The paper I wrote for the 2011 annual CEA meeting proposes a better way of calculating the owner-occupied housing component of the CPI.
http://economics.ca/2011/papers/BA0017-1.pdf
The accounting approach to measuring  OOH used in the Canadian CPI isn't used in any other country in the world. (The UK used it in its Retail Prices Index, but its RPI no longer has National Statistic status.) The net acquisitions approach to OOH, which would give current housing price changes a lot bigger impact on the overall index, is already used in the target inflation indicators of the central banks of Australia and New Zealand, and Eurostat is working on adding such an OOH component in the inflation indicator for the European Central Bank. So far, the Bank of Canada hasn't done much to look at switching to a net acquisitions approach beyond spreading fake news about the Eurostat project to make it look like it is a much smaller deal than it actually is.  Canadians deserve a better central bank.