style="color: rgb(0, 102, 255);"> style="font-size: 24px;">Charity Event and Live Performance

class="MsoNormal">Pacifica Partners is proud to announce our
sponsorship of the White Rock Players’ Club performance at the White
Rock Playhouse ( href="http://maps.google.ca/maps?q=coast+capital+playhouse+white+rock&hl=en&hq=coast+capital+playhouse+white+rock&radius=15000&t=h&z=16"
target="_blank">Coast Capital Playhouse) on April
9th 2012 of “The Lion in Winter”.

Pacifica
Partners has reserved all 218 seats to this exclusive performance night
and will be hosting a pre-performance social at 7pm on Monday April
9th. 

This
is a
great event for culture in our community and a thank-you for our
clients
and centres of influence in the Surrey White Rock area.

style="color: rgb(0, 102, 255);"> style="font-size: 24px;">Canadian Housing-Bubble Chart
Book

target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">UBC Center for Urban
Economics and Real Estate style="color: rgb(0, 0, 128);">.

target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Teranet – National Bank Home
Price Index TM style="color: rgb(0, 0, 128);">.

target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Statistics Canada for access
to their Cansim database style="color: rgb(0, 0, 128);">.

href="http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">S&P Case-Shiller Home
Price Indices style="color: rgb(0, 0, 128);">.

target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Google Trends style="color: rgb(0, 0, 128);">.


 
We welcome feedback,  email href="mailto:realestate@pacificapartners.com" target="_blank">realestate@pacificapartners.com
or tweet: target="_blank">@pacifica_prtnrs

style="color: rgb(0, 0, 0);"> style="font-size: 20px;"> style="color: rgb(3, 185, 155);">Summary

style="font-size: 14px;">Chart
summaries are provided below and are divided into the following
six categories:

Section A
(table 1 and charts 1 & 2): style="font-weight: bold;">- NEW

Canadian
Real Estate Senitment,  Wage Growth, and Housing
Supply and Demand

Section
B (charts 3 through 10):
Canadian Real Estate Market Trends, Valuations, and Drivers of Home
Prices

Section
C (charts 11 through 18):
Canadian Real Estate Unemployment, Vacancy Rates, and Home Price Growth
in Major Canadian Cities

Section
D (charts 19 through 22):
Canadian and US Real Estate versus Stock Markets (TSX and S&P
500)

Section
E (charts 23 through 26):
US Housing Price Performance vs. Major Canadian Cities

Section
F (charts 27 through 33):
US Housing Price Performance vs. Major Canadian Cities
 

size="+1"> style="font-size: 15px;"> style="color: rgb(3, 185, 155);">Section A size="+1">(Table 1 and Charts 1
& 2):
Canadian Real Estate Sentiment, Wage Growth, and Housing Supply

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Table 1) Housing Bubble Sentiment
Indicator - NEW

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Canadian-Housing-Bubble.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Canadian-Housing-Bubble.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="400" hspace="5" vspace="5"
width="650">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Canadian-Housing-Bubble.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this table.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 1) Provincial wage growth
versus home price appreciation style="color: black; font-weight: normal;">:   style="font-weight: bold;">Vancouver, Victoria, Calgary,
Edmonton, Regina, Winnipeg, Ottawa, Toronto, Montreal, and Halifax style="color: red;">- NEW

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Financial-Planning.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Financial-Planning.jpg"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Financial-Planning.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 2) Real Estate Supply and
Demand Growth: Vancouver,
Calgary, Edmonton, Winnipeg, Ottawa, Toronto,
Montreal, Halifax - NEW

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Investment-Counsel.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Investment-Counsel.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Investment-Counsel.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 0, 0);"> style="font-size: 15px;"> style="color: rgb(3, 185, 155);" size="+2">Section B
(charts 3 through 10):
Canadian Real Estate
Market Trends, Valuations, and Drivers of Home Prices

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 3) Canadian home prices over
discounted rent valuation: Vancouver,
Calgary, Edmonton, Toronto, and
Montreal

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Burnaby-Wealth-Management.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Burnaby-Wealth-Management.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Burnaby-Wealth-Management.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 4) Canadian misery index -
National,
Vancouver, Toronto, and Montreal

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Wealth-Management.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Wealth-Management.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Wealth-Management.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 5) Canadian household credit
as a percentage of nominal GDP

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Real-Estate-Bubble-Vancouver.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Real-Estate-Bubble-Vancouver.jpg"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Real-Estate-Bubble-Vancouver.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 6) Growth of Canadian home
prices in comparison to nominal GDP growth and mortgage credit

Appreciation in Canadian home prices (from January 2000 onward) has
more
closely reflected growth in mortgage credit rather than growth in
Canadian nominal GDP.

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Real-Estate-Bubble-Canada.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Real-Estate-Bubble-Canada.jpg"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Real-Estate-Bubble-Canada.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 7) Canadian real (inflation
adjusted) rent index: Calgary,
Vancouver, Edmonton, Winnipeg, Montreal,
Halifax, Ottawa, Toronto

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Financial-Planning-Langley.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Financial-Planning-Langley.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Financial-Planning-Langley.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 8) Total employment as a
percentage of population in major Canadian cities: style="color: black;">Vancouver, Calgary,
Edmonton, Winnipeg, Ottawa, Toronto, Montreal, Halifax

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Housing-Crisis-Vancouver.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Housing-Crisis-Vancouver.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Housing-Crisis-Vancouver.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 9) Canadian real (inflation
adjusted) home price index: Vancouver,
Edmonton, Toronto, Calgary,
Regina, Montreal, Victoria, Winnipeg

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Investment-Management-Surrey.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Investment-Management-Surrey.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Investment-Management-Surrey.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 10) Canadian home prices to
rents: Vancouver, Calgary,
Edmonton, Toronto, Montreal

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Housing-Bubble-Vancouver.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Housing-Bubble-Vancouver.jpg"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Housing-Bubble-Vancouver.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 0, 0);"> style="font-size: 15px;"> style="color: rgb(3, 185, 155);" size="+2">Section C (charts
11 through 18):
Canadian Real Estate
Unemployment, Vacancy Rates,
and Home Price Growth in Major Canadian
Cities

The following charts display a time
series of unemployment, vacancy rates, and quarterly home price changes
for: Vancouver, Calgary, Edmonton, Winnipeg, Ottawa, Toronto, Montreal,
and Halifax.

 

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 11) Vancouver unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Medical-Wealth-Management.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Medical-Wealth-Management.jpg"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Medical-Wealth-Management.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 12) Edmonton unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Physician-Wealth-Management.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Physician-Wealth-Management.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Physician-Wealth-Management.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 13) Calgary unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Managment-for-Dentists.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Managment-for-Dentists.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Managment-for-Dentists.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 14) Winnipeg unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Asset-Management.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Asset-Management.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Surrey-Asset-Management.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 15) Ottawa unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Portfolio-Manager-Surrey-BC.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Portfolio-Manager-Surrey-BC.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Portfolio-Manager-Surrey-BC.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 16) Toronto unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Management-Surrey-Fraser-Valley.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;">
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Management-Surrey-Fraser-Valley.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Management-Surrey-Fraser-Valley.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 17) Montreal unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Burnaby-Capital-Management.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Burnaby-Capital-Management.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Burnaby-Capital-Management.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 18) Halifax unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Management-for-Doctors.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Management-for-Doctors.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Management-for-Doctors.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 0, 0);"> style="font-size: 15px;"> style="color: rgb(3, 185, 155);" size="+2">Section D
(charts 19 through 22):
Canadian and US Real Estate versus Stock Markets (TSX and S&P
500)

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 19) From 1977 – Canadian real
estate
versus the TSX index

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Management-Burnaby.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Management-Burnaby.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Wealth-Management-Burnaby.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 20) From 1998 – Canadian real
estate
versus the TSX index

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Asset-Management-Burnaby.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Asset-Management-Burnaby.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Asset-Management-Burnaby.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 21) From 1987 – US real
estate versus the S&P 500 index

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Crossborder-Financial-Planning.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Crossborder-Financial-Planning.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Crossborder-Financial-Planning.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 22) From 1998 – US Real
Estate versus the S&P 500 Index

For comparison purposes the following chart and the chart above have
been included which display US home prices as a multiple of the
S&P 500 (US stock market).
The chart below displays US home prices as a ratio of the S&P
500 index (US stock market) from 1987 onward. Fourteen US cities are
included in the chart below as well as a composite index of ten major
US Cities. Over the medium term, home prices in Canada have
outperformed price appreciation of stocks. Note, the spike on the
charts observed at March 2009 represent the stock market bottom during
the financial crisis.

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Canadian-and-US-Financial-Planning.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Canadian-and-US-Financial-Planning.jpg"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2012/03/Canadian-and-US-Financial-Planning.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 0, 0);"> style="font-size: 15px;"> style="color: rgb(3, 185, 155);" size="+2">Section D (charts
23 through 26):
US Housing Price Performance vs. Major Canadian Cities

The following charts indicate relative
performance of US home prices
to Canadian home prices in four Canadian markets: Vancouver, Calgary,
Toronto, and Montreal. US home prices reflect Canadian dollars by
applying a timely CAD/USD exchange rate to the US home price index.

 

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 23) US Home Prices versus
Vancouver Home Prices

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Investing-in-US-Real-Estate-Vancouver-BC.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com//blog/wp-content/uploads/2012/03/Investing-in-US-Real-Estate-Vancouver-BC.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Investing-in-US-Real-Estate-Vancouver-BC.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 24) US Home Prices versus
Calgary Home Prices

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Investing-in-US-real-estate-Calgary.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Investing-in-US-real-estate-Calgary.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Investing-in-US-real-estate-Calgary.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 25) US Home Prices versus
Toronto Home Prices

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Investing-in-US-real-Estate-Toronto.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Investing-in-US-real-Estate-Toronto.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Investing-in-US-real-Estate-Toronto.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 26) US Home Prices versus
Montreal Home Prices

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Investing-in-US-real-Estate-Montreal.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Investing-in-US-real-Estate-Montreal.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Investing-in-US-real-Estate-Montreal.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 0, 0);"> style="font-size: 15px;"> style="color: rgb(3, 185, 155);" size="+2">Section E
(charts 27 through 33):
US Housing Price Performance vs. Major Canadian Cities

The following charts indicate annual
changes in monthly home prices and “sales pair” volume. Data has been
generously made available by Teranet – National Bank for: Canada,
Vancouver, Calgary, Ottawa, Toronto, Montreal, and Halifax.
 Please visit http://www.housepriceindex.ca/
for the definitions and methodologies used
calculating their indices.

 

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 27) Canadian Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Canada-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Canada-and-the-US.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Canada-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 28) Vancouver Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Vancouver-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Vancouver-and-the-US.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Vancouver-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 29) Calgary Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Calgary-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Calgary-and-the-US.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Calgary-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 30) Ottawa Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Ottawa-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Ottawa-and-the-US.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Ottawa-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 31) Toronto Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Toronto-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Toronto-and-the-US.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Toronto-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 32) Montreal Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Montreal-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Montreal-and-the-US.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Montreal-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 33) Halifax Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Halifax-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Halifax-and-the-US.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/03/Moving-between-Halifax-and-the-US.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt=""
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/09/Surrey-Wealth-Management.png"
style="border: 0pt none ; height: auto; line-height: 100%; text-decoration: none; display: inline;"
align="left" border="0" height="73" width="70">

Pacifica
Partners – Capital Management
Navigating
a Sea of Opportunity

class="Apple-style-span" style="line-height: 14px;">Disclaimer:

This report is for information purposes only and is neither a
solicitation for the purchase of securities nor an offer of securities.
The information contained in this report has been compiled from sources
we believe to be reliable, however, we make no guarantee,
representation or warranty, expressed or implied, as to such
information’s accuracy or completeness. All opinions and estimates
contained in this report, whether or not our own, are based on
assumptions we believe to be reasonable as of the date of the report
and are subject to change without notice. Past performance is not
indicative of future performance. Please
note that, as at the date of this report, our firm may hold positions
in some of the companies mentioned.

Copyright (C) 2012 Pacifica Partners Inc. All rights reserved.

style="color: rgb(0, 102, 255);"> style="font-size: 24px;">The Global Economy:
Maybe the Glass
is Half Full

2012Q1 – Quarterly Newsletter – Investment Compass

If the embedded document above is not
visible, the text and charts have also been included below as follows:

size="+1"> style="">The Big Picture

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/02/Newsletter-Annual-Bank-Credit-Growth-Chart.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Steepness of the Yield Curve"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/02/Newsletter-Annual-Bank-Credit-Growth-Chart.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/02/Newsletter-Annual-Bank-Credit-Growth-Chart.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

size="+1"> style="">US Economy Looking Good

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/02/Newsletter-Total-State-and-Local-Tax-Revenue.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Steepness of the Yield Curve"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/02/Newsletter-Total-State-and-Local-Tax-Revenue.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/02/Newsletter-Total-State-and-Local-Tax-Revenue.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

size="+1"> style="">European Headwinds

size="+1"> style="">Where is the money going?

target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt=""
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/09/Surrey-Wealth-Management.png"
style="border: 0pt none ; height: auto; line-height: 100%; text-decoration: none; display: inline;"
align="left" border="0" height="73" width="70">

Pacifica
Partners – Capital Management
Navigating
a Sea of Opportunity

class="Apple-style-span" style="line-height: 14px;">Disclaimer:

This report is for information purposes only and is neither a
solicitation for the purchase of securities nor an offer of securities.
The information contained in this report has been compiled from sources
we believe to be reliable, however, we make no guarantee,
representation or warranty, expressed or implied, as to such
information’s accuracy or completeness. All opinions and estimates
contained in this report, whether or not our own, are based on
assumptions we believe to be reasonable as of the date of the report
and are subject to change without notice. Past performance is not
indicative of future performance. Please
note that, as at the date of this report, our firm may hold positions
in some of the companies mentioned.

Copyright (C) 2012 Pacifica Partners Inc. All rights reserved.

style="color: rgb(0, 102, 255);"> style="font-size: 24px;">Uncovering Dividend Growth
Opportunities

style="font-family: arial,helvetica,sans-serif;"> style="font-size: 16px; line-height: 20px;">One of the most
glaring benefits of weak global equity markets over the last year has
been the fact that dividend yields are at their most attractive levels
in nearly 30 years. This is especially so when we compare dividend
yields to government bond yields. This has been a rare event over the
last six decades. Despite the historic opportunities too many investors
are ignoring them and are still fleeing into the bond market. Recent
fund flow data shows that capital is rolling into the bond markets –
despite the cratering of interest rates.
 

href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/01/Dividend-Growers-SP-500-and-SP-100.png"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Dividend Growth Stocks"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2012/01/Dividend-Growers-SP-500-and-SP-100.png"
style="border: 0pt none ; margin: 10px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="800" hspace="10" vspace="10"
width="600">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Misery-Index.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2012/01/Dividend-Growers-SP-500-and-SP-100.png"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;">Click
here to view a larger version of this table

style="font-family: arial,helvetica,sans-serif; font-size: 16px; line-height: 1.25em;">Looking
at the dividend data for the S&P 500 companies shows that 109
companies do not pay a dividend currently. If we take the remaining 391
companies, we can glean a few insights that would prove helpful to
anyone looking at enhancing their portfolio’s dividend income.
 

style="color: rgb(0, 102, 255);"> style="font-size: 24px;">Canadians’ Misery Index
Rising

In the 1960s, an economic adviser to President Lyndon Johnson came up
with the idea of an index to measure the general economic hardships
felt by the masses. This index, appropriately labeled “the Misery
Index”, is calculated by adding the unemployment rate to the inflation
rate. As inflation and unemployment eased during the 1980s the term
seemed to fade from economic discourse.

href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Misery-Index.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Misery Index Rising"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Misery-Index.png"
style="border: 0pt none ; margin: 10px; width: 600px; height: 344px; line-height: 100%; text-decoration: none; display: inline;"
height="344" width="600">
C href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Misery-Index.png"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;">lick
here to view a larger version of this chart

style="color: rgb(0, 102, 255);"> style="font-size: 24px;">Expanded Real Estate Chart Book

target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">UBC Center for Urban
Economics and Real Estate style="color: rgb(0, 0, 128);">.

target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Teranet – National Bank Home
Price Index TM style="color: rgb(0, 0, 128);">.

href="http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">S&P Case-Shiller Home
Price Indices style="color: rgb(0, 0, 128);">.


 

style="color: rgb(0, 0, 0);"> style="font-size: 18px;">Summary

style="font-size: 14px;">Global

• Softness and volatility in global commodity prices
• Chinese economic slowdown resulting in less-than-forecast demand for
Canadian commodities
• European debt crisis resulting in downward global GDP revisions
• A slow tepid recovery of US employment, housing, and the personal
balance sheets of US consumers

style="color: rgb(0, 0, 0);"> style="font-size: 14px;">Domestic

• Limitations of further expansion of Canadian consumer leverage
• Lack of home ownership affordability in relation to renting
• A reversal of the emergency low-interest rate environment
• Digestion of over-built housing inventories in a number of regions
• The closing of price differentials between Canadian and US property
values through both an eventual appreciation of US housing and a
decline in
Canadian housing prices
• Mean reversion of home price growth to long term economic trends

Chart summaries are provided below and are divided into the following
five
categories:

Section
A (charts 1 through 9):
Canadian Real Estate Market Trends, Valuations, and Drivers of Home
Prices

Section
B (charts 10 through 17):
Canadian Real Estate Unemployment, Vacancy Rates, and Home Price Growth
in Major Canadian Cities

Section
C (charts 18 through 21):
Canadian and US Real Estate versus Stock Markets (TSX and S&P
500)

Section
D (charts 22 through 25):
US Housing Price Performance vs. Major Canadian Cities

Section
E (charts 26 through 32):
US Housing Price Performance vs. Major Canadian Cities
 

style="color: rgb(0, 0, 0);"> style="font-size: 15px;">Section A (charts 1 through 9): name="Section_A">
Canadian Real Estate
Market Trends, Valuations, and Drivers of Home Prices

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 1) Canadian misery index -
National, Vancouver, Toronto, and Montreal

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Misery-Index.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Misery-Index.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Misery-Index.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 2) Canadian household credit
as a percentage of nominal GDP

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Household-Credit-as-a-Percentage-of-GDP.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Household-Credit-as-a-Percentage-of-GDP.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Household-Credit-as-a-Percentage-of-GDP.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 3) Growth of Canadian home
prices in comparison to nominal GDP growth and mortgage credit

Appreciation in Canadian home prices (from January 2000 onward) has
more
closely reflected growth in mortgage credit rather than growth in
Canadian nominal GDP.

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Cumulative-Growth-from-January-2000-in-Canadian-GDP-Home-Prices-and-Mortgage-Credit.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Cumulative-Growth-from-January-2000-in-Canadian-GDP-Home-Prices-and-Mortgage-Credit.jpg"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Cumulative-Growth-from-January-2000-in-Canadian-GDP-Home-Prices-and-Mortgage-Credit.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 4) Total Canadian housing
starts vs. estimated total increase in Canadian households: Vancouver,
Calgary, Edmonton, Winnipeg, Ottawa, Toronto, Montreal, Halifax

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Total-Housing-Starts-vs.-Total-Increase-in-Households.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Total-Housing-Starts-vs.-Total-Increase-in-Households.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Total-Housing-Starts-vs.-Total-Increase-in-Households.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 5) Total employment as a
percentage of population in major Canadian cities: Vancouver, Calgary,
Edmonton, Winnipeg, Ottawa, Toronto, Montreal, Halifax

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Total-Employment-as-a-percentage-or-population-Rolling-Four-Quarter-Moving-Average.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Total-Employment-as-a-percentage-or-population-Rolling-Four-Quarter-Moving-Average.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Total-Employment-as-a-percentage-or-population-Rolling-Four-Quarter-Moving-Average.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 6) Canadian real (inflation
adjusted) home price index: Vancouver, Edmonton, Toronto, Calgary,
Regina, Montreal, Victoria, Winnipeg

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Home-Price-Index-cumulative-return-from-first-quarter-1974.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Home-Price-Index-cumulative-return-from-first-quarter-1974.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Home-Price-Index-cumulative-return-from-first-quarter-1974.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 7) Canadian real (inflation
adjusted) rent index: Calgary, Vancouver, Edmonton, Winnipeg, Montreal,
Halifax, Ottawa, Toronto

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Rent-Index-cumulative-return-from-first-quarter.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Rent-Index-cumulative-return-from-first-quarter.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Rent-Index-cumulative-return-from-first-quarter.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 8) Canadian home prices to
rents: Vancouver, Calgary, Edmonton, Toronto, Montreal

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Home-Price-to-Rent-Index.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Home-Price-to-Rent-Index.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Home-Price-to-Rent-Index.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 9) Canadian home prices over
discounted rent valuation: Vancouver, Calgary, Edmonton, Toronto, and
Montreal

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Home-PRices-over-the-Present-Value-of-Expected-Rents.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Home-PRices-over-the-Present-Value-of-Expected-Rents.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Home-PRices-over-the-Present-Value-of-Expected-Rents.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 0, 0);"> style="font-size: 15px;">Section B (charts 10 through 17): name="Section_B">
Canadian Real Estate
Unemployment, Vacancy Rates,
and Home Price Growth in Major Canadian
Cities

The following charts display a time
series of unemployment, vacancy rates, and quarterly home price changes
for: Vancouver, Calgary, Edmonton, Winnipeg, Ottawa, Toronto, Montreal,
and Halifax.

 

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 10) Vancouver unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Vancouver.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Vancouver.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Vancouver.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 11) Edmonton unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Edmonton.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Edmonton.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Edmonton.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 12) Calgary unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Calgary.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Calgary.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Calgary.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 13) Winnipeg unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Winnipeg.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Winnipeg.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Winnipeg.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 14) Ottawa unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Ottawa.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Ottawa.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Ottawa.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 15) Toronto unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Toronto.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;">
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Toronto.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Toronto.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 16) Montreal unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Montreal.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Montreal.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Montreal.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 17) Halifax unemployment,
vacancy rates, and home price growth

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Halifax.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Halifax.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Quarterly-Summary-Halifax.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 0, 0);"> style="font-size: 15px;">Section C (charts 18 through 25): name="Section_C">
Canadian and US Real Estate versus Stock Markets (TSX and S&P
500)

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 18) From 1977 – Canadian real
estate
versus the TSX index

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Estate-vs-TSX-index-long-term.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Estate-vs-TSX-index-long-term.jpg"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Estate-vs-TSX-index-long-term.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 19) From 1998 – Canadian real
estate
versus the TSX index

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Estate-vs-TSX-index-medium-term.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Estate-vs-TSX-index-medium-term.jpg"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/Canadian-Real-Estate-vs-TSX-index-medium-term.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 20) From 1987 – US real
estate versus the S&P 500 index

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/US-Real-Estate-vs-SP-500-index-long-term.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/US-Real-Estate-vs-SP-500-index-long-term.jpg"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/US-Real-Estate-vs-SP-500-index-long-term.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 21) From 1998 – US Real
Estate versus the S&P 500 Index

For comparison purposes the following chart and the chart above have
been included which display US home prices as a multiple of the
S&P 500 (US stock market).
The chart below displays US home prices as a ratio of the S&P
500 index (US stock market) from 1987 onward. Fourteen US cities are
included in the chart below as well as a composite index of ten major
US Cities. Over the medium term, home prices in Canada have
outperformed price appreciation of stocks. Note, the spike on the
charts observed at March 2009 represent the stock market bottom during
the financial crisis.

class="Apple-style-span" style="line-height: 14px;"> href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/US-Real-Estate-vs-SP-500-index-medium-term.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://pacificapartners.com/blog/wp-content/uploads/2011/10/US-Real-Estate-vs-SP-500-index-medium-term.jpg"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://pacificapartners.com/blog/wp-content/uploads/2011/10/US-Real-Estate-vs-SP-500-index-medium-term.jpg"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 0, 0);"> style="font-size: 15px;">Section D (charts 22 through 26): name="Section_D">
US Housing Price Performance vs. Major Canadian Cities

The following charts indicate relative
performance of US home prices
to Canadian home prices in four Canadian markets: Vancouver, Calgary,
Toronto, and Montreal. US home prices reflect Canadian dollars by
applying

 

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 22) US Home Prices versus
Vancouver Home Prices

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Vancouver.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Vancouver.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Vancouver.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 23) US Home Prices versus
Calgary Home Prices

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Calgary.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Calgary.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Calgary.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 24) US Home Prices versus
Toronto Home Prices

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Toronto.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Toronto.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Toronto.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 25) US Home Prices versus
Montreal Home Prices

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Montreal.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Montreal.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/US-home-prices-Montreal.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 0, 0);"> style="font-size: 15px;">Section E (charts 26 through 32): name="Section_E">
US Housing Price Performance vs. Major Canadian Cities

The following charts indicate annual
changes in monthly home prices and “sales pair” volume. Data has been
generously made available by Teranet – National Bank for: Canada,
Vancouver, Calgary, Ottawa, Toronto, Montreal, and Halifax.
 Please visit http://www.housepriceindex.ca/
for the definitions and methodologies used
calculating their indices.

 

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 26) Canadian Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Canada-National.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Canada-National.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Canada-National.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 27) Vancouver Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Vancouver.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Vancouver.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Vancouver.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 28) Calgary Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Calgary.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Calgary.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Calgary.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 29) Ottawa Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Calgary.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Ottawa.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Ottawa.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 30) Toronto Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Toronto.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Toronto.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Toronto.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 31) Montreal Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Montreal.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Montreal.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Montreal.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

style="color: rgb(0, 102, 255);"> style="font-size: 15px;">Chart 32) Halifax Home Price and
Sales Volume Change

class="Apple-style-span" style="line-height: 14px;"> href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Halifax.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt="Canadian Real Estate"
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Halifax.png"
style="border: 0pt none ; margin: 5px; height: auto; line-height: 100%; text-decoration: none; display: inline;"
border="0" height="395" hspace="5" vspace="5"
width="649">
href="http://www.pacificapartners.com/blog/wp-content/uploads/2011/10/Price-Volume-Halifax.png"
target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> style="color: rgb(0, 0, 128);">Click Here style="color: rgb(0, 0, 128);"> to view a larger version of
this chart.

target="_blank"
style="color: rgb(51, 102, 153); font-weight: normal; text-decoration: underline;"> alt=""
src="http://www.pacificapartners.com/blog/wp-content/uploads/2011/09/Surrey-Wealth-Management.png"
style="border: 0pt none ; height: auto; line-height: 100%; text-decoration: none; display: inline;"
align="left" border="0" height="73" width="70">

Pacifica
Partners – Capital Management
Navigating
a Sea of Opportunity

class="Apple-style-span" style="line-height: 14px;">Disclaimer:

This report is for information purposes only and is neither a
solicitation for the purchase of securities nor an offer of securities.
The information contained in this report has been compiled from sources
we believe to be reliable, however, we make no guarantee,
representation or warranty, expressed or implied, as to such
information’s accuracy or completeness. All opinions and estimates
contained in this report, whether or not our own, are based on
assumptions we believe to be reasonable as of the date of the report
and are subject to change without notice. Past performance is not
indicative of future performance. Please
note that, as at the date of this report, our firm may hold positions
in some of the companies mentioned.

Copyright (C) 2011 Pacifica Partners Inc. All rights reserved.