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MNI BRIEF: Canada Adding Resale Home Prices to CPI in March

(MNI) OTTAWA
OTTAWA (MNI)

Canada's consumer price index will include figures on resale home prices starting in March, the federal statistics office said Wednesday, a step towards more clarity around a housing boom that has driven the economy for a decade and triggered warnings about strained consumer finances.

Housing prices will be folded into the CPI's index of mortgage interest costs, Statistics Canada said in a note along with its regular inflation report. The mortgage index makes up 3.57% of the CPI basket, and more details about the change will come in the next inflation report.

Home prices rose at the fastest pace since 1989 last month with a 23% gain, the country's main realtor group told MNI on Tuesday.

MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com

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