What does this mean?
A story which has captured and informed young imaginations for years is helpful here. In a city on the shore of a great lake lived a small boy who loved the water and sailing. So deep was his fascination that he, with the help of his father, spent months making a beautiful model boat, which he began to sail at the water's edge. One day a sudden gust of wind caught the tiny boat and carried it far out into the lake and out of sight. Distraught, the boy returned home inconsolable.
Day after day he would walk the shores in search of his treasure, but always in vain. Then one day as he was walking through town he saw his beautiful boat—in a store window! He approached the proprietor and announced his ownership, only to be told that it was not his, for the owner had paid a local fisherman good money for the boat. If the boy wanted the boat, he would have to pay the price. And so the lad set himself to work doing anything and everything until finally he returned to the store with the money.
At last, holding his precious boat in his arms, he said with great joy, "You are twice mine now—because I made you, and because I bought you."
Just so! Redemption is payment of a price or ransom. The price was Christ's own blood, and the object was our souls. All humanity was in the slave market of sin and thus powerless to affect self-deliverance, but Christ has purchased his Church with an infinite price as the Scriptures repeatedly attest:
[Jesus came] "to give his life as a ransom for many." (Mark 10:45)