Average House Price
Definition
Average house price measures the average price of homes listed in the Multiple Listing Service database used by Canadian realtors.
Why This Matters
Housing is usually the largest component of a households wealth. When housing prices go up, homeowners net worth increases, and they tend to be willing to spend more and take on additional debt. This has a significant positive impact on the economy (MyPeg).
Conversely, when housing prices decrease, households find it more difficult to borrow (as their equity has decreased), and rather than spending, they tend to try to pay off their mortgages faster (MyPeg).
Data Source
“Historical Housing Prices – Economic Development Brandon.” Economicdevelopmentbrandon.com, economicdevelopmentbrandon.com/historical-housing-prices. Accessed 19 Jan. 2023.
Reference
“Average House Price.” MyPeg, www.mypeg.ca/indicator/average-house-price/?tab=description. Accessed 19 Jan. 2023.
Average House Price in the Sustainable Development Goals
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7. Ensure access to affordable, reliable, sustainable and modern energy for all
Energy is central to nearly every major challenge and opportunity the world faces today. Be it for jobs, security, climate change, food production or increasing incomes, access to energy for all is essential.
Sustainable energy is opportunity – it transforms lives, economies and the planet.
UN Secretary-General Ban Ki-moon is leading a Sustainable Energy for All initiative to ensure universal access to modern energy services, improve efficiency and increase use of renewable sources.