FIRST QUARTER UPDATE

2015 CANADIAN ECONOMIC OUTLOOK & MARKET FUNDAMENTALS

Economic Outlook & Market Fundamentals Q1 2015 Update

Copyright © 2015 by Morguard Investments Limited. All rights reserved. Any request for reproduction of this Research Report should be directed to Keith Reading, Director of Research at 905-281-5345. FORWARD-LOOKING STATEMENTS DISCLAIMER Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words “anticipates,” “believes,” “may,” “continue,” “estimate,” “expects” and “will” and words of similar expression, constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and regionally; changes in business strategy; financing risk; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted; and other factors. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Publisher does not assume the obligation to update or revise any forward-looking statements.

2015 Economic Outlook & Market Fundamentals Table of Contents Financial Report........................................................ 2 Investment Report .................................................... 3 Leasing Report ......................................................... 4 Economic Report ...................................................... 5 Transactions ............................................................. 6 Acknowledgements/Works Cited .............................. 7

FINANCIAL REPORT Official Policy Rates

CENTRAL BANKS INCREASED STIMULUS POLICY IN THE FIRST QUARTER In the first quarter, more than 25 central banks in both the developed and developing world introduced new or additional stimulus measures, according to the Bank of Canada’s (BofC) April 2015 Monetary Policy Report. Arguably the most prominent of these was the European Central Bank’s decision to purchase assets in the final month of the quarter. Overall, the central banks were looking to fuel economic growth and reduce the threat of disinflation. The lack of upward price pressure on prices that persisted through the opening months of 2014 was two-fold. The first was the steady decline in oil and food prices. As a result, Canada’s Price Index rested below the BofC target and that of a number of other developed and developing nations. In Canada, inflation has been low for a number of years. The second source of disinflationary pressure over the medium term has been excess economic capacity in a number of countries. Weaker demand for Canadian commodities has created additional capacity and lowered the level of price inflation in Canada. By the second half of 2015 however, disinflation pressure was expected to ease, as the global economic recovery picks up steam. In the meantime, the combination of economic slack and low oil and food prices was expected to ensure central banks maintain their current policy.

International Monetary Conditions 6.0 5.0 4.0 3.0

%

2.0 1.0 0.0 -1.0 US Federal Funds Rate

European Central Bank Target Rate

Bank of Japan Policy Rate

Cdn Overnight Lending Rate

Source: Bank Of Canada; Federal Reserve Board; European Central Bank; Bank of Japan

National Inflation CPI Measures, % Change Over 1 Year Ago 5.0 4.0 3.0 2.0

%

1.0 0.0 -1.0

CHANGES IN FINANCIAL BACKDROP SUPPORT GROWTH OUTLOOK

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

Core CPI

Total CPI

Inflation Control Target

Source: Bank Of Canada

Global Indices 600 550 500 450 400 350 300 250 200 150 100 50

Mar-95 Sep-95 Mar-96 Sep-96 Mar-97 Sep-97 Mar-98 Sep-98 Mar-99 Sep-99 Mar-00 Sep-00 Mar-01 Sep-01 Mar-02 Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15

Trending of Global Price Return Indices Index (1994:4 = 100)

Reductions in the cost of consumer and business credit in the first quarter bode well for Canada’s economic outlook. The combination of the BofC’s surprise 25 bps cut in its target for the overnight rate in January and shifts in the global financial market pulled government bonds down in the first quarter. These events drove interest rates to record lows as the second quarter got underway. Business lending conditions remained largely unchanged, according to the BofC’s Senior Loan Officer Survey. To some extent, the combination of low interest rates and the continued decline in the value of the Canadian dollar were expected to offset the negative economic impacts of the oil price correction. The lag between the expected rise in business investment and consumer spending and the impact of the oil sector malaise will result in an uneven economic performance over the next several months. Regardless, the recent changes in Canada’s financial backdrop will support growth over the near term.

-2.0

Euro D.J. Stoxx 50 UK: FTSE 100

France CAC 40 S&P/TSX Composite

German DAX

Source: RBC Capital Markets

Mortgage Spreads

HOUSEHOLD DEBT CONCERNS SOMEWHAT OVERBLOWN

Commercial Mortgage Rates Vs. 5-Year GOC Bonds 16.0 14.0 12.0 10.0

%

8.0 6.0 4.0 2.0 0.0

Mar-87 Mar-88 Mar-89 Mar-90 Mar-91 Mar-92 Mar-93 Mar-94 Mar-95 Mar-96 Mar-97 Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15

Concerns related to Canadian household debt have been somewhat misleading. As the first quarter got underway debt levels had reached 163% of disposable income. While this is cause for some concern, the rate is not as bad as the headlines would have us believe. Firstly, the recent rebound in equities markets and increase in savings rates have increased household financial assets. Second, when an accurate comparison is made with US levels, Canada’s debt ratio is 153%, below the US rate. In short, the onslaught of warnings related to Canadian household balance sheets is somewhat overblown.

5-Year Commercial Mortgage Rate

5-Year GoC Bond Yield

Source: RBC Capital Markets

© 2015 MORGUARD | Q1 2015 UPDATE

2

INVESTMENT REPORT Yield Spreads

MATURE PHASE OF INVESTMENT CYCLE PERSISTED

Cap Rates vs. 10-Year GOC Bonds 10.0 9.0 8.0 7.0

%

6.0 5.0 4.0 3.0 1.0

Mar-00 Sep-00 Mar-01 Sep-01 Mar-02 Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15

2.0

GOC 10-Year Yield Industrial-Multi Tenant

Office-CBD Apartment-Suburban

Retail-Regional

Source: AltusInSite; Bank Of Canada

Relative Performance

11.4

7.4

7.6

9.9

11.8

0.8

0.9

0.9

5.0

1.8

%

7.5

5.1 6.8

10.0

9.0

10.8

10.2 7.3

10.4

15.0

10.6

20.0

12.7

17.5

Comparing Annualized Returns To Dec 2014

0.0 -5.0

1-Year

3-Year

S&P/TSX Index TSX REIT Index

5-Year

10-Year

T-Bill RCPI/IPD Index

DEX Long Bond

Source: RCPI / IPD; RBC CM; TSX Datalinx; SCM; PC Bond Analytics

The first quarter of 2015 saw the continuation of the mature phase of the Canadian commercial property investment cycle. Arguably the most tangible evidence of this prolongation was contained in property value trends. Investment property values continued to settle close to the peak, after a marked rise between 2010 and 2013. In some cases investors showed a willingness to push values slightly higher, however the broader trend is one of stabilization. Transaction closing volume offered further evidence of the maturing of Canada’s commercial property investment cycle. First quarter sales were below the pace of the past two years. Transaction volume totaled $1.3 billion for assets sold with a minimum sale price of $10.0 million for the office, industrial, retail, and apartment asset classes according to RealNet Canada data. This total was for the Calgary, Toronto, and Vancouver markets combined. Transaction volume fell sharply year-over-year, as just shy of $3.0 billion in sales were posted for the same markets and asset classes a year earlier. Moreover, the total was significantly lower than the five-year high of $2.1 billion in 2012. Last year, the Canadian property investment market posted above-average investment volume, however most market participants were of the opinion that volume was low due to a shortage of product availability. There has been an abundance of low-cost debt and equity capital in the market looking to find a home. This trend has been the norm in the post-financial crisis era, which should be the case for some time to come. This demandpressure will continue to ensure prices hold at the peak for the cycle, at least through to the close of the year. In short, the market will reflect the mature phase of the investment cycle for the next few quarters.

RCPI/IPD Returns Annualized Returns By Property Type To Dec 2014

RENTAL APARTMENT FEVER CONTINUED TO RUN HIGH 10.0

11.9

10.7

10.5

10.4

12.1

11.6

10.8 9.6

11.0

11.5 10.3

6.4

6.0

7.4

7.7

9.2

8.0

%

9.9

10.0

10.2

11.8

12.0

13.4

14.0

4.0 2.0 0.0

1-Year

3-Year

Industrial

5-Year

Office

10-Year

Retail

15-Year Apartment

Source: RCPI / IPD

Investment Activity Total Investment Volume 40.0 $32.1

35.0

$ Billions

$24.0

25.0 20.0 15.0

$30.6 $26.8

30.0

$23.6

$21.7

$19.9

$26.1 $25.5

$19.5

$17.3 $14.6 $13.2 $13.0

$13.0

10.0 5.0 0.0

01

02

03

04

05

Domestic

06

07

08

09

Foreign

10

11

12

13

14 15F

A range of investors held Canada’s purpose-built rental sector in high esteem as the first quarter came to a close. Evidence of this was contained in sales closing activity. In the first quarter, a total of $482.9 million in transaction activity was reported for sales in excess of $10.0 million in Calgary, Toronto, and Vancouver combined. This marked the second strongest showing in the past five years. During the same period a year earlier, a peak of $639.6 million in sales was tallied. For investors, the sector offers a secure and stable income stream, over and above that provided by other categories. The sector also has a history of stable and positive investment returns and has performed relatively well during periods of property market instability. Rents have steadily risen over the past few years, to the point where new supply is justifiable. An uptick in construction activity has unfolded in the past year. Investors have faced significant challenges in sourcing assets within the existing supply of apartments in major markets. As a result, fund structures have become increasingly popular as a way to access the asset class. The strength of the asset class’ demand profile has intensified competition to acquire assets regardless of the investment structure used. As was the case with the broader market, cap rates have fallen to record lows. However, a stabilizing trend continued to emerge in the first quarter. For the time being, Canadian purpose-built rental apartments will remain a preferred asset class.

Forecast

Source: CBRE Limited

© 2015 MORGUARD | Q1 2015 UPDATE

3

LEASING REPORT

100

Millions of Square Feet

14 12

95

10 8

90

6

%

4 85

2 0

80

-2

Net Absorption (RS)

New Construction (RS)

2019F

2018F

2017F

2016F

2014

-6 2015F

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

-4 75

Occupancy Rate (LS)

Source: CBRE Limited; CBRE Econometric Advisors

Industrial Demand & Supply National Historical & Forecast Aggregates 100

50

Millions of Square Feet

40 95 30 90

20

85

10

%

0 80

SLOW START TO THE YEAR FOR INDUSTRIAL

Net Absorption (RS)

2019F

2018F

2017F

2015F

New Construction (RS)

2016F

-20

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

-10 75

Occupancy Rate (LS)

Source: CBRE Limited; CBRE Econometric Advisors

Retail Vacancy Rates National Trending Across Property Types 12.0 10.0 8.0

%

6.0 4.0

Super Regional

Regional

Community Centre

Mar-15

Mar-14

Sep-14

Sep-13

Mar-13

Mar-12

Sep-12

Sep-11

Mar-11

Sep-10

Mar-10

Sep-09

Mar-09

Sep-08

Mar-08

Sep-07

Mar-07

Sep-06

Mar-06

Mar-05

Sep-05

Sep-04

Mar-04

0.0

Sep-03

2.0 Mar-03

Canada’s industrial space market registered a fairly quiet start to 2015, as activity levels were somewhat disappointing in comparison to the last couple of years. In the first three months of the year, 2.1 million SF of industrial space was placed back on to the market. Vancouver and London were the shining stars, with increases in occupied space of 1.3 million and 564,000 SF respectively. Calgary saw the sharpest reduction in occupied space of 2.1 million SF over just a three-month period. The performance was tied to the sharp decline in oil prices over the second half of 2014 and early 2015. Oil sector services companies were the culprit in giving up space for sublease. In the east, Toronto posted a relatively modest step backwards, with a decline in occupied space of 895,000 SF. Occupancy rates suffered a commensurate decline in the first quarter. The national occupied position fell to a still healthy 94.3%. The first quarter softening trend was somewhat modest, relative to the size of the overall national industrial market. Indeed, the 2.1 million SF of space placed back on the market in the first quarter represented a 20 bps decline in the nation’s occupied position quarter-over-quarter and just a 10 bps lift year-over-year. Even though Calgary saw the largest amount of industrial space placed back on the market in the first quarter, the market’s aggregate occupancy remained strong at 93.7%. The quarter-over-quarter rate fell more sharply by 160 bps, but just 30 bps year-over-year. The common view held by industry participants was that the first quarter market softening would prove to be temporary. In fact, the outlook was generally positive for Canada’s industrial sector, though the recent fall in oil prices was expected to hurt resource–based regions like Alberta and erode national expansion rates during 2015.

16

Mar-02

The slump in Canada’s oil sector negatively impacted office space market fundamentals in the first quarter. CBRE’s first quarter statistics showed a 1.1 million SF decline in occupied space nationally. This pushed the national occupied position down by 40 bps to 89.9% quarter-over-quarter. A 40 bps decline was also posted for the nation’s major downtown submarkets overall, to 91.1% at the close of the quarter. Year-over-year national and downtown occupancy fell by a cumulative 80 bps and 70 bps respectively. On a relative basis, the first quarter represented a more robust rate of decline. The recent softening in the nation’s office market was the result of the absence of a healthy demand trend. The sharp decline in investment and overall activity in Alberta’s oil sector resulted in the majority of the reduction in occupied space in the first quarter. Calgary’s office rental market saw a reduction in occupied space of almost 1.3 million SF over the period. CBRE data showed that Calgary represented 75.9% of the national decline. Of this total, 62.3% was focused downtown where a number of oil companies placed space on the market for sublease. In eastern Canada, Montreal and Ottawa also posted material reductions in occupied space at 306,000 and 248,000 SF respectively. The balance of the nation’s markets generated modest increases over the first quarter. Further downward pressure on national office market occupancy and broader fundamental erosion are going to be common themes over the near term, given the anticipated continuation of the global oil industry malaise.

Office Demand & Supply National Historical & Forecast Aggregates

Sep-02

OIL SECTOR SLUMP ERODED OFFICE MARKET FUNDAMENTALS

Neighbourhood

Source: Investment Property Databank Ltd; © IPD 2015

CMA's Rental Vacancy Rates For Structures of 3 units+ 3.8

Halifax

4.2

3.4 3.4

Montreal 1.5 1.4

Victoria

2.8 2.9

National 2.6

Ottawa

2.8

1.0 1.0

Vancouver

1.7

Edmonton

2.0

1.6 1.7

Toronto

2014 2.5

Winnipeg 1.4

Calgary 0.0

0.5

1.0

1.5

2015F

2.8

2.0

2.0

2.5

3.0

3.5

4.0

4.5

% Source: CMHC, Housing Market Outlook, First Quarter 2015

© 2015 MORGUARD | Q1 2015 UPDATE

4

ECONOMIC REPORT Economic Growth

SECOND CONSECUTIVE SLUGGISH START TO THE YEAR FOR JOB MARKET

Real GDP Growth - Historical & Forecast 6.0

-2.0

-4.0

3.4 2.5 3.0 1.6 1.9 2.3 2.0 2.2 2.5 2.4 1.9 3.1 2.2 3.0

% 0.0

-0.3 -2.7 -2.8

2.0

5.1 4.1 1.7 1.0 2.8 1.8 1.9 2.8 3.1 3.8 3.2 3.3 2.6 2.7 2.0 1.8 1.2

4.0

00

01

02

03

04

05

06

Canada

07

08

09

10

11

12

United States

13

14 15F 16F

World

Source: Conference Board Of Canada (Mar 2015); International Monetary Fund (Apr 2015)

Labour Market

Canada’s first quarter labour market performance was somewhat disappointing, marking a repeat of uneven results reported during the same period a year earlier. In March, Canada’s economy generated 29,000 jobs, which was weaker than expected. Sluggish labour market conditions lagged what was a slowdown in the Canadian economy that emerged in the latter stages of 2015. The modest result masked the loss of 28,000 full time jobs in March and a gain in part-time positions of more than 57,000. Gains were posted in Saskatchewan and Manitoba. Manitoba has been the job growth leader in the past year, with expansion of more than 3.0%. The nation’s unemployment rate was unchanged at 6.8%, due to increases in the labour force. As 2015 progresses, labour market performance will remain fairly uneven a reflection of a backdrop of modest economic expansion.

Month-Over-Month Trending 150

9.0

100

8.5 8.0

50

Thousands

AUTO INDUSTRY REAPS BENEFITS OF LOWER COST OF OIL

7.5 0 7.0 -50

6.5

-100 -150

%

6.0

04

05

06

07

08

09

10

Employment Growth (LS)

11

12

13

14

15

5.5

Unemployment Rate (RS)

Source: Statistics Canada

Retail Sales Month-Over-Month Trending 4.0

$45.0

3.0

$42.5

2.0

$40.0

1.0

$37.5

0.0 $35.0 -1.0 $32.5

-2.0

$30.0

-3.0

$27.5

-4.0 -5.0

Millions

%

04

05

06

07

08

09

10

11

% Change (LS)

12

13

14

15

$25.0

Monthly Level (RS)

Source: Statistics Canada

Housing Market Trends of Housing Starts Vs. 5-Year Mortgage Rates 300

8.0 7.5

250

7.0 6.5

Thousands

200

6.0 150

5.5 5.0

100

4.5 4.0

50

3.5 0

3.0 04

05

06

07

08

Housing Starts (LS)

09

10

11

12

13

14

15

5-Year Mortgage Rate (RS)

%

Momentum in Canada’s auto sector continued to build in the first few months of 2015, aided by lower gasoline prices and record North American automotive sales and production. In March, auto sales reached a new high, after a record 1.86 million in annualized sales in February. Sales and production growth have boosted auto sector exports. Export volume picked up steam in the early months of 2015, after a 8.8% gain in car and parts exports in 2014. At the same time, Canada’s share of global parts exports continued to rise, with a modest increase of 2.5% in 2014. The industry is now faced with capacity concerns, culminating in capital investments that exceeded those of the past decade. This investment and the recent sector momentum have increased payrolls by roughly 5.0% in 2014. The overall strengthening in Canada’s automotive sector will ensure it is a net add to the broader economy for at least the near term.

STATE OF CANADA’S HOUSING MARKET UP FOR DISCUSSION First quarter Canadian housing data did little to clarify whether a market correction had begun as many had predicted. National residential re-sale brokerage company ReMax revised its projection for price increases upward with the release of its Spring Market Trends Report. The report cited strong consumer confidence, low interest rates, and robust activity in the Vancouver and Toronto markets in the first quarter for the adjustment. The report indicated the spring market was ‘significantly stronger’ than ReMax had forecast just a few months ago. At the same time, Royal LePage, another leading national brokerage company, released its House Price Survey and stated that a soft landing was already underway in most regions across the country. The survey indicated prices increases had slowed markedly in most major centres, aside from Vancouver and Toronto. Douglas Porter, BMO’s chief economist, noted “the hotter they (Vancouver and Toronto) get, the more there is a risk of a correction”. Benjamin Tal of CIBC World Markets stated a shortage of listings and low interest rates could “keep momentum in these two markets”. One element of the Canadian market that was widely accepted in the first few months of 2015 was that low oil prices had resulted in a correction in regions like Calgary and Edmonton. Otherwise, the national housing market picture remained a point of discussion, despite the continued release of sale data.

Source: Statistics Canada, CMHC

© 2015 MORGUARD | Q1 2015 UPDATE

5

INVESTMENT MARKET TRANSACTIONS — Q1/2015 OFFICE Property

Date

Price

Sq. Ft.

P.S.F.

Purchaser

City

5025-5045 Orbitor Dr

Feb-15

$10.5 M

111,021

$95

MP Developments

Toronto

1867 West Broadway

Feb-15

$16.1 M

29,700

$543

Austeville Properties

Vancouver

81-85 The East Mall

Jan-15

$10.5 M

82,300

$128

Northwest Partners

Toronto

151 Yonge St

Jan-15

$153.8 M

296,992

$518

GWL Realty Advisors

Toronto

INDUSTRIAL Property

Date

Price

Sq. Ft.

P.S.F.

Purchaser

City

2400 & 2430 Royal Windsor Dr

Mar-15

$19.0 M

292,610

$65

Panattoni Developm.

Toronto

8020 Fifth Line

Feb-15

$13.6 M

111,300

$122

Hopewell

Toronto

Art Heller Enterprises Ltd. Portfolio

Feb-15

$25.2 M

339,404

$74

Summit Ind. Inc. REIT

Toronto

Laval KingSett Portfolio

Jan-15

$31.8 M

391,376

$81

Triovest.

Montreal

35 Bosworth Crt

Jan-15

$37.5 M

476,207

$79

HOOPP

Brantford

1400 Church St, Pickering

Jan-15

$70.2 M

921,000

$88

Choice Prop. REIT

Toronto

440 Railside Dr

Jan-15

$19.2 M

250,000

$77

Northam Realty

Toronto

McCall Bus. Ctr. 32 Ave Bus. Ctr.

Jan-15

$36.7 M

236,723

$155

Advent Commercial

Calg./Tor.

1687 Cliveden Ave

Jan-15

$11.0 M

77,101

$143

Bentall Kennedy

Vancouver

RETAIL Property

Date

Price

Sq. Ft.

P.S.F.

Purchaser

City

Bayview North Centre

Mar-15

$19.5 M

48,928

$399

Liberty Developm.

Toronto

Shops on the Park

Feb-15

$13.0 M

37,500

$346

Belmont Equity

Guelph

Bolton Country Plaza

Feb-15

$18.6 M

87,005

$207

Stonebridge Bolton

Toronto

555 Essa Rd

Feb-15

$18.7 M

105,000

$178

Calloway REIT

Barrie

Whites Road Shopping Centre

Feb-15

$25.0 M

65,703

$381

Valiant Rental Prop.

Toronto

802-818 16th Ave SW

Jan-15

$22.8 M

40,387

$563

First Capital

Calgary

Delson Plaza

Jan-15

$21.5 M

145,261

$148

BTB REIT

Montreal

Blue Mountain Centre

Jan-15

$15.2 M

66,696

$228

Crestpoint

Collingwood

Quinte & Devonshire Malls (50%)

Jan-15

$240.3 M

1,713,293

$280

HOOPP

Bellv./Windsor

282 Monarch, Ave, Ajax

Jan-15

$13.0 M

98,350

$132

Private

Toronto

Agincourt Mall

Jan-15

$97.0 M

290,069

$334

I.G.,P.S.P. NA Group

Toronto

Purchaser

City Montreal

MULTI- RESIDENTIAL Property

Date

Price

Suites

P.S.

Hamilton House

Mar-15

$32.4 M

280

$115,714

InterRent REIT

5693 Highway No. 7

Feb-15

$10.0 M

96

$104,167

Markwood Apartments

Toronto

Grandin Tower

Feb-15

$31.0 M

125

$248,000

CAP REIT

Edmonton

2175-77, 2181 Ave Rd 166 Wilson

Feb-15

$47.0 M

260

$180,769

Starlight Apartments

Toronto

Windermere Village Phase II

Jan-15

$28.5 M

126

$226,190

Centurion Asset Mgt

Edmonton

Bon-Terra Apartments

Jan-15

$33.7 M

331

$101,662

Mainstreet Equity

Vancouver

50 Spadina Rd, 35 Walmer Rd

Jan-15

$59.0 M

229

$257,642

Starlight Apartments

Toronto

Langara Gardens (50% interest)

Jan-15

$101.9 M

621

$328,043

Concert Properties

Vancouver

Airdrie Place Apartments

Jan-15

$64.3 M

300

$214,283

Realstar

Calgary

© 2015 MORGUARD | Q1 2015 UPDATE

6

Acknowledgements Cited Research Resources In the course of compiling the statistical information and commenting on real estate markets, national, regionally and across Canadian metropolitan areas, we acknowledge the assistance and feedback from the following parties in completing this report: Alberta Data Search, The Altus Group, Avison Young, Bank of Canada, Bank of Japan, BMO Economics, BMO Nesbitt Burns, British Bankers’ Association, Brunsdon Martin & Associates, CBRE Econometric Advisors, CB Richard Ellis, CIBC World Markets, Canada Newswire, Canadian Mortgage and Housing Corporation (CMHC), Canadian Mortgage Loans Services Limited, The Canadian Real Estate Association (CREA), Colliers International, Commercial Edge, Conference Board of Canada, Cushman & Wakefield, Desjarlais Prevost, Developers and Chains e-news, DTZ Barnicke, The Economist, Economy.com, European Central Bank, The Federal Reserve Board, Frank Russell Canada (RCPI), The Globe and Mail, ICR Commercial Real Estate, International Council of Shopping Centres (ICSC), InsiteAltus Research, International Monetary Fund, Investment Property Databank Limited (IPD), The Johnson Report (Winnipeg), Jones Lang LaSalle, Korpacz Real Estate Investment Survey, Monday Report on Retailers, National Post, Ottawa Business Journal, PC Bond Analytics, PricewaterhouseCoopers, RBC Capital Markets, RBC Economics, Real Capital Analytics, RealNet Canada Inc., RealTrack Inc., Rogers Media, Statistics Canada, Scotia Capital, TD Economics, TD Securities Realty Group, Toronto Star, Torto Wheaton Research, Urban Land Institute, US Department of the Treasury, York Communications

© 2015 MORGUARD | Q1 2015 UPDATE

7

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