The FSR noted in its list of housing affordability measures since the last report: “In Ontario, the provincial government announced an increase in the land transfer tax rebate for first-time buyers.” This measure, to take effect in January, will double the rebate on lower-priced homes from $2,000 to $4,000, and will be funded by raising the tax on houses with prices of $2M or more. Governor Poloz, with his usual what-me-worry nonchalance, seemed quite unconcerned about how this measure would affect the Bank’s target inflation indicator. It would not affect it at all, since land transfer taxes, while in scope for the Canadian CPI, as they should be, are a proxied, not a priced series. It puts Statistics Canada in a very poor light, especially since on Tuesday the UK Office of National Statistics published a series for stamp duty (the UK equivalent to land transfer taxes) from 2005Q1 to 2016Q3, which will be updated every quarter.