Why Home Ownership is Still (More or Less) A Bargain in Canada
Owning a home is a bargain, and carrying a mortgage is cheaper than ever, or at least cheaper than it was twenty-five years ago. Don’t believe it? The numbers, which come from Statistics Canada’s Consumer Price Index (CPI), actually tell the story quite succinctly.
The CPI is the basket of goods and services surveyed by Statistics Canada in order to get a handle on the cost of living in Canada. The year over year change in the CPI gives us the ‘inflation rate’, which is closely viewed by the Bank of Canada and others in order to understand whether price pressures are building. The price of homes, of course, is an important part of that.
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