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All (7) ((7 results))
- Articles and reports: 11-621-M2021004Description:
Despite COVID-19's impact on the broader economy, the Canadian housing market remained resilient through 2020 as interest rates fell to historic lows. Using data derived from the National Economic Accounts Division and the Bank of Canada, this paper examines trends observed in the mortgage market leading up to and during the COVID-19 pandemic.
Release date: 2021-08-23 - Articles and reports: 89-28-0001201800100008Description:
This edition presents changes in new home prices for Canada and select census metropolitan areas (CMAs) between August 2017 and August 2018. During this period, Canadians experienced rising mortgage rates, tighter lending rules and some provincial policy interventions.
Release date: 2018-10-31 - Articles and reports: 62F0014M2017002Description:
This document offers information on changes to the Mortgage Interest Cost Index (MICI), which is one of the Consumer Price Index (CPI) components. It describes the new approach for estimating MICI price movements.
Release date: 2017-11-17 - 4. Young people's access to home ownership ArchivedArticles and reports: 11-008-X200700510314Geography: CanadaDescription:
Home ownership is very important to the vast majority of Canadians. Young adults are no different from the general population in this respect. To what extent do young adults succeed in making this desire a reality? What are the characteristics of those young people who own their home, and what are the obstacles to home ownership? Using data from the 2006 General Social Survey on family transitions, this article answers these questions by identifying the different factors associated with home ownership among young people aged 25 to 39 who no longer live with their parents.
Release date: 2007-12-11 - Articles and reports: 89-613-M2004005Geography: CanadaDescription:
The report examines housing market trends and housing adequacy, suitability, affordability, and core housing need in Canada's census metropolitan areas (CMAs) from 1991 to 2001.
It begins with a review of demographic and housing market trends, including changes in house prices, rents, and incomes during the 1990s and of factors underlying increasing housing demand late in the decade. Against this backdrop, subsequent chapters examine how well households living in CMAs were housed in 1991, 1996, and 2001. Households that do not live in acceptable housing and do not have sufficient income to afford such housing are deemed to be in core housing need. The last chapter of the report explores the spatial distribution of core housing need in CMAs in 2001 and the characteristics of neighbourhoods in which core housing need was most prevalent.
This publication is not available. For more information, contact Andrew Heisz at 613-951-3748 or Sébastien Larochelle-Côté at 613-951-0803.
Release date: 2005-01-05 - 6. Housing Depreciation in the Canadian CPI ArchivedArticles and reports: 62F0014M2001015Geography: CanadaDescription:
The Canadian Consumer Price Index (CPI) applies a version of the user cost approach to measure the cost of home ownership. Because this approach specifically estimates the costs of using owned accommodation and not those faced by tenants, the measure includes a "replacement cost" (or depreciation) component. Depreciation is the only component in the CPI that is not an out-of-pocket expense. Consequently, economists face a unique set of methodological challenges when measuring depreciation.
Between 1949 and 1997, the annual housing depreciation rate used in the CPI was 2%. Statistics Canada adopted the rate from a study that analysed U.S. Federal Housing Administration field appraisal data from 1939.
This study argues that there is evidence that the 2% depreciation rate is too high to continue to use in the future. Consider that: 1) other Canadian studies show an upper bound of 1.7%, with a median estimate of 1.5%; 2) other statistical agencies use lower rates; and 3) every academic study over the past 40 years has arrived at a lower rate. As a consequence of this study and the existing supporting evidence, the depreciation rate in the Canadian CPI was lowered to 1.5% effective January 1998.
Release date: 2001-11-28 - 7. The Impact on the CPI of Not Surveying House Prices in Rural Regions: A Sensitivity Analysis ArchivedArticles and reports: 62F0014M1997008Geography: Province or territoryDescription:
In light of a recent change in population coverage, this study was initiated to determine whether the integrity of the Consumer Price Index (CPI) should be questioned on the grounds that it does not explicitly take into account rural house price movements. An attempt is made here to quantify the potential impact, using various regimes of artificial data to represent house price movements for rural regions. The regimes were manufactured in a way that allowed the analysis of differences between urban and rural regions in terms of the evolution of house prices, as well as differences in their cumulative price index levels. Three provinces were considered: Newfoundland, Saskatchewan, and British Columbia, all of which have large rural populations. The study results were monthly indexes for the time period, January 1986 to December 1994. The general conclusion was that house prices in rural regions would have to move very differently from those in urban regions to affect the overall level of the CPI. However, in the case of lower-level aggregates the failure to include rural house prices could be having an important effect. In addition, even when cumulative house price movements for rural and urban regions are similar, differences in their evolution tend to have an effect on the trend of the CPI, especially in the case of lower-level aggregates. While it is tempting to conclude that the current CPI methodology is robust enough to apply to the expanded population, this would be based purely on conjecture about the nature of movements in rural house prices. Hence, a second phase of this study will be initiated, whose purpose will be to develop a methodology to construct price indexes for rural regions.
Release date: 1999-05-13
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Analysis (7)
Analysis (7) ((7 results))
- Articles and reports: 11-621-M2021004Description:
Despite COVID-19's impact on the broader economy, the Canadian housing market remained resilient through 2020 as interest rates fell to historic lows. Using data derived from the National Economic Accounts Division and the Bank of Canada, this paper examines trends observed in the mortgage market leading up to and during the COVID-19 pandemic.
Release date: 2021-08-23 - Articles and reports: 89-28-0001201800100008Description:
This edition presents changes in new home prices for Canada and select census metropolitan areas (CMAs) between August 2017 and August 2018. During this period, Canadians experienced rising mortgage rates, tighter lending rules and some provincial policy interventions.
Release date: 2018-10-31 - Articles and reports: 62F0014M2017002Description:
This document offers information on changes to the Mortgage Interest Cost Index (MICI), which is one of the Consumer Price Index (CPI) components. It describes the new approach for estimating MICI price movements.
Release date: 2017-11-17 - 4. Young people's access to home ownership ArchivedArticles and reports: 11-008-X200700510314Geography: CanadaDescription:
Home ownership is very important to the vast majority of Canadians. Young adults are no different from the general population in this respect. To what extent do young adults succeed in making this desire a reality? What are the characteristics of those young people who own their home, and what are the obstacles to home ownership? Using data from the 2006 General Social Survey on family transitions, this article answers these questions by identifying the different factors associated with home ownership among young people aged 25 to 39 who no longer live with their parents.
Release date: 2007-12-11 - Articles and reports: 89-613-M2004005Geography: CanadaDescription:
The report examines housing market trends and housing adequacy, suitability, affordability, and core housing need in Canada's census metropolitan areas (CMAs) from 1991 to 2001.
It begins with a review of demographic and housing market trends, including changes in house prices, rents, and incomes during the 1990s and of factors underlying increasing housing demand late in the decade. Against this backdrop, subsequent chapters examine how well households living in CMAs were housed in 1991, 1996, and 2001. Households that do not live in acceptable housing and do not have sufficient income to afford such housing are deemed to be in core housing need. The last chapter of the report explores the spatial distribution of core housing need in CMAs in 2001 and the characteristics of neighbourhoods in which core housing need was most prevalent.
This publication is not available. For more information, contact Andrew Heisz at 613-951-3748 or Sébastien Larochelle-Côté at 613-951-0803.
Release date: 2005-01-05 - 6. Housing Depreciation in the Canadian CPI ArchivedArticles and reports: 62F0014M2001015Geography: CanadaDescription:
The Canadian Consumer Price Index (CPI) applies a version of the user cost approach to measure the cost of home ownership. Because this approach specifically estimates the costs of using owned accommodation and not those faced by tenants, the measure includes a "replacement cost" (or depreciation) component. Depreciation is the only component in the CPI that is not an out-of-pocket expense. Consequently, economists face a unique set of methodological challenges when measuring depreciation.
Between 1949 and 1997, the annual housing depreciation rate used in the CPI was 2%. Statistics Canada adopted the rate from a study that analysed U.S. Federal Housing Administration field appraisal data from 1939.
This study argues that there is evidence that the 2% depreciation rate is too high to continue to use in the future. Consider that: 1) other Canadian studies show an upper bound of 1.7%, with a median estimate of 1.5%; 2) other statistical agencies use lower rates; and 3) every academic study over the past 40 years has arrived at a lower rate. As a consequence of this study and the existing supporting evidence, the depreciation rate in the Canadian CPI was lowered to 1.5% effective January 1998.
Release date: 2001-11-28 - 7. The Impact on the CPI of Not Surveying House Prices in Rural Regions: A Sensitivity Analysis ArchivedArticles and reports: 62F0014M1997008Geography: Province or territoryDescription:
In light of a recent change in population coverage, this study was initiated to determine whether the integrity of the Consumer Price Index (CPI) should be questioned on the grounds that it does not explicitly take into account rural house price movements. An attempt is made here to quantify the potential impact, using various regimes of artificial data to represent house price movements for rural regions. The regimes were manufactured in a way that allowed the analysis of differences between urban and rural regions in terms of the evolution of house prices, as well as differences in their cumulative price index levels. Three provinces were considered: Newfoundland, Saskatchewan, and British Columbia, all of which have large rural populations. The study results were monthly indexes for the time period, January 1986 to December 1994. The general conclusion was that house prices in rural regions would have to move very differently from those in urban regions to affect the overall level of the CPI. However, in the case of lower-level aggregates the failure to include rural house prices could be having an important effect. In addition, even when cumulative house price movements for rural and urban regions are similar, differences in their evolution tend to have an effect on the trend of the CPI, especially in the case of lower-level aggregates. While it is tempting to conclude that the current CPI methodology is robust enough to apply to the expanded population, this would be based purely on conjecture about the nature of movements in rural house prices. Hence, a second phase of this study will be initiated, whose purpose will be to develop a methodology to construct price indexes for rural regions.
Release date: 1999-05-13
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