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Attention Real Estate Reporters: % T( y: c+ F/ E! A! u! {5 ]
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Despite US housing woes Canadian real estate remains upbeat 0 b; x. f; m" m. C
TORONTO, Nov. 5 /CNW/ - Leading real estate experts are predicting the US
8 S) F' x' e# b( z) c lcommercial real estate market will slow in 2008 and follow a similar pattern
" ?, N: K9 A has the current residential market. However, according to the annual Emerging
) v, k8 _" ^9 X; TTrends in Real Estate 2008 report, released by PricewaterhouseCoopers (PwC)5 d$ c/ ^6 b8 o/ q, j' G
and the Urban Land Institute (ULI), their Canadian counterparts are much more
* b% m( l% k9 O, v; uupbeat.
/ G- u9 z$ ]: j Now in its 29th year, Emerging Trends is the oldest, most highly regarded
! R% e+ [2 w# I7 Hannual industry outlook for the real estate industry. The report reflects" t; b) n5 Q/ D4 C A/ B5 o
interviews with and surveys of more than 600 of the industry's leading real
, c2 L g$ _( T5 yestate experts, including investors, developers, property company. y: }; e% ?$ g+ p& e& K
representatives, lenders, brokers and consultants in both Canada and the US.
+ @, ^6 L3 Y/ T( y& g7 U4 y" \Other versions of this report are conducted in countries around the world* z, t# V& q5 h7 i% d2 i
including Asia Pacific and Europe. d/ i$ i4 N( y/ N( D' b! P
According to Chris Potter, PwC partner and leader of the firm's Canadian
- X% e7 q; F6 O' }1 w: HReal Estate Tax practice, Canada benefits from a more conservative investment
/ \# C0 @' _* M/ r7 aenvironment than the US. "In Canada, institution-dominated markets appear to7 J3 ?# D* W! z$ R
be avoiding 'transaction mania', but real estate values have reached record
7 N7 a, u9 M' Q0 q* fhighs and a strong economy has accelerated tenant demand for space."
& u- G! v* ^* ], r Z3 h( b7 ` According to American respondents, a healthy correction south of the
) p2 h; I4 v/ c' ?8 Q, Jborder will likely bypass long-term investors but penalize late-to-the-game- i1 Z' {' B4 B6 z, V1 S
speculators and overleveraged buyers. Canadian respondents to the survey9 h) T; D5 O/ m# z* R' p$ B
remain positive about sidestepping any serious impacts of this possible US+ L9 M1 D4 _+ V1 v( t1 d i
correction. Close to 36% view their prospects for profitability in 2008 to be) q. _$ _; {* M/ d% V9 ]
very good and a further 22.4% say they're excellent.0 Q8 {, E- G2 ]9 O* _+ u
The strongest areas of real estate business activity for Canadian
: s/ c1 o" J# _5 E* |respondents is predicted to be within real estate services, followed by
. S- E# _+ N1 ?' U5 ncommercial/multifamily development and homebuilding/residential land
0 y* ^' \1 x y# ~/ t. _8 idevelopment. All property sectors share positive prospects across the country
1 {" z1 A. s& R [especially industrial and retail with respondents, on average, stating
' \6 c7 F/ R4 Z" idevelopment prospects are expected to be modestly good to good. The
8 L1 J' `& ] r3 ^: n: g: K' G& Fresidential for-sale market is also expected to fair well, but might need to3 D6 S/ M7 o; N% D3 v E
take a breather as homebuilders cannot keep up with the current pace and- s5 y* k" W( u9 k, r& q
single-family housing looks overpriced.- y1 L7 G; N; s8 C! P* O" l
Office stock is seeing limited inventories and dated product fill up with
8 ~4 H+ v: |% @# @tenants. Except for Montreal, where office vacancies are nearing 9%. Canadian
6 F! e# {4 j- f* V" Ometropolitan areas boast below 5% vacancies, and rents have room to push: M1 I l) f! X
higher. The survey is also showing that costs and land scarcity is limiting; l7 a* B5 q& f3 j
new development. Hotel investment and development prospects are modestly good,% G; d. C. Q$ e7 N: G
and most respondents rate this sector either a buy or a hold. Rental
2 _ S* K5 d$ L( D4 A1 K, ^/ Kapartments are doing well in major cities with high immigration flows. Primary0 R9 }" i, P: c5 J Z
western cities - Vancouver, Calgary, and Edmonton - are veering toward housing
# b' H# C8 l8 J; i, Y4 j) Eshortages as workers, attracted by a plethora of well-paying jobs, pour into
' T; r& @% W6 l& g w4 S$ E# Athe energy zone. Apartment occupancies are soaring in these areas. Development
$ a9 ?1 x8 b ?in other regions remains difficult because of costs and land scarcity.+ b/ i( Z! y/ v3 i3 _8 r$ A/ ~
* h- S6 x# J% ~- N$ D3 u) j3 K Canadian Markets to Watch; l. s i1 m$ Y3 t o: O# V
) A! @) ?3 u/ A3 S- Z% y, B The report comments on how Canadians like to live and work in central
. G/ Z" `! w( a4 l5 u+ O, Ucities, as long as they can afford it. If housing is too pricey in 24-hour$ c& I& o7 c: K
neighbourhoods, people move to inner-ring suburbs or beyond and commute back& y5 l- P: C( X; i, S& K: ?
into the cores. Investors, especially the institutions, are concentrated in! d. w7 q8 W. Z% w
downtown areas too. Planners and developers focus on infill and more vertical" D5 t. f: V6 O) U% x9 J
projects, which reinforce the urban cores. The hot-growth energy cities out
4 h/ ]9 \5 y! s: Y0 ]west - Calgary and Edmonton - score the highest ratings for investment
+ _* H2 a- B* a$ [, u) Oprospects, development, and for-sale housing, although it is not certain
! N" T. J& u; ?- ^/ A, d+ zwhether the recent announcements on royalties will have any effect on this.( e# Y) J2 A: J% A, ?
Toronto, Canada's premier global pathway city, and Vancouver also have high2 h( I7 y# l# l
ratings. Ottawa and Montreal follow, with Halifax lagging.
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5 n2 l/ f: ]+ b, `: P* U' f6 y& m Calgary/Edmonton1 y2 t+ [( T: I
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Calgary is the Canada's "resource" capital and North America's number-one
' J, j3 J( S8 V b0 {) M5 Pboomtown. Survey respondents foresee strong buys for all sectors: 53.5% give a+ d2 @- ?! L+ Z7 ?5 {
buy recommendation for Hotel Property, 52.8% for Industrial/Distribution,
4 q. z" F0 b; g- u* e1 z) M9 M, r3 I6 v48.1% for Retail and Apartment Residential and 44.6% for Office Property.# N, V, X9 n9 w5 X
Furthermore, on average the majority of respondents see Calgary For-Sale# A) f `' w$ g v5 p$ G: R
Homebuilding prospects as very good. Edmonton is closely mimicking the$ w1 p) d# W7 b8 T
Calgary-style growth wave and as long as demand for energy resources stays( |3 s0 e _6 D( f
strong, this market will continue to do well.
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Vancouver/ }2 R8 H; o# [5 {$ M) v5 h
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Vancouver's diversified economy is roaring, the mining industry is. q- T* u7 t9 L. @
booming and the city provides a large port and a high-tech center. Outrageous
' X0 |- M+ x7 z+ J" Preal estate prices frustrate homebuyers and commercial investors and the
/ Y- l* k; ?, ~ n% \market is extremely hard to crack. The 2010 Winter Olympic Games is also a! f- {/ l3 }1 w1 n3 b
growth driver and accordingly 44.7% of respondents give Vancouver a buy
" f+ z @# ^% }# |0 hrecommendation for Hotel Property. A further 43.5% give a buy Retail, 41.3%
& T" R" S& F% ~# s5 |( K. wfor Industrial/Distribution and 36.7% for Office Property followed by 34.1%
3 Z. R: h' i6 Y1 H$ }1 F* Tfor Apartment Residential property. Vancouver also ranks in the good to very
) p# ^5 B6 K3 G6 ~' @6 \! Igood mark for for-sale homebuilding prospects.
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n$ [- T( F6 W4 h0 e3 D Toronto! w/ i4 I: S: Q. A) z
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Toronto ranks as a major global pathway destination, 24-hour city, and) m* t! j' G) Q& C8 ^
manufacturing hub. Compared with other national financial centers, the city is) D( ]) z# ^% @# t {8 t B# B7 S
relatively inexpensive. However, the rising loonie is hurting manufacturing
) _9 |" L9 r# windustries, and clouds over the US economy threaten to stall out momentum.' ?+ }1 E' B Z
Three new office towers are under construction, adding 3 million new square+ L; E0 F3 {! {, K8 f- _9 X. j
feet of office space. Notably, Office (49.1%), Industrial (46.2%) and
* u" `2 o1 D' K$ m% O% x7 uApartments (40.8%) are given solid buys.8 \$ S: _+ \) w9 Y" o
; G' f- F) k U" \( J3 d! ]7 S Montreal( S: F n$ n# ?2 R$ K4 f
; ]3 O* p0 B A; `
Montreal continues to face concerns about market stability and overall- D3 y' y( S/ E1 G1 t
growth prospects as major companies no longer choose it as a place to set up# Z" a. t3 [$ a( T2 s
shop. But, plenty of government offices fill space. Of the larger cities in1 P O: B7 _* V% U$ ?
Canada, Montreal ranks lowest as a "buy" recommendation in all real estate& B/ ?+ i# J; h
sectors. However, respondents generally rated all Montreal real estate sectors
" F3 C1 @+ E: D8 S" Chigher as a "hold" recommendation.$ m% K1 a' d2 b) X: y3 F4 K
* l/ k- N+ M; L) k8 { The report notes that best bets for investors for the coming years
4 }; m, B0 R0 s" Y2 U4 uinclude a focus on all property sectors in the high-growth western energy, [+ z) @6 a8 S% m$ Z2 y1 S
markets, hold on central business district office space, develop infill condos6 j+ y& G1 X& U5 B+ Y! M
near subways stops in Toronto, buy infill sites wherever you can and invest
# M1 ]: e3 c4 T& S% k. q& hoverseas. Potter concludes, "Domestic opportunities are too limited at current
1 A% A8 F9 y- e, aprices."+ O' _, l1 s) Y9 E9 [( h) ?* s$ d
A copy of Emerging Trends in Real Estate(R) 2008 is available at7 t9 ? Y( u9 B
www.uli.org or www.pwc.com/imre.
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/ C# |) \0 @* G) @" o1 i, H About PricewaterhouseCoopers
% u( a- W* q! @0 k
9 M1 c7 _4 b0 J' |; H; |7 a6 f PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance,
; ~, A' g/ U. c }! `tax and advisory services to build public trust and enhance value for its- Z5 M/ G; w6 H, U4 w- y
clients and their stakeholders. More than 140,000 people in 149 countries
" f( e: }7 Q& Q+ e2 F6 Pacross our network share their thinking, experience and solutions to develop
0 W1 e, ?7 i& Hfresh perspectives and practical advice. Now celebrating 100 years of
7 U' ^' F, i" k) F! F/ Rexcellence in Canada, PricewaterhouseCoopers LLP (www.pwc.com/ca) and its, ?- o% C. P, U9 b. N1 }% V3 e
related entities have more than 5,200 partners and staff in offices across the
3 o* L1 ?0 B5 u5 Q( T5 _country.
, C4 [7 u z9 x: H; }; _3 X "PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP, an Ontario. E$ c) ~( K4 n* }2 \! l/ l- G
limited liability partnership, or, as the context requires, the
\ E7 i/ ^/ j8 lPricewaterhouseCoopers global network or other member firms of the network,
% B& k' I' g4 e3 e, s3 p" @- ?each of which is a separate and independent legal entity.8 ^- `4 ~$ ^5 O S
; S9 H# Q" Y. B) I$ z5 \, I8 [
About the Urban Land Institute6 H6 V7 V$ M! u
% r A% V& I. |# Z& @1 H- | The Urban Land Institute (www.uli.org) is a nonprofit education and
; X% h9 K2 w+ Wresearch institute supported by its members. Its mission is to provide5 z' B5 @" {7 {5 Y' C+ `
leadership in the responsible use of land and in sustaining and creating
) ]5 Z2 ]1 t1 x( Hthriving communities worldwide. Established in 1936, the Institute has more
9 x' g" w6 @5 j/ V% A4 { t4 _7 K4 ?than 38,000 members representing all aspects of land use and development# B2 k2 G; T1 r; E
disciplines.6 ?! a! y. r, V$ [
The Urban Land Institute is an active and growing organization in Canada.) \; ^) f/ O; {
With nearly 700 members across the country, Canada's first ULI District8 j5 O& G' C+ Y4 `' |
Council was established in Toronto in 2005 and a second District Council is* C; m" M& ?' P: u$ H
now being formed in British Columbia. The Toronto District Council will be2 @0 k$ x# s1 t
hosting a special event on Emerging Trends in Real Estate on November 20th,. ?/ e) ~$ ]& S/ F x# \0 g
2007, featuring Jonathan Miller, the principal author of the report, Blake: M0 e& ]! s" F) ]1 E% L8 h
Hutcheson, President of CB Richard Ellis Canada Ltd., and George Carras,
) g9 y6 J3 ^7 u. YPresident of RealNet Canada Inc. For more information on this event, please
, z& O I3 ]: N- wcall the Toronto District Council Coordinator at (647) 258-0017, or look on: y% j% u6 f5 u8 k$ Y
the web at www.uli.org/events/index.cfm?id=3066.2 z" w% p6 ?- K# U7 |
1 }' E0 J& w0 e; D, P& x7 }, j
( D8 n+ a P& Q- D
1 a! m0 ]5 e2 U. c3 W2 D) OFor further information: Carolyn Forest, PricewaterhouseCoopers LLP,, ]. s# g+ e$ m, \
(416) 814-5730, carolyn.forest@ca.pwc.com2 h- w% p, ^+ {- J8 a: | e
http://www.newswire.ca/en/releas ... r2007/05/c4080.html' l6 b4 \! k! S G, \& G
. n) {2 [5 r: W' m( A* T$ K# n[ 本帖最后由 QWE321 于 2007-11-13 09:08 编辑 ] |
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