“There’s nothing like local expert knowledge,” says Gregory Klump, chief economist for the Canadian Real Estate Association. He’s talking about the guide he’s hired for his big mountain ski trip out West, but it’s a notion he certainly brings to his work. While a good portion of his job entails large brushstrokes, he says it’s increasingly important for agents to cull what relevant data they can.
“All real estate is local, right down to the neighbourhoods and the houses in those neighbourhoods,” Klump says. “But big data enables better dissecting what parts of the market are hot and which are cooling.” To help agents dissect that data, the economist worked with CREA to expand its MLS Home Price Index, which has grown to 11 boards across the country in just two years. Klump also has grown his department to four market analysts and three economists, who work to “acquire and analyze the data in meaningful ways.”
200 Catherine Street, 6th Floor Ottawa, ON K2P 2K9