The PS3_data excel sheet shared on Brightspace provides an monthly index of the consumer prices (CPI) and a monthly index for the price of new housing being constructed (NHPI), both from Jan-2000 to Aug-2022. 1. Graph the relative price of housing from Jan-2001 to Jan-2011 2. Graph the relative price of housing from Aug-2019 to Aug-2022 3. Explain what you find in these two graphs 4. What does this suggest to you with regards to new housing demand and the change in residential investment leading up to and during the Great Recession of 2008 and the ongoing pandemic.

Month-Year CPI NHPI Jan-00 93.5 57.2 Feb-00 94.1 57.4 Mar-00 94.8 57.5 Apr-00 94.5 57.6 May-00 94.9 57.8 Jun-00 95.5 57.8 Jul-00 95.8 57.9 Aug-00 95.7 58.1 Sep-00 96.1 58.2 Oct-00 96.3 58.3 Nov-00 96.6 58.5 Dec-00 96.7 58.6 Jan-01 96.3 58.7 Feb-01 96.8 58.8 Mar-01 97.1 59 Apr-01 97.8 59.2 May-01 98.6 59.3 Jun-01 98.7 59.5 Jul-01 98.4 59.6 Aug-01 98.4 59.7 Sep-01 98.6 59.9 Oct-01 98.1 59.9 Nov-01 97.2 60.1 Dec-01 97.4 60.2 Jan-02 97.6 60.4 Feb-02 98.2 60.8 Mar-02 98.9 61 Apr-02 99.5 61.4 May-02 99.7 61.8 Jun-02 99.9 61.9 Jul-02 100.5 62 Aug-02 100.9 62.3 Sep-02 100.9 62.4 Oct-02 101.2 62.7 Nov-02 101.5 63.1 Dec-02 101.1 63.3 Jan-03 102 63.4 Feb-03 102.8 63.8 Mar-03 103.1 63.9 Apr-03 102.4 64.1 May-03 102.5 64.5 Jun-03 102.5 64.7 Jul-03 102.6 64.9 Aug-03 102.9 65.2 Sep-03 103.1 65.5 Oct-03 102.8 65.8 Nov-03 103.1 66.3

Dec-03 103.2 66.5 Jan-04 103.3 66.7 Feb-04 103.5 66.9 Mar-04 103.9 67.2 Apr-04 104.1 67.7 May-04 105 68.2 Jun-04 105.1 68.7 Jul-04 105 68.8 Aug-04 104.8 69.1 Sep-04 105 69.3 Oct-04 105.2 69.5 Nov-04 105.6 69.8 Dec-04 105.4 69.9 Jan-05 105.3 70.1 Feb-05 105.7 70.3 Mar-05 106.3 70.6 Apr-05 106.6 71 May-05 106.7 71.3 Jun-05 106.9 71.9 Jul-05 107.1 72 Aug-05 107.5 72.3 Sep-05 108.4 72.7 Oct-05 107.9 73.2 Nov-05 107.7 73.6 Dec-05 107.6 74.1 Jan-06 108.2 74.7 Feb-06 108 75.2 Mar-06 108.6 76 Apr-06 109.2 76.9 May-06 109.7 77.8 Jun-06 109.5 79 Jul-06 109.6 79.8 Aug-06 109.8 81 Sep-06 109.2 81.4 Oct-06 109 81.6 Nov-06 109.2 82 Dec-06 109.4 82 Jan-07 109.4 82.3 Feb-07 110.2 82.7 Mar-07 111. 1 83 Apr-07 111.6 83.7 May-07 112.1 84.6 Jun-07 111.9 85.1 Jul-07 112 85.9 Aug-07 111.7 86.3 Sep-07 111.9 86.5 Oct-07 111.6 86.6 Nov-07 111.9 87

Dec-07 112 87.1 Jan-08 111.8 87.6 Feb-08 112.2 87.9 Mar-08 112.6 88.1 Apr-08 113.5 88.1 May-08 114.6 88.1 Jun-08 115.4 88.2 Jul-08 115.8 88.2 Aug-08 115.6 88.2 Sep-08 115.7 88.3 Oct-08 114.5 87.9 Nov-08 114.1 87.7 Dec-08 113.3 87.5 Jan-09 113 87 Feb-09 113.8 86.4 Mar-09 114 86 Apr-09 113.9 85.5 May-09 114.7 85.4 Jun-09 115.1 85.2 Jul-09 114.7 85.4 Aug-09 114.7 85.5 Sep-09 114.7 85.9 Oct-09 114.6 86.1 Nov-09 115.2 86.4 Dec-09 114.8 86.7 Jan-10 115.1 87.1 Feb-10 115.6 87.1 Mar-10 115.6 87.4 Apr-10 116 87.6 May-10 116.3 87.9 Jun-10 116.2 88 Jul-10 116.8 87.9 Aug-10 116.7 88 Sep-10 116.9 88.1 Oct-10 117.4 88.2 Nov-10 117.5 88.4 Dec-10 117.5 88.4 Jan-11 117.8 88.6 Feb-11 118.1 89 Mar-11 119.4 89 Apr-11 119.8 89.2 May-11 120.6 89.6 Jun-11 119.8 89.8 Jul-11 120 89.9 Aug-11 120.3 90 Sep-11 120.6 90.1 Oct-11 120.8 90.3 Nov-11 120.9 90.6

Dec-11 120.2 90.7 Jan-12 120.7 90.8 Feb-12 121.2 91 Mar-12 121.7 91.3 Apr-12 122.2 91.5 May-12 122.1 91.7 Jun-12 121.6 91.9 Jul-12 121.5 92 Aug-12 121.8 92.1 Sep-12 122 92.3 Oct-12 122.2 92.5 Nov-12 121.9 92.6 Dec-12 121.2 92.7 Jan-13 121.3 92.8 Feb-13 122.7 93 Mar-13 122.9 93 Apr-13 122.7 93.2 May-13 123 93.4 Jun-13 123 93.5 Jul-13 123.1 93.6 Aug-13 123.1 93.7 Sep-13 123.3 93.8 Oct-13 123 93.8 Nov-13 123 93.9 Dec-13 122.7 93.9 Jan-14 123.1 94.1 Feb-14 124.1 94.4 Mar-14 124.8 94.5 Apr-14 125.2 94.7 May-14 125.8 94.8 Jun-14 125.9 94.9 Jul-14 125.7 94.9 Aug-14 125.7 95.2 Sep-14 125.8 95.3 Oct-14 125.9 95.4 Nov-14 125.4 95.5 Dec-14 124.5 95.5 Jan-15 124.3 95.5 Feb-15 125.4 95.6 Mar-15 126.3 95.7 Apr-15 126.2 95.7 May-15 126.9 95.9 Jun-15 127.2 96.1 Jul-15 127.3 96.2 Aug-15 127.3 96.5 Sep-15 127.1 96.6 Oct-15 127.2 96.8 Nov-15 127.1 96.9

Dec-15 126.5 97 Jan-16 126.8 97.1 Feb-16 127.1 97.3 Mar-16 127.9 97.5 Apr-16 128.3 97.7 May-16 128.8 98.5 Jun-16 129.1 98.6 Jul-16 128.9 99 Aug-16 128.7 99.1 Sep-16 128.8 99.3 Oct-16 129.1 99.7 Nov-16 128.6 99.9 Dec-16 128.4 100 Jan-17 129.5 100.1 Feb-17 129.7 100.5 Mar-17 129.9 100.7 Apr-17 130.4 101.5 May-17 130.5 102.2 Jun-17 130.4 102.4 Jul-17 130.4 102.8 Aug-17 130.5 102.9 Sep-17 130.8 103.1 Oct-17 130.9 103.2 Nov-17 131.3 103.3 Dec-17 130.8 103.3 Jan-18 131.7 103.3 Feb-18 132.5 103.1 Mar-18 132.9 103.1 Apr-18 133.3 103.1 May-18 133.4 103.1 Jun-18 133.6 103.2 Jul-18 134.3 103.3 Aug-18 134.2 103.3 Sep-18 133.7 103.3 Oct-18 134.1 103.3 Nov-18 133.5 103.3 Dec-18 133.4 103.3 Jan-19 133.6 103.2 Feb-19 134.5 103.2 Mar-19 135.4 103.2 Apr-19 136 103.2 May-19 136.6 103.1 Jun-19 136.3 103 Jul-19 137 102.9 Aug-19 136.8 103 Sep-19 136.2 103.2 Oct-19 136.6 103.3 Nov-19 136.4 103.2

Dec-19 136.4 103.4 Jan-20 136.8 103.4 Feb-20 137.4 103.8 Mar-20 136.6 104.1 Apr-20 135.7 104.1 May-20 136.1 104.2 Jun-20 137.2 104.3 Jul-20 137.2 104.7 Aug-20 137 105.2 Sep-20 136.9 106.5 Oct-20 137.5 107.3 Nov-20 137.7 107.9 Dec-20 137.4 108.2 Jan-21 138.2 109 Feb-21 138.9 111.1 Mar-21 139.6 112.3 Apr-21 140.3 114.4 May-21 141 116 Jun-21 141.4 116.7 Jul-21 142.3 117.2 Aug-21 142.6 118 Sep-21 142.9 118.5 Oct-21 143.9 119.6 Nov-21 144.2 120.5 Dec-21 144 120.8 Jan-22 145.3 121.9 Feb-22 146.8 123.2 Mar-22 148.9 124.7 Apr-22 149.8 125.1 May-22 151.9 125.7 Jun-22 152.9 125.9 Jul-22 153.1 126 Aug-22 152.6 126.1

Consumer Price Index (CPI) Statisitics Canada New housing price index (NHPI) Statisitics Canada