A bid rent function provides that a household could pay for rent at different location so that the same level of satisfaction is achieved. r(d) = ra + ( t/ l*) • ( b - d)

The GDP deflator reflects the increase in price only. GDP deflator equals (Nominal GDP/ Real GDP) x 100.

Headline CPI is consumer price index without adjustment of seasonality and or volatile items within the goods of basket, and this index is usually quoted on annual basis. On the other hand, core CPI is adjusted with above items.

The most probable price which a property should bring in a competitive and open market as of the specified date under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: buyer and seller are typically motivated; both parties are are well informed or well advised, and acting in what they consider their own best interests; a reasonable time is allowed for exposure in the open market; payment is made in terms of cash in Canadian dollars or in terms of financial arrangements comparable thereto; and the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. (Source: Canadian Uniform Standards of Professional Appraisal Practice) Note: If other than market value is being appraised, see additional comments.