Home ownership costs are high only if you are entering the market today.

However, most Canadians are NOT entering the market today, they either own their own home already, or they rent (note that Ontario has 1.8% rent controls, similar in other provinces), or they have a low mortgage because they purchased a home several years ago.

You can bellyache that the price of homes is too high, and I won't disagree with you, but for the BoC to include a high home price in a CPI calculation, to account for the tiny percentage of the population buying a home this year (and an even smaller percentage, when you consider high prices are happening only in Toronto and Vancouver), seems to ignore the fact that a large percentage of the Canadian population is not as affected by this increase... especially renters (1.8%), and those that already own their own home.