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All (3) ((3 results))

  • 1. Different Perspectives on the Rate of Inflation, 1982-2000: The Impact of Homeownership Costs Archived
    Articles and reports: 62F0014M2003016
    Geography: Canada
    Description:

    For a long time, the Consumer Price Index (CPI) has been the most commonly referenced measure of inflation. However, it is not generally perceived how sensitive the CPI is to the measurement of price change for owned accommodation. The relative importance of the homeownership component in the CPI and the movement of that component are critically dependent on the choice of concept for estimating homeownership costs. However, there is no one concept that is generally agreed upon by official statistical agencies. As part of an ongoing research program into major issues involved in the construction of consumer price indexes, analytical indexes of consumer prices based on different treatments of owned accommodation are updated in this publication for the period 1995 to 2000.

    This paper presents seven alternative homeownership series based on four different concepts, including one based on the current concept used in the official CPI. Series are also shown for higher-level aggregates, including indexes at the All-items level. All of these higher-level aggregates differ only in their owned accommodation components, for all aggregates and all other components are based on the official concept.

    Release date: 2003-04-10
  • 2. Housing Depreciation in the Canadian CPI Archived
    Articles and reports: 62F0014M2001015
    Geography: Canada
    Description:

    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
  • 3. Consumer Prices and Price Indexes Archived
    Table: 62-010-X
    Description:

    The publication highlights current and historical statistics on consumer prices and related price indexes. A comparative index contains retail price differentials for 11 major cities by selected groups of consumer goods and services.

    Release date: 1999-08-03
Data (1)

Data (1) ((1 result))

  • 1. Consumer Prices and Price Indexes Archived
    Table: 62-010-X
    Description:

    The publication highlights current and historical statistics on consumer prices and related price indexes. A comparative index contains retail price differentials for 11 major cities by selected groups of consumer goods and services.

    Release date: 1999-08-03
Analysis (2)

Analysis (2) ((2 results))

  • 1. Different Perspectives on the Rate of Inflation, 1982-2000: The Impact of Homeownership Costs Archived
    Articles and reports: 62F0014M2003016
    Geography: Canada
    Description:

    For a long time, the Consumer Price Index (CPI) has been the most commonly referenced measure of inflation. However, it is not generally perceived how sensitive the CPI is to the measurement of price change for owned accommodation. The relative importance of the homeownership component in the CPI and the movement of that component are critically dependent on the choice of concept for estimating homeownership costs. However, there is no one concept that is generally agreed upon by official statistical agencies. As part of an ongoing research program into major issues involved in the construction of consumer price indexes, analytical indexes of consumer prices based on different treatments of owned accommodation are updated in this publication for the period 1995 to 2000.

    This paper presents seven alternative homeownership series based on four different concepts, including one based on the current concept used in the official CPI. Series are also shown for higher-level aggregates, including indexes at the All-items level. All of these higher-level aggregates differ only in their owned accommodation components, for all aggregates and all other components are based on the official concept.

    Release date: 2003-04-10
  • 2. Housing Depreciation in the Canadian CPI Archived
    Articles and reports: 62F0014M2001015
    Geography: Canada
    Description:

    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
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