraised Price decline of 28.5%
Did it reveal an almost identical percentage drop versus the percentage gain REALTORs are claiming took place?
Can house prices be supported just on the word of realtors?
Our Debunked submissions do not use cherry picked examples requiring hours of time and effort to uncover but rather just some of the hundreds we use each day to understand the market and verify our own interpretation of the data. These are simplest examples as others use multiple homes within a one block radius that only further cement the conclusions we can provide to anyone who challenges our position.
On December 1st, 2023, Ontario REALTORs will be required to recommend in writing and have signed acknowledgement that anyone looking to sign any contracts with REALTORs seek out "Independent Professional Advice" before signing. This is the first place and time in North America where the public is being directed by regulators in writing and with a required mandatory written acknowledgement on the importance of seeking non-realtor advice prior to signing.
This is what Ross Kay HomeOwnership Advisors was created to do!
Did the Data reveal a An independent CUSPAP Average Appraised Price decline of 28.5%
Did it reveal an almost identical percentage drop versus the percentage gain REALTORs are claiming took place?
Can house prices be supported just on the word of realtors?
Our Debunked submissions do not use cherry picked examples requiring hours of time and effort to uncover but rather just some of the hundreds we use each day to understand the market and verify our own interpretation of the data. These are simplest examples as others use multiple homes within a one block radius that only further cement the conclusions we can provide to anyone who challenges our position.
On December 1st, 2023, Ontario REALTORs will be required to recommend in writing and have signed acknowledgement that anyone looking to sign any contracts with REALTORs seek out "Independent Professional Advice" before signing. This is the first place and time in North America where the public is being directed by regulators in writing and with a required mandatory written acknowledgement on the importance of seeking non-realtor advice prior to signing.
This is what Ross Kay HomeOwnership Advisors was created to do!
