Thank you for that question.
First of all, in the CPI, unlike going to buy groceries that are consumed almost instantaneously, a house is something that one obtains and then gets the value of over time. The second thing one needs to be aware of is that, as I said, there's no question that our housing prices index and resale prices index, on a constant basis in the year after year that we've been measuring, are showing some dramatic increases year over year. There's no.... Some calculate average prices and some calculate on a fixed basis, so I won't argue why you see some numbers a little higher and some numbers a little lower. Ours is based on a very transparent methodology. You can see it. It's available for everybody to see.
Remember, not everybody is constantly remortgaging. Many people have mortgages and many people have paid off their mortgages. About 63% of the households in this country are owned. The rest are rented. You see as well a significant number of those who own those houses have actually paid them off. Nobody's arguing that the price of entry into the housing market is [Technical difficulty—Editor].
When you look at the CPI, which is the basket that looks at how those shelter costs are changing from month to month and year to year, it comes from that concept of what is the cost that is incurred to maintain that house, from the interest to the utilities to the insurance and to a portion of the replacement cost as well. That is benchmarked to what tens of thousands of households spend on those costs from month to month. That's how our numbers are calculated.
Like I said, many of our complementary measures are also showing the price increases, but in the CPI, that's the concept. That's how it measures the shelter cost.