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- Journals and periodicals: 62F0014MGeography: CanadaDescription: The Prices Analytical Series provides research and analysis pertaining to price indices. The Analytical series is intended to stimulate discussion on a variety of topics related to the analysis of the evolution of prices through time or space.Release date: 2024-08-20
- 2. Different Perspectives on the Rate of Inflation, 1982-2000: The Impact of Homeownership Costs ArchivedArticles and reports: 62F0014M2003016Geography: CanadaDescription:
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 - 3. 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 - 4. Televisions: Quality Changes and Scanner Data ArchivedArticles and reports: 62F0014M2001014Geography: CanadaDescription:
This paper is the first in a series of reports examining the possible use of scanner data for constructing price indexes. This case study focuses on televisions and compares their price behaviour taken from current surveying methods with alternative measures obtained from massaging electronic data records on all sales by a retailer over a comparable period. Examination of the price index history for televisions shows that the recognition and adjustment for quality change in the sample and the impact of shifts in purchasing patterns have similar impact on the index numbers. The advantages of scanner data - that they record actual sales and current purchasing patterns - have to be set against the difficulty of recognising quality change. This analysis shows that while there are substantial gains from using scanner data in monitoring and adjusting for purchasing pattern changes, it is difficult to account for quality changes without micro-editing the data. The scanner data set raises statistical issues, largely questions of what aggregation across time, outlets and products should be done, that have to be answered before using it in index estimation. Future analysis will be aimed at resolving these issues.
Release date: 2001-06-01 - Articles and reports: 62F0014M1996001Geography: CanadaDescription:
For decades, Canadians have been living in an inflationary environment. Everyone remembers that at some point in the past, consumer goods and services cost less. Even young people know that a candy bar cost less five or ten years ago than it does now. Thus the purchasing power of the Canadian dollar has gradually declined over the years.
Even though everyone knows that things cost more now than in the past, there are situations in which this seems to be forgotten. The purpose of this article is to present a situation that shows the illusion of wealth that fairly long-term inflation can foster. We begin by looking at how inflation and income tax affect a retired person's interest income for a given year. Then we look at the effects of inflation and income tax on interest income over a longer period. When taxation is not factored in, the situation is one of investing inside a registered retirement savings plan.
Release date: 1997-05-05
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- Journals and periodicals: 62F0014MGeography: CanadaDescription: The Prices Analytical Series provides research and analysis pertaining to price indices. The Analytical series is intended to stimulate discussion on a variety of topics related to the analysis of the evolution of prices through time or space.Release date: 2024-08-20
- 2. Different Perspectives on the Rate of Inflation, 1982-2000: The Impact of Homeownership Costs ArchivedArticles and reports: 62F0014M2003016Geography: CanadaDescription:
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 - 3. 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 - 4. Televisions: Quality Changes and Scanner Data ArchivedArticles and reports: 62F0014M2001014Geography: CanadaDescription:
This paper is the first in a series of reports examining the possible use of scanner data for constructing price indexes. This case study focuses on televisions and compares their price behaviour taken from current surveying methods with alternative measures obtained from massaging electronic data records on all sales by a retailer over a comparable period. Examination of the price index history for televisions shows that the recognition and adjustment for quality change in the sample and the impact of shifts in purchasing patterns have similar impact on the index numbers. The advantages of scanner data - that they record actual sales and current purchasing patterns - have to be set against the difficulty of recognising quality change. This analysis shows that while there are substantial gains from using scanner data in monitoring and adjusting for purchasing pattern changes, it is difficult to account for quality changes without micro-editing the data. The scanner data set raises statistical issues, largely questions of what aggregation across time, outlets and products should be done, that have to be answered before using it in index estimation. Future analysis will be aimed at resolving these issues.
Release date: 2001-06-01 - Articles and reports: 62F0014M1996001Geography: CanadaDescription:
For decades, Canadians have been living in an inflationary environment. Everyone remembers that at some point in the past, consumer goods and services cost less. Even young people know that a candy bar cost less five or ten years ago than it does now. Thus the purchasing power of the Canadian dollar has gradually declined over the years.
Even though everyone knows that things cost more now than in the past, there are situations in which this seems to be forgotten. The purpose of this article is to present a situation that shows the illusion of wealth that fairly long-term inflation can foster. We begin by looking at how inflation and income tax affect a retired person's interest income for a given year. Then we look at the effects of inflation and income tax on interest income over a longer period. When taxation is not factored in, the situation is one of investing inside a registered retirement savings plan.
Release date: 1997-05-05
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