Prices Analytical Series
Methodology of the Commercial Rents Services Price Index

Release date: September 10, 2020

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1. Introduction

The Commercial Rents Services Price Index (CRSPI) measures monthly changes in the net effective rent for the occupied commercial building space in Canada. Since its inception in 2006, both monthly and quarterly indexes at the Canada level have been made available to the public. The national level index is part of the Producer Prices Division’s (PPD) Service Producer Price Indexes (SPPIs). The annualized Canada-level index is also used as a deflator by the System of National Accounts.

Following the latest global financial crisis, real estate price indexes have been identified as an important financial soundness indicator. The growing significance of the commercial real estate industry in the overall economy, coupled with increasing demand for more granularity and relevance, led to the development of indexes for census metropolitan areas (CMA) which will be produced and disseminated with the publication of the second quarter 2020 of the CRSPI. The aggregation of retail, office, and industrial buildings and warehouses is published for CMAs across Canada, all provinces as well as the combined territories. Indexes by building type are published at the national level and for the four largest provinces (British Columbia, Alberta, Ontario and Quebec) as well as for Montréal, Toronto, Calgary, and Vancouver.

2. Concepts and Definitions


Concepts and definitions for the CRSPI
Table summary
This table displays the results of Concepts and definitions for the CRSPI. The information is grouped by Concept (appearing as row headers), Definition (appearing as column headers).
Concept Definition
Target population All active establishments leasing retail, office, or industrial buildings and warehouses in a given month and classified to NAICS 531120 - Lessors of non-residential buildings (except mini-warehouses) in Canada, engaged in the provision of space to others for rent.
Sample See section 3.
Price Average monthly price per square foot, calculated as the value of rent for all tenants in a building per square foot of space occupied by tenants in a building.
Index base period The period for which the index equals 100. The current base period for the CRSPI is 2019 = 100.

3. Data Sources

3.1 Sampling

Data for the CRSPI are collected from a longitudinal survey of commercial property lessors. The target population consists of all active establishments in a given month leasing retail, office, or industrial buildings and warehouses classified to NAICS 531120 - Lessors of non-residential buildings (except mini-warehouses) in Canada, engaged in the provision of space to others for rent.Note  The sampling frame is Statistics Canada's Business Register for establishments classified to NAICS 531120; a new sample is drawn roughly every 5 years.

To draw the sample, establishments in the sampling frame are first stratified by province, with the three territories grouped together and treated as one province. Within each province, establishments with revenue at or above the 5th percentile are sampled according to size-stratified simple random sampling without replacement (SRS).Note  The measure of size used to form sample strata is an establishment’s revenue, ensuring that large lessors are included in the sample. Under SRS sampling, each unit in a stratum has the same probability of selection, and this makes it easy to replace units after attrition as all replacement units would have the same chance of selection as the replaced units.Note  The average response rate for the survey is around 85%. The average annual attrition rate is around 5%.

Once a lessor is identified as in scope for the survey, they are asked to select their largest property in terms of revenue. At this point the building is classified as retail, office, or industrial and warehousing, based on their predominant source of leasing revenue and is assigned to a CMA. Buildings that do not belong to a CMA are grouped together and treated as a distinct geography group within a province.Note  An electronic questionnaire is used quarterly to collect the rental prices of these buildings for each month in the quarter. In the event of a building being sold, the respondent is asked to report on an equivalent building in the same CMA. Incoming data are manually reviewed for consistency and completeness, and certain records may be edited or removed based on judgement.

3.2 Weights

Weights for aggregation are establishments’ revenue in the population at the time of sample selection. There are two sets of weights associated to each sampling unit: the economic weight and the design weight. The economic weight is the establishment’s revenue at the time of sample selection. The design weight is the inverse of the establishment’s selection probability, this is the weight induced by the sample design. The product of the economic weight and the design weight represents the relative importance of the corresponding sampling unit in the population.

4. Estimation

The CRSPI is a fairly standard matched-model price index, with prices stratified by lessor to produce a collection of price relatives for each building in the survey. Provided that the physical and locational characteristics of a building, the compositions of tenants within a building, and the terms of a lease do not change over time, this collection of price relatives has a constant-quality interpretation.

4.1 Elemental Index

Calculating the CRSPI starts with the elemental index calculation, which measures the month-over-month change in prices received by lessors, grouped by geography (CMA and non-CMA), sector (retail, office, industrial and warehousing), and size stratum from the sampling process. These elemental indexes are calculated with a geometric Young index.

Letting p lt MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamiCa8aadaWgaaWcbaWdbiaadYgacaWG0baapaqabaaaaa@3945@ be the price received by lessor l MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamiBaaaa@36FD@ in period t MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamiDaaaa@3705@ , the elemental index between period t1 MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamiDaiabgkHiTiaaigdaaaa@38AD@ and t MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamiDaaaa@3705@ for buildings in sector b MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamOyaaaa@36F3@ in stratum s MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaam4Caaaa@3704@ in geography c MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaam4yaaaa@36F4@ is

I t t1 ( c,b,s )= l=1 L cbs ( p lt p lt1 ) ω l / k=1 L cbs ω k  , MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaamysa8aadaqhaaWcbaWdbiaadshaa8aabaWdbiaadshacqGHsisl caaIXaaaaOWaaeWaa8aabaWdbiaadogacaGGSaGaamOyaiaacYcaca WGZbaacaGLOaGaayzkaaGaeyypa0ZaaybCaeqal8aabaWdbiaadYga cqGH9aqpcaaIXaaapaqaa8qacaWGmbWdamaaBaaameaapeGaam4yai aadkgacaWGZbaapaqabaaaneaapeGaey4dIunaaOWaaeWaa8aabaWd bmaalaaapaqaa8qacaWGWbWdamaaBaaaleaapeGaamiBaiaadshaa8 aabeaaaOqaa8qacaWGWbWdamaaBaaaleaapeGaamiBaiaadshacqGH sislcaaIXaaapaqabaaaaaGcpeGaayjkaiaawMcaa8aadaahaaWcbe qaa8qacqaHjpWDpaWaaSbaaWqaa8qacaWGSbaapaqabaWcpeGaai4l amaawahabeadpaqaa8qacaWGRbGaeyypa0JaaGymaaWdaeaapeGaam ita8aadaWgaaqaa8qacaWGJbGaamOyaiaadohaa8aabeaaa4qaa8qa cqGHris5aaWccqaHjpWDpaWaaSbaaWqaa8qacaWGRbaapaqabaaaaO WdbiaacckacaGGSaaaaa@678E@

where L cbs MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaamita8aadaWgaaWcbaWdbiaadogacaWGIbGaam4CaaWdaeqaaaaa @39FE@ is the number of lessors in geography c MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaam4yaaaa@36F4@ , leasing a buildings in sector b MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamOyaaaa@36F3@ in sampling stratum s MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaam4Caaaa@3704@ , and where ω l MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaeqyYdC3damaaBaaaleaapeGaamiBaaWdaeqaaaaa@3924@ is the weight for lessor l MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamiBaaaa@36FD@ . Note  This month-over-month index is chained with the previous period’s index value, I t1 ( c,b,s ) MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaamysa8aadaWgaaWcbaWdbiaadshacqGHsislcaaIXaaapaqabaGc peWaaeWaa8aabaWdbiaadogacaGGSaGaamOyaiaacYcacaWGZbaaca GLOaGaayzkaaaaaa@3FBE@ to produce an index   I t ( c,b,s )= I t1 ( c,b,s ) I t t1 ( c,b,s ) MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaaiiOaiaadMeapaWaaSbaaSqaa8qacaWG0baapaqabaGcpeWaaeWa a8aabaWdbiaadogacaGGSaGaamOyaiaacYcacaWGZbaacaGLOaGaay zkaaGaeyypa0Jaamysa8aadaWgaaWcbaWdbiaadshacqGHsislcaaI XaaapaqabaGcpeWaaeWaa8aabaWdbiaadogacaGGSaGaamOyaiaacY cacaWGZbaacaGLOaGaayzkaaGaeyyXICTaamysa8aadaqhaaWcbaWd biaadshaa8aabaWdbiaadshacqGHsislcaaIXaaaaOWaaeWaa8aaba WdbiaadogacaGGSaGaamOyaiaacYcacaWGZbaacaGLOaGaayzkaaaa aa@56E8@ running from the base period to period t MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamiDaaaa@3705@ .

Missing price data for a lessor are imputed using parental imputation, which is equivalent to assuming that data are missing at random. In particular, this means making the assumption that lessors that sell their building and become out of scope for the survey, or replace the building in the sample, do so for reasons unrelated to the rental price of this building.

4.2 Upper-level Index

The CMA-level indexes are a weighted average of the elemental indexes for each CMA, calculated with a Laspeyres index

I t ( c )= b=1 B c s=1 S cb w cbs b=1 B c s=1 S cb w cbs I t ( c,b,s ), MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaamysa8aadaWgaaWcbaWdbiaadshaa8aabeaak8qadaqadaWdaeaa peGaam4yaaGaayjkaiaawMcaaiabg2da9maawahabeWcpaqaa8qaca WGIbGaeyypa0JaaGymaaWdaeaapeGaamOqa8aadaWgaaadbaWdbiaa dogaa8aabeaaa0qaa8qacqGHris5aaGcdaGfWbqabSWdaeaapeGaam 4Caiabg2da9iaaigdaa8aabaWdbiaadofapaWaaSbaaWqaa8qacaWG JbGaamOyaaWdaeqaaaqdbaWdbiabggHiLdaakmaalaaapaqaa8qaca WG3bWdamaaBaaaleaapeGaam4yaiaadkgacaWGZbaapaqabaaakeaa peWaaubmaeqal8aabaWdbiaadkgacqGH9aqpcaaIXaaapaqaa8qaca WGcbWdamaaBaaameaapeGaam4yaaWdaeqaaaqdbaWdbiabggHiLdaa kmaavadabeWcpaqaa8qacaWGZbGaeyypa0JaaGymaaWdaeaapeGaam 4ua8aadaWgaaadbaWdbiaadogacaWGIbaapaqabaaaneaapeGaeyye IuoaaOGaam4Da8aadaWgaaWcbaWdbiaadogacaWGIbGaam4CaaWdae qaaaaak8qacaWGjbWdamaaBaaaleaapeGaamiDaaWdaeqaaOWdbmaa bmaapaqaa8qacaWGJbGaaiilaiaadkgacaGGSaGaam4CaaGaayjkai aawMcaaiaacYcaaaa@6C14@

where B c MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamOqa8aadaWgaaWcbaWdbiaadogaa8aabeaaaaa@3815@ is the number of sectors (retail, office, industrial and warehousing) in CMA c MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaam4yaaaa@36F4@ , S cb MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaam4ua8aadaWgaaWcbaWdbiaadogacaWGIbaapaqabaaaaa@390D@ is the number of sampling strata for CMA c MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaam4yaaaa@36F4@ and sector b MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamOyaaaa@36F3@ , and w csb = l=1 L cbs ω l MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaam4Da8aadaWgaaWcbaWdbiaadogacaWGZbGaamOyaaWdaeqaaOWd biabg2da9maawahabeWcpaqaa8qacaWGSbGaeyypa0JaaGymaaWdae aapeGaamita8aadaWgaaadbaWdbiaadogacaWGIbGaam4CaaWdaeqa aaqdbaWdbiabggHiLdaakiabeM8a39aadaWgaaWcbaWdbiaadYgaa8 aabeaaaaa@47A8@ is the total weight for lessors with a building in sector b MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamOyaaaa@36F3@ in stratum s MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaam4Caaaa@3704@ in CMA c MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaam4yaaaa@36F4@ . The building-level indexes for each province are calculated the same way, except the outer sum is taken over geographies instead of sectors. For Montréal, Toronto, Calgary, and Vancouver, the building-level indexes are simply

I t ( c,b )= s=1 S cb w cbs s=1 S cb w cbs I t ( c,b,s ). MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaamysa8aadaWgaaWcbaWdbiaadshaa8aabeaak8qadaqadaWdaeaa peGaam4yaiaacYcacaWGIbaacaGLOaGaayzkaaGaeyypa0ZaaybCae qal8aabaWdbiaadohacqGH9aqpcaaIXaaapaqaa8qacaWGtbWdamaa BaaameaapeGaam4yaiaadkgaa8aabeaaa0qaa8qacqGHris5aaGcda WcaaWdaeaapeGaam4Da8aadaWgaaWcbaWdbiaadogacaWGIbGaam4C aaWdaeqaaaGcbaWdbmaavadabeWcpaqaa8qacaWGZbGaeyypa0JaaG ymaaWdaeaapeGaam4ua8aadaWgaaadbaWdbiaadogacaWGIbaapaqa baaaneaapeGaeyyeIuoaaOGaam4Da8aadaWgaaWcbaWdbiaadogaca WGIbGaam4CaaWdaeqaaaaak8qacaWGjbWdamaaBaaaleaapeGaamiD aaWdaeqaaOWdbmaabmaapaqaa8qacaWGJbGaaiilaiaadkgacaGGSa Gaam4CaaGaayjkaiaawMcaaiaac6caaaa@5F46@

The provincial-level and Canada-level indexes are a weighted average of the building-level indexes. As with the lower-level indexes, these indexes are calculated as a Laspeyres index.

4.3 Quarterly Index

The quarterly CRSPI is calculated as the average of the monthly index values for each month in a quarter. That is, for the quarter q MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamyCaaaa@3702@ starting in month t MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape GaamiDaaaa@3705@ ,

I q = 1 3 t=q q+2 I t . MathType@MTEF@5@5@+= feaagKart1ev2aqatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVCI8FfYJH8YrFfeuY=Hhbbf9v8qqaqFr0xc9pk0xbb a9q8WqFfeaY=biLkVcLq=JHqpepeea0=as0Fb9pgeaYRXxe9vr0=vr 0=vqpWqaaeaabiGaciaacaqabeaadaqaaqaaaOqaaabaaaaaaaaape Gaamysa8aadaWgaaWcbaWdbiaadghaa8aabeaak8qacqGH9aqpdaWc aaWdaeaapeGaaGymaaWdaeaapeGaaG4maaaadaGfWbqabSWdaeaape GaamiDaiabg2da9iaadghaa8aabaWdbiaadghacqGHRaWkcaaIYaaa n8aabaWdbiabggHiLdaakiaadMeapaWaaSbaaSqaa8qacaWG0baapa qabaGcpeGaaiOlaaaa@4637@

The index has a five quarter revision period.


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