# External house price indices — Quebec, 2021-01 → 2026-10

Purpose: publicly available price-index series used only for external validation of the SHARP-HPI panel (CLAUDE.md §13). Nothing here enters the hedonic specification. All files were produced from actually downloaded data on 2026-10-21 (UTC timestamps in each row); no value was typed by hand. Raw downloads are kept in raw/, conversion scripts in scripts/ (run with python3 -I scripts/<name>.py …).

Common CSV layout (long format): source, series_name, geography, property_scope, frequency, period (YYYY-MM or YYYY-Qn), value, base_period, download_url, downloaded_at. The window kept is 2021-01 … 2026-10; the actual last available period is given per series below.

# Files

# 1. Teranet–National Bank House Price Index (teranet_nb_hpi_monthly.csv)

• Method: repeat-sales index estimated on property transfers recorded in provincial land registries (Quebec: Registre foncier), all residential property types pooled; see https://housepriceindex.ca/about/our-methodology/. Not a hedonic or benchmark method; no property-type breakdown is published.
• Geography: census metropolitan areas (CMA). Québec City on the site = Québec CMA. Composite 11 = weighted composite of 11 CMAs (Montréal weight and Québec City weight are in the profiles block of the raw JSON). Sherbrooke and Trois-Rivières are also published monthly; Saguenay has no index series in the public feed.
• Base period: June 2005 = 100.
• Series kept (3 per market): not seasonally adjusted (NSA index), seasonally adjusted (SA index), sales pair count (number of repeat-sale pairs used that month; count, not an index).
• Vintage: release of 2026-10-20 (September 2026 data; next releases 2026-11-18, 2026-12-17 per raw/teranet_indx_data_releases_2026-10-21.json). Teranet revises the whole history at each release, so this is the current-vintage series, not a real-time vintage.
• Download: the site offers an official form at https://cloud.connect.teranet.ca/hpi-download-en (asks for name/e-mail/company, iframe on https://housepriceindex.ca/index-history/). That form was not used. The series were taken from the public JSON feed that drives the site's charts: https://housepriceindex.ca/_data/indx_data.json?d=4e4005dc (downloaded 2026-10-21T05:14:13Z, copy in raw/teranet_indx_data_2026-10-21.json). Values in that feed are lightly obfuscated: the site's hpi.js (v1.9.0-2, function unmunge) recovers them as real = round((v − round(frac(v)·100))·100)/100, and sales-pair counts are multiplied by 10. scripts/teranet_to_csv.py applies exactly that rule. Month i of each array = start_date 1990-06 + i months (436 values → 2026-09).
• Verification: decoded September 2026 values match the site's displayed values and the press release raw/Teranet_E_261020.pdf to the last digit: Composite 11 = 294.94 (−1.4 % m/m NSA, +0.1 % m/m SA, −3.5 % y/y); Montréal = 310.62 (−2.1 % m/m, +1.4 % y/y); Québec City = 327.56 (+7.7 % y/y); Sherbrooke = 364.30; Trois-Rivières = 370.15.
• Caveats: repeat-sales only (properties sold at least twice, no new construction in a pair); the site displays the SA series only from December 2021 (SA_START_DATE in hpi.js) although the feed contains SA values earlier — treat SA values before 2021-12 with caution; sales-pair counts for the last months are provisional. Use is subject to Teranet's Terms of Use (https://housepriceindex.ca/terms-and-conditions/): research use with attribution.

# 2. CREA MLS® Home Price Index (crea_mls_hpi_monthly.csv)

• Method: hedonic benchmark model estimated on MLS® (Centris in Quebec) brokered resale listings; the HPI is the index of the benchmark (typical) home price for each property type; see https://www.crea.ca/housing-market-stats/mls-home-price-index/about-hpi/. Composite, Single-family, One-storey, Two-storey, Townhouse, Apartment; both the index (*_HPI) and the benchmark price in CAD (*_Benchmark) are kept, NSA and SA.
• Geography: MONTREAL_CMA, QUEBEC_CMA (CMA boundaries as defined by the Quebec boards), QUEBEC = province-level aggregate of the boards participating in the MLS HPI, ESTRIE, MAURICIE, CENTRE_DU_QUEBEC (board/region areas), AGGREGATE = Canada aggregate. Gatineau is not a separate sheet (Ottawa board sheet OTTAWA is Ontario-centred and was not kept).
• Base period: January 2005 = 100.
• Vintage: MLS_HPI_Oct_2026.zip, workbooks dated 2026-10-01 inside the archive, last month 2026-09 (September 2026 release). CREA revises the history at each monthly release and performs an annual methodology/benchmark review (see Briefing-on-changes-to-HPI-methodology-ENG.pdf linked from the tool page), so again this is a current-vintage series.
• Download: the full-history Excel did not require a login: https://www.crea.ca/files/mls-hpi-data/MLS_HPI_Oct_2026.zip (linked from https://www.crea.ca/housing-market-stats/mls-home-price-index/hpi-tool/, downloaded 2026-10-21T05:17:40Z, copy in raw/). Converted with scripts/crea_to_csv.py from Not Seasonally Adjusted (M).xlsx and Seasonally Adjusted (M).xlsx. Quarterly and annual workbooks are in the zip but were not converted.
• Caveats: covers brokered resales only (Centris); the benchmark home definition and model are CREA's; the Quebec province aggregate reflects participating boards only, not all municipalities; CREA terms of use apply (https://www.crea.ca/terms-of-use/), attribution required.

# 3. Statistics Canada NHPI, table 18-10-0205-01 (statcan_18100205_nhpi_monthly.csv)

• Method: matched-model price index of builders' selling prices for new single, semi-detached and row houses (contractors' prices, constant specifications); survey 2310. Components: Total (house and land), House only, Land only. Not a resale index — lower priority for validating a transaction-based index; useful for the new-construction segment.
• Geography: Canada, Quebec (provincial aggregate = included Quebec CMAs), Québec, Montréal, Sherbrooke, Trois-Rivières, Ottawa-Gatineau (Quebec part). Series names contain the StatCan vector id (e.g. Montréal total = v111955484 — see series_name).
• Base period: December 2016 = 100.
• Vintage: release 2026-09-17 08:30 (August 2026 data); last period 2026-08.
• Download: WDS getFullTableDownloadCSV/18100205/en → https://www150.statcan.gc.ca/n1/tbl/csv/18100205-eng.zip, downloaded 2026-10-21T05:16:30Z (copy + cube metadata JSON in raw/). Converted with scripts/statcan_to_csv.py. Open Government Licence – Canada.
• Caveats: 'E' quality flags are in the raw CSV STATUS column, not carried into this file; the Quebec aggregate includes Ottawa-Gatineau (Quebec part) since Dec 2016 (table note 5).

# 4. Statistics Canada RPPI, table 18-10-0169-01 (statcan_18100169_rppi_quarterly.csv)

• Method: Residential Property Price Index (survey 5303), 2017 = 100, quarterly, by building type (House, Condominium apartment, Total) × construction type (New build, Resale, Total). The resale component was produced by Teranet/NBC with a methodology customised for StatCan (table note 5); the new-house component is the quarterly average of the NHPI; the new condo component is the NCAPI (now table 18-10-0273-01).
• Geography: only six CMAs — Montréal, Ottawa-Gatineau (Ontario part), Toronto, Vancouver, Victoria, Calgary — plus the six-CMA composite. Québec CMA is not covered. Kept: Montréal and the composite.
• Status: terminated after 2021-Q4 (table note 8), archived 2022-05-04. Only 2021-Q1…2021-Q4 fall in the study window; useful at most as a four-quarter anchor for Montréal resale vs new.
• Download: https://www150.statcan.gc.ca/n1/tbl/csv/18100169-eng.zip (WDS), 2026-10-21T05:16:30Z.

# What could not be obtained, and why

• StatCan 18-10-0276-01 (as given in the task) is not the RPPI: WDS metadata identifies it as "Building construction price indexes, by type of building and division, inactive". The quarterly RPPI is 18-10-0169-01 and it was discontinued after 2021-Q4; Statistics Canada currently publishes no resale house price index for Montréal/Québec. A WDS search of all cube titles (getAllCubesListLite, 2026-10-21) found no other active "property/house price" table besides the NHPI (18-10-0205/0210) and the NCAPI (18-10-0273).
• Teranet official download form (cloud.connect.teranet.ca/hpi-download-en): requires submitting a personal-data form; not used. The public JSON feed gave the same data (verified against the press release). The Composite 6 (C6) is no longer public (site notice).
• Teranet Saguenay: listed in the site's profiles but with no series in the public feed.
• CREA board-level pages on stats.crea.ca: not needed (full Excel obtained); the site's HPI chart is a Tableau Public embed with no CSV endpoint.
• APCIQ / Centris median prices (Baromètre résidentiel): no CSV/XLSX is published. The data exist only as monthly PDF reports by RMR (province, Montréal, Québec, Gatineau, Sherbrooke, Trois-Rivières, Saguenay, Drummondville) at https://com.apciq.ca/sam/pdf/bar/YYYY/YYYYMM-bar-<rmr>[-fr].pdf (naming is inconsistent — -fr, _fr, CDN host — and the index page lists only 2024-01 … 2026-03; guessed URLs for 2021-01, 2025-09 and 2026-09 returned 404). Building a 2021–2026 monthly series would require scraping ~70 PDFs per region with no guaranteed layout; not done. Note also that APCIQ publishes medians, not a quality-adjusted index, so it would serve only as a composition- sensitive comparator.
• Nothing covers October 2026: Teranet and CREA end in 2026-09, NHPI in 2026-08. The October 2026 cell of the SHARP-HPI panel therefore has no external comparator at this time.

# Harmonisation notes for §13 of the paper

• Base periods differ (Teranet 2005-06, CREA 2005-01, NHPI 2016-12, RPPI 2017): rebase every series to the 2021 annual average = 100 before comparison, and compare log changes, not levels.
• Scope differs: Teranet = all registered transfers with a prior sale (repeat-sales, no new builds in pairs); CREA = brokered resales, benchmark home; NHPI = new houses only; SHARP-HPI = all registered arm's-length sales in the Vrai Prix extract. Composition and coverage differences are expected to show up in level and in month-to-month volatility.
• Geography: CMA definitions (Teranet, StatCan) vs board areas (CREA) vs SDA municipalities (SHARP-HPI); build CMA aggregates from the SDA crosswalk before comparing.
• Vintage: all external series are the 2026-10 current vintage; compare with the retrospective SHARP-HPI series, not with the real-time vintages.