$1 in 2005 is equivalent in purchasing power to about $1.20 in 2016, an increase of $0.20 over 11 years. The dollar had an average inflation rate of 1.67% per year between 2005 and 2016, producing a cumulative price increase of 20.00%.
This means that prices in 2016 are 1.20 times as high as average prices since 2005, according to Statistics Canada consumer price index.
The inflation rate in 2005 was 2.21%. The inflation rate in 2016 was 1.43%. The 2016 inflation rate is lower compared to the average inflation rate of 2.69% per year between 2016 and 2024.
Cumulative price change | 20.00% |
Average inflation rate | 1.67% |
Converted amount $1 base | $1.20 |
Price difference $1 base | $0.20 |
CPI in 2005 | 106.975 |
CPI in 2016 | 128.375 |
Inflation in 2005 | 2.21% |
Inflation in 2016 | 1.43% |
$1 in 2005 | $1.20 in 2016 |
This chart shows a calculation of buying power equivalence for $1 in 2005 (price index tracking began in 1914).
For example, if you started with $1, you would need to end with $1.20 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When $1 is equivalent to $1.20 over time, that means that the "real value" of a single Canadian dollar decreases over time. In other words, a dollar will pay for fewer items at the store.
This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 2005 dollars, the chart below shows how $1 is worth less over 11 years.
According to Statistics Canada, each of these CAD amounts below is equal in terms of what it could buy at the time:
This conversion table shows various other 2005 amounts in 2016 dollars, based on the 20.00% change in prices:
Initial value | Equivalent value |
---|---|
$1 dollar in 2005 | $1.20 dollars in 2016 |
$5 dollars in 2005 | $6.00 dollars in 2016 |
$10 dollars in 2005 | $12.00 dollars in 2016 |
$50 dollars in 2005 | $60.00 dollars in 2016 |
$100 dollars in 2005 | $120.00 dollars in 2016 |
$500 dollars in 2005 | $600.02 dollars in 2016 |
$1,000 dollars in 2005 | $1,200.05 dollars in 2016 |
$5,000 dollars in 2005 | $6,000.23 dollars in 2016 |
$10,000 dollars in 2005 | $12,000.47 dollars in 2016 |
$50,000 dollars in 2005 | $60,002.34 dollars in 2016 |
$100,000 dollars in 2005 | $120,004.67 dollars in 2016 |
$500,000 dollars in 2005 | $600,023.37 dollars in 2016 |
$1,000,000 dollars in 2005 | $1,200,046.74 dollars in 2016 |
Our calculations use the following inflation rate formula to calculate the change in value between 2005 and 2016:
Then plug in historical CPI values. The Canadian CPI was 106.975 in the year 2005 and 128.375 in 2016:
$1 in 2005 has the same "purchasing power" or "buying power" as $1.20 in 2016.
To get the total inflation rate for the 11 years between 2005 and 2016, we use the following formula:
Plugging in the values to this equation, we get:
Raw data for these calculations comes from the government of Canada's annual Consumer Price Index (CPI), established in 1914 and computed by Statistics Canada (StatCan).
You may use the following MLA citation for this page: “$1 in 2005 → 2016 | Canada Inflation Calculator.” Official Inflation Data, Alioth Finance, 26 Apr. 2024, https://www.officialdata.org/canada/inflation/2005?amount=1&endYear=2016.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
Cumulative price change | 20.00% |
Average inflation rate | 1.67% |
Converted amount $1 base | $1.20 |
Price difference $1 base | $0.20 |
CPI in 2005 | 106.975 |
CPI in 2016 | 128.375 |
Inflation in 2005 | 2.21% |
Inflation in 2016 | 1.43% |
$1 in 2005 | $1.20 in 2016 |