 鲜花( 0)  鸡蛋( 0)
|

楼主 |
发表于 2009-4-9 10:10
|
显示全部楼层
TD Special Report节选
Alberta
/ e6 H. l2 J# [8 R; `5 _Wild Rose country was overbuilt substantially during its
9 S. \. H6 A$ V( Jboom years, and mounting inventories in Calgary and Edmonton
; O" {& M h3 _! bare cause for concern. Indeed, even over 1991 to
# a' X2 A7 g2 p) ^, ]( A$ I2001, housing starts in Alberta had already overshot household
6 N) Z; R9 c4 h. ^8 q$ P# v+ Xformation by 12%. With oil prices having subsided9 A; C3 u6 c" i- A$ g7 X" }
from their fever pitch and expansion projects now on hold,
m4 `4 l m' M" dthe net inflow of migrants has slowed dramatically and1 j% @3 _8 g' g( p
may even cease completely during 2009. The previous- J0 F( M1 C1 @
pace of homebuilding could not be sustained and slowed
- q c) k( z4 K, D) b8 z+ Vprecipitously during the fall. Alberta’s starts further declined
, O0 t4 r. B* s/ a+ \to 13,100 units in February, 61% lower than a year6 e7 R6 Q l$ \- C! Q! Y
prior. With Alberta’s economy set to contract by 2.5% this; I& d( V8 g7 C
year in real terms and roughly 10% in nominal terms,/ X% U9 n4 Q( r' |6 ]; e, {! r
homebuilding has likely not yet bottomed. While around
) y0 W7 }: @1 g+ K0 P/ Y8 Y30,000 new households will form in the province during4 S( n, O/ ?9 J8 Z. Y4 c
2009, starts are likely to be nearer 14,000 units on the year., X: ^7 ~* \" v/ |0 k* ^. M
Even accounting for the population inflows, the province’s
/ S0 m3 F# B/ J' x/ k, yhomebuilding overshot fundamentals by nearly 10%: d7 E3 _& G- H5 Q% R
during the commodity boom. From 1991 to 2006, Alberta
, d4 Q$ S6 Z3 h0 ?( H5 Ehas approximately 72,000 more housing starts than new
! \6 Y4 y, C2 T4 K9 Vhouseholds, and the estimated 13% overshoot of fundamentals
, t/ y+ ] B; Gduring 2002-2008 exhibits this excess. Now, plunging2 r* k [6 H+ U( M; D
sales-to-new listings ratios and mounting unsold inventories
9 `6 G# `+ S' U1 i3 Pclearly indicate that the present stock of homes is
o& w M9 S$ |* kexcessive. As of February, Calgary had an overhang of
~# e+ y7 ^% a0 e# n4 A1,133 unsold units (874 singles and 259 multiples) and a- n) n8 G2 i1 Y L$ P
sales-to-new listings ratio of 0.29, indicative of a definitive
* u2 F* ` B9 D; l. w$ G gbuyer’s market, having now fallen to its lowest value in
5 K: c% g) p- ^" dtwo decades. Similarly alarming is Edmonton’s surge in
) X4 l. l$ P; Y3 Y% T* Tunsold inventories. As of December, Edmonton had 1,747
9 g9 V3 {# n d! b% a# nunsold units (1,254 singles and 493 multiples) – its largest1 [3 l4 \7 L1 Q, v; S" w
recorded overhang ever – and conditions for sellers in the
1 ~1 i7 c! ^% Jresale market have deteriorated sharply. In both of Alberta’s
H# S9 ?6 ^, }. |! \3 Gmajor cities, homebuilders have worrisome unsold inventories
5 r( ?; F u+ I) T1 sof new singles, and, with demand having cooled
9 P- v' s( }2 e$ g4 prapidly, resale markets already appear saturated.
0 V$ \* T7 H+ R$ \1 _) a* sThe steep appreciation of house prices during Alberta’s
5 |, s A6 A! V7 Z& }, Hboom times now appears to have been far too optimistic.4 {0 a/ C! V$ \$ e) p2 o. }
Although income growth was very strong, Albertan. [) D; { \" B* p% s. i! M; ~
housing during 2007 and 2008 was especially overpriced3 L. S/ R. m2 [7 `" i( u
relative to fundamentals. The quick climb of Albertan resale* W4 q; h8 o) b
prices substantially eroded affordability and, even7 ?* O- E. L( ~6 C7 s* t& q7 p2 X5 L0 D1 L
though Albertans were Canada’s highest income earners
; r+ X9 S4 @6 t' K2 non average, the growth in household income was not sustainable.
! K, t, z% I$ @- I/ iThe 9% year-over-year decline in Alberta’s average( t1 H6 s0 M) E x8 E
resale price in February is evidence that past prices
) b2 r# | `" n2 k# y* E, b" lexceeded fundamentals. Those inflated prices drove; I# {2 q; j- X% _( x* u- c) Y
homebuilding in excess of fundamentals. Given Albertans’2 r& W" Y" p' S s2 [/ X& m1 e
deteriorating incomes and the overhangs of unsold inventories,
. F) n+ N n: l+ LAlberta’s resale prices probably have another 20%
2 K" A5 R) T# yleg down over 2009.0 n! ~6 W+ B4 ^; H
* S6 H, ^7 Y; m1 g/ t* p& y) v[ 本帖最后由 依勒特 于 2009-4-9 11:14 编辑 ] |
|