The benchmark describes a typical home, not any specific one, which matters most for a family home that has been lived in and improved over many years. Updated kitchens, finished basements and newer mechanical systems routinely push a specific house well above that citywide number.
Sales activity backs up that the market is active rather than stalled, running 6.6 percent above the 10-year average for the month, which means well-priced homes are finding buyers rather than sitting.
Where your specific family home lands above or below the benchmark depends on its condition and improvements, not the citywide average. Get your hand-reviewed valuation from Joel Dyck.