3  Because of these multiple dimensions, as well as regional influences within a country, housing and house prices are intrinsically heterogeneous. Therefore, price measures are necessarily indexes. The SP/CaseShiller city-level indexes of repeated sales control for quality, but their availability is limited to a few jurisdictions. In Canada, the equivalent to the Case-Shiller is the Teranet/National Bank Composite House Price Index.
The Bank of Canada uses this index and the Canadian Real Estate Association MLS Home Price Index, as well as the MLS average for monitoring purposes. These three price indexes have exhibited the same upward trend.