-- Table structure for table `cms_auth`
--

CREATE TABLE `cms_auth` (
  `id` int(11) NOT NULL AUTO_INCREMENT,
  `real_name` varchar(255) NOT NULL DEFAULT '',
  `email` varchar(255) NOT NULL DEFAULT '',
  `username` varchar(255) NOT NULL DEFAULT '',
  `password` varchar(32) NOT NULL DEFAULT '',
  `user_level` int(11) NOT NULL DEFAULT '0',
  `feed_token` varchar(32) DEFAULT NULL,
  `confirmation_token` varchar(32) DEFAULT NULL,
  `status` tinyint(1) NOT NULL DEFAULT '1',
  `cms_created` datetime NOT NULL,
  `cms_modified` datetime NOT NULL,
  `cms_modified_by_user` int(11) NOT NULL DEFAULT '0',
  PRIMARY KEY (`id`),
  UNIQUE KEY `username` (`real_name`)
) ENGINE=InnoDB AUTO_INCREMENT=9 DEFAULT CHARSET=utf8;

--
-- Dumping data for table `cms_auth`
--

INSERT INTO `cms_auth` VALUES (2,'Lena Mitranic','lena@nonfiction.ca','lena','7365454bd0d74f59c1d47fe94b6554c6',3,NULL,NULL,1,'2013-07-24 09:41:17','2013-07-24 09:41:17',0),(4,'Jon Suderman','jon@nonfiction.ca','jon','cbdb7e2b1ed566ceb796af2df07205a3',3,NULL,NULL,1,'2013-07-24 09:41:17','2013-07-24 09:41:17',0),(5,'Andy VanEe','andy@nonfiction.ca','andy','98373f5e1cb214af734b1055d6293a77',3,NULL,NULL,1,'2013-07-24 09:41:17','2013-07-24 09:41:17',0),(8,'Chris','chris@nonfiction.ca','chris','a6b7a20be45c2359497251b8f11fd9c9',3,NULL,NULL,1,'2015-04-16 15:31:07','2015-04-16 15:31:07',5);

--
-- Table structure for table `cms_counters`
--

CREATE TABLE `cms_counters` (
  `id` int(11) NOT NULL AUTO_INCREMENT,
  `object_name` varchar(255) NOT NULL DEFAULT '',
  `object_status` varchar(255) NOT NULL DEFAULT '',
  `object_id` int(11) NOT NULL DEFAULT '0',
  `session_id` varchar(255) NOT NULL DEFAULT '',
  `ip` varchar(20) NOT NULL DEFAULT '',
  `refer` varchar(255) DEFAULT NULL,
  `country` varchar(2) DEFAULT NULL,
  `region` varchar(2) DEFAULT NULL,
  `datetime` datetime NOT NULL,
  PRIMARY KEY (`id`),
  KEY `country` (`country`),
  KEY `datetime` (`datetime`),
  KEY `ip` (`ip`)
) ENGINE=InnoDB DEFAULT CHARSET=utf8;

--
-- Dumping data for table `cms_counters`
--


--
-- Table structure for table `cms_drafts`
--

CREATE TABLE `cms_drafts` (
  `id` int(11) NOT NULL AUTO_INCREMENT,
  `asset` varchar(255) NOT NULL DEFAULT '',
  `asset_id` int(11) NOT NULL DEFAULT '0',
  `version_id` int(11) NOT NULL DEFAULT '0',
  `draft` longtext NOT NULL,
  `cms_created` datetime NOT NULL,
  `cms_modified` datetime NOT NULL,
  `cms_modified_by_user` int(11) NOT NULL DEFAULT '0',
  PRIMARY KEY (`id`),
  KEY `object` (`asset`),
  KEY `object_id` (`asset_id`)
) ENGINE=InnoDB DEFAULT CHARSET=utf8;

--
-- Dumping data for table `cms_drafts`
--


--
-- Table structure for table `cms_nterchange_versions`
--

CREATE TABLE `cms_nterchange_versions` (
  `id` int(11) NOT NULL AUTO_INCREMENT,
  `asset` varchar(255) NOT NULL DEFAULT '',
  `asset_id` int(11) NOT NULL DEFAULT '0',
  `version` longtext NOT NULL,
  `cms_deleted` tinyint(1) NOT NULL DEFAULT '0',
  `cms_created` datetime NOT NULL,
  `cms_modified` datetime NOT NULL,
  `cms_modified_by_user` int(11) NOT NULL DEFAULT '0',
  PRIMARY KEY (`id`),
  KEY `object` (`asset`),
  KEY `object_id` (`asset_id`)
) ENGINE=InnoDB AUTO_INCREMENT=739 DEFAULT CHARSET=utf8;

--
-- Dumping data for table `cms_nterchange_versions`
--

INSERT INTO `cms_nterchange_versions` VALUES (1,'code_caller',3,'a:10:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:4:\"Test\";s:7:\"content\";s:38:\"<p>Hello There</p>\r\n<?= strftime(); ?>\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-06 20:20:48\";s:12:\"cms_modified\";s:19:\"2014-08-06 20:20:48\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-06 20:20:48','2014-08-06 20:20:48',5),(2,'code_caller',3,'a:10:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:4:\"Test\";s:7:\"content\";s:46:\"<p>Hello There</p>\r\n<?= var_dump($_SERVER); ?>\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-06 20:20:48\";s:12:\"cms_modified\";s:19:\"2014-08-06 20:21:19\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-06 20:20:48','2014-08-06 20:21:19',5),(3,'code_caller',3,'a:10:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:4:\"Test\";s:7:\"content\";s:48:\"<p>Hello There</p>\r\n<?php var_dump($_SERVER); ?>\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-06 20:20:48\";s:12:\"cms_modified\";s:19:\"2014-08-06 20:21:36\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-06 20:20:48','2014-08-06 20:21:36',5),(4,'code_caller',3,'a:10:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:4:\"Test\";s:7:\"content\";s:18:\"<p>Hello There</p>\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-06 20:20:48\";s:12:\"cms_modified\";s:19:\"2014-08-06 22:49:52\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-06 20:20:48','2014-08-06 22:49:52',5),(5,'text',1,'a:9:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:391:\"<div title=\"Page 2\">\r\n<div>\r\n<div>\r\n<p>Vine &amp; Hops hosts unique wine and craft beer tours, pairing you with a customized, behind-the-scenes tasting experience</p>\r\n\r\n<p>Explore Vancouver&#39;s backyard and connect to a wide array of sights, smells and tastes from the flourishing local wine and craft beer culture in and around British Columbia. See you soon!</p>\r\n</div>\r\n</div>\r\n</div>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 15:36:54\";s:12:\"cms_modified\";s:19:\"2014-08-11 15:36:54\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 15:36:54','2014-08-11 15:36:54',5),(6,'profile',1,'a:11:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:11:\"Ashley West\";s:5:\"image\";s:0:\"\";s:7:\"content\";s:355:\"<p>Ashley loves wine. If she&#39;s not knee-deep in grapes singing her heart out, then she&#39;s happily pouring wine and educating others about it. Her sincere passion for wine has taken her from fine dining to crushing grapes with steel toed boots in the Okanagan. She approaches wine like she approaches life, &quot;It&#39;s just so much fun!&quot;</p>\";s:5:\"facts\";s:239:\"<p><strong>Favourite Beers</strong> Anything weird. I love sours, brettanomyces, and a super hoppy IPA with a side of bourbon!</p>\r\n\r\n<p><strong>Favourite Wines</strong> This is an unfair question! Pinot noir will always have my heart.</p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 16:27:45\";s:12:\"cms_modified\";s:19:\"2014-08-11 16:27:45\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 16:27:45','2014-08-11 16:27:45',5),(7,'text',8,'a:9:{s:2:\"id\";s:1:\"8\";s:12:\"cms_headline\";s:12:\"Contact Form\";s:7:\"content\";s:104:\"<form action=\"contact\" method=\"POST\">\r\n  <label>Name</label>\r\n  <input type=\"text\" name=\"name\">\r\n</form>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 18:55:46\";s:12:\"cms_modified\";s:19:\"2014-08-11 18:55:46\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 18:55:46','2014-08-11 18:55:46',5),(8,'text',8,'a:9:{s:2:\"id\";s:1:\"8\";s:12:\"cms_headline\";s:12:\"Contact Form\";s:7:\"content\";s:216:\"<form action=\"contact\" method=\"POST\"><label>Name</label> <input name=\"name\" type=\"text\" /><label>Email Address</label><input type=\"email\" name=\"email\"><label>Inquiry</label><textarea name=\"inquiry\"></textarea></form>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 12:55:46\";s:12:\"cms_modified\";s:19:\"2014-08-11 18:57:24\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 12:55:46','2014-08-11 18:57:24',5),(9,'text',8,'a:9:{s:2:\"id\";s:1:\"8\";s:12:\"cms_headline\";s:12:\"Contact Form\";s:7:\"content\";s:231:\"<form class=\"form\" action=\"contact\" method=\"POST\"><label>Name</label> <input name=\"name\" type=\"text\" /><label>Email Address</label><input name=\"email\" type=\"email\" /><label>Inquiry</label><textarea name=\"inquiry\"></textarea></form>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 06:55:46\";s:12:\"cms_modified\";s:19:\"2014-08-11 18:58:56\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 06:55:46','2014-08-11 18:58:56',5),(10,'text',1,'a:9:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:468:\"<div title=\"Page 2\">\r\n<div>\r\n<div>\r\n<p class=\"feature\">Vine &amp; Hops hosts <em><strong>unique</strong></em> wine and craft beer tours, pairing you with a customized, <em><strong>behind-the-scenes</strong></em> tasting experience</p>\r\n\r\n<p>Explore Vancouver&#39;s backyard and connect to a wide array of sights, smells and tastes from the flourishing local wine and craft beer culture in and around British Columbia. <em>See you soon!</em></p>\r\n</div>\r\n</div>\r\n</div>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 09:36:54\";s:12:\"cms_modified\";s:19:\"2014-08-11 15:41:56\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 09:36:54','2014-08-11 15:41:56',1),(11,'text',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:576:\"<p class=\"feature\"><span class=\"green\">Come get a taste Vancouver&#39;s backyard! Whether you want to join us for an amazing day out in the Fraser Valley wine country, or make some new friends from around the world on a brewery tour through the city, we are more than hoppy to be your behind-the-scene guides!</span></p>\r\n\r\n<p>With Vine &amp; Hops you will meet the local producers, taste plenty of craft beer or wine, learn a thing or two, and surprises could be waiting for you around any corner...Trivia and a game of bocce ball anyone? &nbsp;&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 16:17:02\";s:12:\"cms_modified\";s:19:\"2014-08-11 16:17:02\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 16:17:02','2014-08-11 16:17:02',5),(12,'text',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:576:\"<p class=\"feature\"><span class=\"green\">Come get a taste Vancouver&#39;s backyard! Whether you want to join us for an amazing day out in the Fraser Valley wine country, or make some new friends from around the world on a brewery tour through the city, we are more than hoppy to be your behind-the-scene guides!</span></p>\r\n\r\n<p>With Vine &amp; Hops you will meet the local producers, taste plenty of craft beer or wine, learn a thing or two, and surprises could be waiting for you around any corner...Trivia and a game of bocce ball anyone? &nbsp;&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 10:17:02\";s:12:\"cms_modified\";s:19:\"2014-08-13 16:27:32\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 10:17:02','2014-08-13 16:27:32',5),(13,'text',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:576:\"<p class=\"feature\"><span class=\"green\">Come get a taste Vancouver&#39;s backyard! Whether you want to join us for an amazing day out in the Fraser Valley wine country, or make some new friends from around the world on a brewery tour through the city, we are more than hoppy to be your behind-the-scene guides!</span></p>\r\n\r\n<p>With Vine &amp; Hops you will meet the local producers, taste plenty of craft beer or wine, learn a thing or two, and surprises could be waiting for you around any corner...Trivia and a game of bocce ball anyone? &nbsp;&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 04:17:02\";s:12:\"cms_modified\";s:19:\"2014-08-13 16:29:29\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 04:17:02','2014-08-13 16:29:29',5),(14,'text',7,'a:10:{s:2:\"id\";s:1:\"7\";s:12:\"cms_headline\";s:7:\"Contact\";s:7:\"content\";s:504:\"<p><span class=\"green\">If you have inquiries regarding schedules, booking tours or any other concerns, please contact us by phone, email or the form to the right:</span></p>\r\n\r\n<p><span class=\"green\"><strong>email</strong></span>&nbsp;<a href=\"mailto:info@vineandhops.ca\">info@vineandhops.ca</a></p>\r\n\r\n<p><span class=\"green\"><strong>address</strong></span>&nbsp;2426 w5th Ave, Vancouver, BC</p>\r\n\r\n<p><span class=\"green\"><strong>phone</strong></span>&nbsp;604-779-WINE (9463)</p>\r\n\r\n<p>&nbsp;&nbsp;</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 18:45:06\";s:12:\"cms_modified\";s:19:\"2014-08-11 18:45:06\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 18:45:06','2014-08-11 18:45:06',5),(15,'text',8,'a:10:{s:2:\"id\";s:1:\"8\";s:12:\"cms_headline\";s:12:\"Contact Form\";s:7:\"content\";s:300:\"<form action=\"contact\" class=\"form\" method=\"POST\"><label>Name</label> <input name=\"name\" type=\"text\" /><label>Email Address</label><input name=\"email\" type=\"email\" /><label>Inquiry</label><textarea name=\"inquiry\"></textarea>\r\n\r\n<div class=\"text-right\"><button type=\"submit\">Send</button></div></form>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 00:55:46\";s:12:\"cms_modified\";s:19:\"2014-08-11 19:06:51\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 00:55:46','2014-08-11 19:06:51',5),(16,'text',8,'a:10:{s:2:\"id\";s:1:\"8\";s:12:\"cms_headline\";s:12:\"Contact Form\";s:7:\"content\";s:300:\"<form action=\"contact\" class=\"form\" method=\"POST\"><label>Name</label> <input name=\"name\" type=\"text\" /><label>Email Address</label><input name=\"email\" type=\"email\" /><label>Inquiry</label><textarea name=\"inquiry\"></textarea>\r\n<div class=\"text-right\"><button type=\"submit\">Send</button></div>\r\n</form>\";s:11:\"style_class\";s:1:\"2\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 18:55:46\";s:12:\"cms_modified\";s:19:\"2014-08-13 16:55:52\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-10 18:55:46','2014-08-13 16:55:52',5),(17,'profile',2,'a:11:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:13:\"Jayden Grundy\";s:5:\"image\";s:55:\"/upload/profile/2/ce29915b9216/jayden-profile-photo.jpg\";s:7:\"content\";s:488:\"<p>Jayden is passionate about local craft beer. If he&#39;s not travelling around the world on a charity-driven expedition, you can find him making friends, brewing beer or enjoying a fresh pint in one of the many craft breweries in Vancouver. Through numerous philanthropic events he&#39;s organized, Jayden has discovered a talent for producing unforgettable events. He has been in the tourism industry for the past decade and he loves to show people a great time wherever he goes!</p>\";s:5:\"facts\";s:256:\"<p><strong>Favourite Beer</strong> I love most colours of the rainbow, but for this summer; IPA, Sessionals and Saisons are hitting the spot!</p>\r\n\r\n<p><strong>Favourite Wines</strong> Whites all day long&hellip; especially a well balanced Chardonnay.</p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 16:46:18\";s:12:\"cms_modified\";s:19:\"2014-08-11 16:46:18\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 16:46:18','2014-08-11 16:46:18',5),(18,'text',4,'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:5:\"Tours\";s:7:\"content\";s:677:\"<h3>Public Tours</h3>\r\n\r\n<p><strong>3 Hour Brewery Tours</strong><br />\r\nVancouver &nbsp;| &nbsp;Every Friday and Saturday</p>\r\n\r\n<p><strong>6 Hour Wine Tours</strong><br />\r\nFraser Valley &nbsp;| &nbsp;Every Sunday</p>\r\n\r\n<h3>Private Tours</h3>\r\n\r\n<p>Vine &amp; Hops is so excited to create a curated, customized day out for up to 13 people. Just tell us what would make your tasting experience unforgettable and we will make it happen. We offer add-ons to your day.&nbsp;<br />\r\nThink: catered meals with pairings, local musicians, games etc. Bring on the fun!</p>\r\n\r\n<p class=\"feature\">For booking information, please <a href=\"mailto:info@vineandhops.ca\">contact us</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 18:42:10\";s:12:\"cms_modified\";s:19:\"2014-08-11 18:42:10\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 18:42:10','2014-08-11 18:42:10',5),(19,'text',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:408:\"<p class=\"feature\">Vine &amp; Hops hosts <em><strong>unique</strong></em> wine and craft beer tours, pairing you with a customized, <em><strong>behind-the-scenes</strong></em> tasting experience</p>\r\n\r\n<p>Explore Vancouver&#39;s backyard and connect to a wide array of sights, smells and tastes from the flourishing local wine and craft beer culture in and around British Columbia. <em>See you soon!</em></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 03:36:54\";s:12:\"cms_modified\";s:19:\"2014-08-11 19:42:25\";s:20:\"cms_modified_by_user\";s:1:\"4\";}',0,'2014-08-11 03:36:54','2014-08-11 19:42:25',2),(20,'text',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:576:\"<p class=\"feature\"><span class=\"green\">Come get a taste Vancouver&#39;s backyard! Whether you want to join us for an amazing day out in the Fraser Valley wine country, or make some new friends from around the world on a brewery tour through the city, we are more than hoppy to be your behind-the-scene guides!</span></p>\r\n\r\n<p>With Vine &amp; Hops you will meet the local producers, taste plenty of craft beer or wine, learn a thing or two, and surprises could be waiting for you around any corner...Trivia and a game of bocce ball anyone? &nbsp;&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 22:17:02\";s:12:\"cms_modified\";s:19:\"2014-08-13 16:32:34\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-10 22:17:02','2014-08-13 16:32:34',5),(21,'text',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:1610:\"<p>Drumstick cow pancetta strip steak swine.  Andouille sirloin fatback brisket, meatball sausage chuck meatloaf turkey prosciutto tongue.  Brisket ground round shank beef ribs chicken pork chop.  Cow filet mignon biltong ribeye kielbasa ground round pork loin flank tail sirloin chuck swine turducken short ribs corned beef.  Doner salami biltong tail kielbasa boudin short loin bresaola porchetta ground round spare ribs pancetta ham meatball corned beef.</p><p>Tail chuck fatback, filet mignon ham hock doner landjaeger jowl meatloaf t-bone pastrami pig corned beef pork loin jerky.  Bacon brisket shank turkey filet mignon ribeye tail rump andouille shoulder beef ribs sausage.  Ball tip short ribs biltong pig turducken.  Doner chuck drumstick jowl ball tip short ribs filet mignon venison brisket boudin kielbasa shankle pancetta turkey beef.  Cow shoulder pork chop tri-tip biltong turducken ground round prosciutto.  Frankfurter short ribs bresaola meatloaf pancetta, salami tongue flank leberkas tail pastrami beef jowl.</p><p>Brisket pork chop ball tip, drumstick salami strip steak meatball corned beef meatloaf biltong hamburger jowl flank.  Tongue turkey prosciutto ham venison frankfurter.  Pastrami shoulder tri-tip pancetta andouille hamburger landjaeger tail chicken turducken kevin frankfurter drumstick.  Doner short ribs fatback jerky, tongue boudin pig pastrami tail tenderloin strip steak capicola.  Pork turducken shankle turkey fatback pancetta.  Tenderloin tail leberkas turducken andouille jowl prosciutto chicken sirloin.  Tenderloin spare ribs landjaeger short ribs flank shank.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 16:17:02\";s:12:\"cms_modified\";s:19:\"2014-09-10 12:01:30\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-10 16:17:02','2014-09-10 12:01:30',5),(22,'text',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:2240:\"<p>Bacon ipsum dolor sit amet bacon ball tip fatback, pork loin ground round ribeye ham hock landjaeger capicola flank doner frankfurter drumstick cow.  Doner ground round jowl swine tri-tip venison shankle shank jerky chuck pork chop drumstick short loin sausage.  Hamburger pork pig ball tip.  Hamburger meatloaf jowl bresaola tri-tip.  Brisket shoulder hamburger sausage andouille.  Pork venison rump brisket ham hock prosciutto pork loin shoulder beef ribs capicola bresaola cow meatball jowl shank.  T-bone ground round doner beef ribs tail sausage.</p><p>Short ribs pig drumstick, chuck pork belly shoulder strip steak.  Short ribs bacon pork, spare ribs leberkas ham pancetta ham hock short loin.  Ham ribeye short ribs, jerky short loin flank shankle.  Drumstick sausage landjaeger, boudin strip steak ball tip corned beef pork chop capicola chicken short loin beef porchetta.</p><p>Drumstick rump landjaeger t-bone strip steak sirloin, short loin tail.  Landjaeger capicola shoulder sausage, bacon tail kielbasa meatloaf.  Short ribs drumstick flank short loin venison shank beef ribs.  Kevin short ribs tail, spare ribs sausage pancetta sirloin.  Meatloaf capicola corned beef pork belly sausage.</p><p>Boudin brisket bacon beef ribs shank leberkas capicola short ribs fatback pancetta t-bone chicken pork chop.  Shank tri-tip tail, filet mignon ribeye ham hock pastrami doner swine turkey kevin chuck pork chop.  Hamburger short ribs tenderloin ribeye pork chop t-bone doner frankfurter pig.  Shoulder corned beef ribeye, pork chop turducken hamburger tenderloin prosciutto turkey pancetta pork belly t-bone brisket shank.  Brisket venison short loin jowl pig ribeye chuck doner hamburger leberkas swine pork loin ball tip pancetta landjaeger.  Landjaeger tri-tip pork chop, sausage drumstick chicken shoulder swine frankfurter.  Beef sausage shankle fatback kevin, bresaola sirloin tenderloin.</p><p>Landjaeger pig beef doner, short ribs pancetta beef ribs strip steak t-bone pork pork chop ground round.  Drumstick short ribs ribeye, biltong bresaola meatball pork belly pork loin.  Shoulder landjaeger bresaola ham hock turducken ham kielbasa leberkas chicken.  Cow ball tip capicola, meatball pancetta sirloin landjaeger.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 21:36:54\";s:12:\"cms_modified\";s:19:\"2014-09-10 12:00:41\";s:20:\"cms_modified_by_user\";s:1:\"4\";}',0,'2014-08-10 21:36:54','2014-09-10 12:00:41',5),(23,'text',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:950:\"<p>&nbsp;</p>\r\n\r\n<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p>nterchange was originally developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 15:36:54\";s:12:\"cms_modified\";s:19:\"2014-10-06 14:27:39\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-10 15:36:54','2014-10-06 14:27:39',5),(24,'body_image',4,'a:15:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:31:\"tumblr_ne7s39hXyQ1sfie3io1_1280\";s:11:\"small_image\";s:0:\"\";s:11:\"large_image\";s:0:\"\";s:3:\"alt\";s:0:\"\";s:5:\"align\";s:7:\"default\";s:4:\"link\";s:0:\"\";s:6:\"popout\";s:1:\"0\";s:11:\"description\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 13:49:44\";s:12:\"cms_modified\";s:19:\"2014-11-24 13:49:44\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 13:49:44','2014-11-24 13:49:44',5),(25,'body_image',5,'a:15:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:31:\"tumblr_ndlwzgeO771sfie3io1_1280\";s:11:\"small_image\";s:69:\"/upload/body_image/5/4e903de5d022/tumblr_ndlwzgeo771sfie3io1_1280.jpg\";s:11:\"large_image\";s:0:\"\";s:3:\"alt\";s:0:\"\";s:5:\"align\";s:7:\"default\";s:4:\"link\";s:0:\"\";s:6:\"popout\";s:1:\"0\";s:11:\"description\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 13:58:59\";s:12:\"cms_modified\";s:19:\"2014-11-24 13:58:59\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 13:58:59','2014-11-24 13:58:59',5),(26,'text',8,'a:10:{s:2:\"id\";s:1:\"8\";s:12:\"cms_headline\";s:12:\"Contact Form\";s:7:\"content\";s:23:\"<p>{{contact_form}}</p>\";s:11:\"style_class\";s:1:\"2\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 12:55:46\";s:12:\"cms_modified\";s:19:\"2014-08-13 16:59:21\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-10 12:55:46','2014-08-13 16:59:21',5),(27,'news_item',1,'a:12:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:20:\"Announcing a feature\";s:12:\"release_date\";s:19:\"2014-09-10 13:00:00\";s:11:\"description\";s:30:\"<p>This is the description</p>\";s:10:\"link_title\";s:4:\"Test\";s:4:\"link\";s:20:\"http://www.google.ca\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 16:45:49\";s:12:\"cms_modified\";s:19:\"2014-09-10 16:45:49\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-09-10 16:45:49','2014-09-10 16:45:49',5),(28,'news_item',2,'a:12:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:142:\"Today\'s new album releases: Eminem, Beyoncé, Coldplay and more Read more at http://www.nme.com/news/various-artists/81303#rJRcY75OutMYqOec.99\";s:12:\"release_date\";s:19:\"2014-11-19 00:00:00\";s:11:\"description\";s:0:\"\";s:10:\"link_title\";s:142:\"Today\'s new album releases: Eminem, Beyoncé, Coldplay and more Read more at http://www.nme.com/news/various-artists/81303#rJRcY75OutMYqOec.99\";s:4:\"link\";s:45:\"http://www.nme.com/news/various-artists/81303\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 15:17:05\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:17:05\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 15:17:05','2014-11-24 15:17:05',5),(29,'news_item',3,'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 00:00:00\";s:11:\"description\";s:26973:\"<div class=\"news_photo news_thumbs\" style=\"float:left\">\r\n<a href=\"images/news_picupload/pic_sid31724-0-norm.jpg\" rel=\"imageviewer[sid31724]\"><img src=\"images/news_picupload/pic_sid31724-0-thumb2.jpg\" alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \"></a>\r\n</div>\r\n<div class=\"news_hometext\">\r\n<p>\r\n</p>\r\n</div>\r\n<p><strong>OTTAWA, November 24, 2014</strong> — Results from Canada\r\nMortgage and Housing Corporation’s (CMHC) House Price Analysis and\r\nAssessment (HPAA) framework were released today indicating that overall,\r\nhousing markets in Canada remain broadly consistent with underlying\r\ndemographic and economic factors such as employment and interest rates.\r\nNevertheless, a modest amount of overvaluation is observed, meaning that\r\nhouse prices are slightly higher than what the underlying factors would\r\nsuggest. </p>\r\n<p>“CMHC is committed to expanding the availability of information about\r\nCanada’s housing markets. This knowledge will ultimately contribute to a\r\nstronger housing finance system,â€ said Evan Siddall, President and\r\nChief Executive Officer of CMHC. “The HPAA adds to CMHC’s efforts to\r\nidentify, and where appropriate, fill significant data and information\r\ngaps.â€</p>\r\n<p>The HPAA is a comprehensive framework that is designed to assess\r\nhousing market conditions by taking into consideration the economic,\r\nfinancial and demographic drivers of housing markets. The use of\r\nmultiple indicators of housing conditions, which incorporate various\r\ndata sources and prices measures, provides a robust picture of overall\r\nhousing market conditions. The results released today include those for\r\nthe national market as well as 8 Census Metropolitan Areas (CMAs) —\r\nVancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Québec and\r\nHalifax.</p>\r\n<p>“At the national level, other than a modest amount of overvaluation,\r\nwe do not detect the presence of other risk factors such as overheating,\r\nprice acceleration, and overbuilding,â€ said Bob Dugan, CMHC’s Chief\r\nEconomist. “Risk of overvaluation is most evident in Montreal and\r\nQuebec, but the trend is improving. A modest risk of overvaluation is\r\nalso present in Toronto, Calgary and Halifax. Across the 8 CMAs\r\nexamined, there is no overheating or acceleration.â€</p>\r\n<p>“There is however a cautionary note with respect to overbuilding in\r\nToronto and Montreal. The number of units under construction is elevated\r\nin these centres. This could develop into overbuilding if these units\r\nare completed but not sold. To mitigate this risk, builders will need to\r\nhit the appropriate balance in channeling new demand between units that\r\nare currently under construction but not sold and units that are in the\r\nplanning stage,â€ noted Mr. Dugan. </p>\r\n<p>Additional information and results for the 8 CMAs are available in\r\nthe attached backgrounder. As well, the full text of this article is\r\navailable in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now — Canada</em> <em>Edition</em></a>.</p>\r\n<p>This is the first phase of information being released as part of the\r\nHPAA Framework. Additional, market-specific analysis will be released as\r\navailable, with future reporting taking place on a semi-annual basis\r\nstarting in Q1 and Q3 of 2015. Updates will also be available as part of\r\nCMHC’s Housing Market Outlook which will be published in Q2 and Q4 in\r\n2015. </p>\r\n<p>As Canada’s authority on housing, CMHC continually works to increase\r\nthe amount of available data and analysis on the housing market. </p>\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians\r\naccess a variety of high quality, environmentally sustainable and\r\naffordable housing solutions. CMHC also provides reliable, impartial and\r\nup-to-date housing market reports, analysis and knowledge to support\r\nand assist consumers and the housing industry in making informed\r\ndecisions.</p>\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>. </p>\r\n<h2>Backgrounder </h2>\r\n<p>CMHC’s HPAA framework assesses housing market conditions and\r\nconsiders the incidence, intensity and persistence of four main risk\r\nfactors that may provide an early indication of the potential for a\r\nsharp decline in house prices. </p>\r\n<ol>\r\n<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply </li>\r\n<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity </li>\r\n<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity </li>\r\n<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure. </li>\r\n</ol>\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail. </p>\r\n<h2>HPAA Results</h2>\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of\r\novervaluation because a relatively limited number of fundamental\r\neconomic, financial and demographic factors in these centres are at\r\nlevels below those that we estimate as consistent with observed price\r\ngrowth. </p>\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is\r\nthat real personal disposable income has not been increasing as fast as\r\ngrowth in house prices in recent years. However, since early 2014,\r\nincome has increased and population growth in the 25 to 35 year-old\r\ncohort (which is an important source of first-time homebuyers) is\r\ntrending up, which are two developments that are supportive of housing\r\ndemand. In addition, house price growth in Toronto has been moderating\r\nsince late 2013. So far in 2014, Improving employment and demographic\r\nconditions, combined with moderation in price growth, is reflected in a\r\nmoderate risk of overvaluation for this CMA.</p>\r\n<p>Similarly, strong overall population growth in Calgary, including\r\ngrowth of the 25 to 35 year-old cohort, has partly offset the impact of\r\nlittle growth in personal disposable income in recent years. This\r\npositive demographic impact supports a moderate risk of overvaluation\r\nfor Calgary.</p>\r\n<p>Halifax presents a different scenario. Despite essentially flat home\r\nprice growth, a moderate risk of overvaluation is detected due to a\r\ndecrease in the borrowing capacity of households as a result of higher\r\ninflation-adjusted mortgage rates in late 2013. However, the risk of\r\novervaluation has moderated in 2014 as a result of decreases in mortgage\r\nrates combined with stronger growth in the 25 to 35 year-old\r\npopulation.</p>\r\n<p>Montréal and Québec are assessed as having a moderate overall risk.\r\nThis reflects the fact that a relatively large number of economic,\r\nfinancial and demographic factors in these centres are currently at\r\nlevels below those that we estimate as consistent with observed price\r\ngrowth. </p>\r\n<p>In both Montréal and Québec, the risk of overvaluation reflects\r\ndecreasing growth in the 25-to-35 year olds since 2012, as well as the\r\nfact that personal disposable income growth has not kept pace with the\r\ngrowth of house prices in these two centres since the early 2000s. </p>\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these\r\nfundamental demographic and economic drivers of housing demand have not\r\nyet “turned the cornerâ€ in Montréal and Québec, while offsetting\r\npositive developments (in particular, declining mortgage rates in early\r\n2014) have not compensated. Consequently, a relatively high risk of\r\novervaluation is assessed in Montréal and Québec. </p>\r\n<table class=\"DataTable hpaaTable1\"><caption>\r\nTable 1: Overall housing market assessment for Canada’s major centres\r\n</caption>\r\n<thead><tr><th>HPAA Risks Factors</th>\r\n<th colspan=\"2\">Current Overall Assessment</th>\r\n<th class=\"THRotated\"><span>Overheating</span></th>\r\n<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n</tr></thead><tbody><tr><th>National</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — At the national level, modest\r\novervaluation is observed meaning house prices are slightly higher than\r\nlevels consistent with personal disposable income and population growth.\r\nOverheating, acceleration in house prices and overbuilding are not a\r\nconcern at this time.</td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" alt=\"Moderate risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"35\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n</tr><tr><th>Vancouver</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — The level of home prices in Vancouver is\r\nsupported by local growth in personal disposable income and long-term\r\npopulation growth. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n</tr><tr><th>Calgary</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — Overvaluation in Calgary reflects the\r\ncombination of strong growth in house prices and modest gains in\r\npersonal disposable income. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" alt=\"Moderate risk / Increased\" height=\"24\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n</tr><tr><th>Edmonton</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — While price growth in Edmonton has\r\nincreased slightly since 2011, price increases remain in line with\r\ngrowth in the population of first-time homebuyers and growth in personal\r\ndisposable income. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n</tr><tr><th>Toronto</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" alt=\"Moderate risk\" height=\"18\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Moderate Risk</strong> — Overvaluation in Toronto is due to\r\nsteady price growth that has not quite been matched by growth in\r\npersonal disposable income. The level of completed and unabsorbed units\r\nand the rental vacancy rate are both below their respective historical\r\naverages. However, the level of units under construction relative to\r\npopulation is near historical peaks — inventories need to be managed. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" alt=\"Moderate risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"35\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" alt=\"Low risk / Increased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n</tr><tr><th>Ottawa</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — House prices in Ottawa are in line with population growth and growth in personal disposable income. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n</tr><tr><th>Montréal</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" alt=\"Moderate risk\" height=\"18\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Moderate Risk</strong> — In Montreal, overvaluation reflects\r\nslower growth in the pool of first time home buyers since 2012,\r\nimpacting demand, combined with house price growth that has generally\r\nexceeded growth in personal disposable income since 2004. The level of\r\ncompleted and unabsorbed units is close to its average but the level of\r\nunits under construction relative to population is near a historical\r\npeak — inventories need to be managed. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" alt=\"Low risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" alt=\"High risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" alt=\"Low risk / Increased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n</tr><tr><th>Québec</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" alt=\"Moderate risk\" height=\"18\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Moderate Risk</strong> — In Québec, overvaluation reflects\r\nslower growth in the pool of first time home buyers since 2012,\r\nimpacting demand, combined with house price growth that has generally\r\nexceeded growth in personal disposable income since the early 2000s. The\r\nsupply in the new home market relative to population is elevated but\r\nremains within historical norms. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" alt=\"High risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" alt=\"Low risk / Increased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n</tr><tr><th>Halifax</th>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" alt=\"Low risk\" height=\"17\" hspace=\"0\" vspace=\"0\" width=\"17\" border=\"0\"></td>\r\n<td><strong>Low Risk</strong> — In Halifax, despite essentially flat\r\nhome price growth overvaluation is detected due to a decrease in the\r\nborrowing capacity of households due to higher inflation-adjusted\r\nmortgage rates in late 2013. The level of completed and unabsorbed units\r\nrelative to population increased recently but remains below historical\r\npeaks. The risk of overvaluation has moderated in 2014 as a result of\r\ndecreases in mortgage rates combined with stronger growth in the 25 to\r\n35 year-old population. </td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" alt=\"Low risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" alt=\"Low risk / Stable, unchanged\" height=\"26\" hspace=\"0\" vspace=\"0\" width=\"32\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" alt=\"Moderate risk / Decreased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"35\" border=\"0\"></td>\r\n<td class=\"centeredData\"><img src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" alt=\"Low risk / Increased\" height=\"23\" hspace=\"0\" vspace=\"0\" width=\"34\" border=\"0\"></td>\r\n</tr></tbody></table>\r\n<table class=\"DataTable hpaaTable1Legend\"><thead><tr><th colspan=\"2\">Level of risk</th>\r\n<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n</tr></thead><tbody><tr><td style=\"background-color:#92d050;width:20px;\"></td>\r\n<td>Low risk</td>\r\n<td class=\"centeredData\">↔</td>\r\n<td>Stable, unchanged</td>\r\n</tr><tr><td style=\"background-color:#ffff00;width:20px;\"></td>\r\n<td>Moderate risk</td>\r\n<td class=\"centeredData\">↑</td>\r\n<td>Increased</td>\r\n</tr><tr><td style=\"background-color:#e36c0a;width:20px;\"></td>\r\n<td>High risk</td>\r\n<td class=\"centeredData\">↓</td>\r\n<td>Decreased</td>\r\n</tr></tbody></table>\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The\r\nHPAA does not only test for the presence or incidence of signals of\r\npotentially problematic conditions, but also considers the intensity of\r\nsignals (that is, how far the signal is from its historical average) and\r\nthe persistence of signals over time. </p>\r\n<p>Generally, low intensity and persistence are associated with a lower\r\npotential of evolving into a problematic condition. As the number of\r\npersistent signals increases, the associated risk of a problematic\r\ncondition developing increases.</p>\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The\r\nHPAA is regularly updated over time, as new data becomes available. As a\r\nresult, we are able to monitor the direction in which risks are moving\r\nor if they are stable. Also, local market analysts provide insight based\r\non their local market intelligence that can influence the direction of\r\nrisk. </p>\r\n<p>For example, in the chart above, upward pointing green arrows are\r\nused to indicate that the risk has increased since the last evaluation,\r\nbut the risk of problematic conditions arising remains low, nonetheless.\r\nAn arrow that points downward, on the other hand, is used to indicate\r\nthat the risk has lessened since the last evaluation. For example, a\r\ndownward pointing red arrow indicates that risks remain elevated, but\r\nhave nonetheless decreased since the last evaluation. A sideways\r\npointing arrow indicates that the risk has not changed significantly\r\nsince the previous evaluation. </p>\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA. </p>\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for\r\nthose risk factors that have multiple indicators signalling significant\r\nincidence, intensity and persistence of potentially problematic\r\nconditions. As a result, only overvaluation and overbuilding can receive\r\na red rating, since they are assessed using more than one indicator. </p>\r\n<h2>HPAA Risk Factors</h2>\r\n<h3>1. Overheating </h3>\r\n<p>Overheating is a possible early indicator of problematic housing\r\nmarket conditions. Overheating is caused by demand running “too far\r\naheadâ€ of the supply of housing. The sales-to-new listings ratio is used\r\nas an indicator to assess possible overheating conditions in the\r\nexisting home market. To identify problematic overheating conditions,\r\nthe HPAA framework compares the sales-to-new listings ratio to\r\nthresholds. </p>\r\n<h3>2. Acceleration In House Prices</h3>\r\n<p>It is possible that expectations of future house price growth can\r\nattract investors who want to benefit primarily from short-term capital\r\nappreciation in a given housing market, which can then lead to further\r\nacceleration in house prices.</p>\r\n<p>To assess acceleration in real house prices, the HPAA framework\r\nadapts a statistical test that was developed to identify periods of\r\naccelerating asset price growth. It has been found that speculative\r\nactivity, fad-based behaviour or excessive leveraging can cause house\r\nprice growth to accelerate, encouraging additional speculative activity,\r\nfad-based behaviour or excessive leveraging, thus propelling prices\r\nfurther upward in a spiral of increasing price growth. </p>\r\n<p>Acceleration in house prices over a sustained period of time can\r\neventually cause house prices to depart from the level warranted by the\r\nunderlying demographic, economic and financial drivers of housing\r\nactivity, a condition we refer to as overvaluation.</p>\r\n<h3>3. Overvaluation</h3>\r\n<p>In the short term, house prices will generally tend to fluctuate\r\naround levels consistent with the fundamental drivers of housing\r\nactivity, like income and population growth, with alternating periods of\r\nslight and non-problematic overvaluation and undervaluation while\r\nremaining reflective, overall, of evolving market conditions instead of\r\npotentially problematic developments. </p>\r\n<p>However, sustained overheating and acceleration in house prices can\r\nlead to overvaluation in the housing market, wherein price levels may be\r\ndriven by intangibles like speculative activity to levels significantly\r\nabove those that would be consistent with fundamental drivers.\r\nOvervaluation is thus assessed when house prices remain significantly\r\nabove levels warranted by fundamental drivers of demand.</p>\r\n<h3>4. Overbuilding</h3>\r\n<p>To assess the possibility of overbuilding in the housing market, the\r\nHPAA framework uses two indicators: the rental vacancy rate, and the\r\ninventory of completed and unabsorbed housing units per 10,000\r\npopulation. The HPAA framework compares the current level and recent\r\ntrends in these indicators to risk thresholds. </p>\r\n<a></a><p></p>\r\n<table class=\"DataTable hpaaTable2\"><caption>\r\nTable 2: HPAA risk factors and related indicators\r\n</caption>\r\n<thead><tr><th>Risk Factor</th>\r\n<th>Indicator(s)</th>\r\n</tr></thead><tbody><tr><td>Overheating</td>\r\n<td>\r\n<ul>\r\n<li>Multiple Listings Service (MLS®) sales-to-new listings ratio </li>\r\n</ul>\r\n</td>\r\n</tr><tr><td>Acceleration in house prices</td>\r\n<td>\r\n<ul>\r\n<li>MLS® average price </li>\r\n</ul>\r\n</td>\r\n</tr><tr><td>Overvaluation </td>\r\n<td>\r\n<ul>\r\n<li>MLS® average price</li>\r\n<li>Statistics Canada’s New Housing Price Index (NHPI)</li>\r\n<li>Teranet-National Bank House Price Index</li>\r\n</ul>\r\n</td>\r\n</tr><tr><td>Overbuilding</td>\r\n<td>\r\n<ul>\r\n<li>Rental vacancy rate</li>\r\n<li>Inventory of completed and unabsorbed housing units by 10,000 population </li>\r\n</ul>\r\n</td></tr></tbody></table>\r\n<p class=\"news_footer\">\r\n<a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img src=\"images/icons/extrasmall/printer.png\" height=\"16\" width=\"16\" alt=\"[P]\" title=\"Printer-friendly page\"></a>\r\n</p>\";s:10:\"link_title\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 15:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:19:17\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 15:19:17','2014-11-24 15:19:17',5),(30,'news_item',3,'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 00:00:00\";s:11:\"description\";s:27815:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p></p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 08:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:19:50\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 08:19:17','2014-11-24 15:19:50',5),(31,'news_item',1,'a:12:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:74:\"WordPress releases critical security fixes: News tech leaders need to know\";s:12:\"release_date\";s:19:\"2014-09-10 13:00:00\";s:11:\"description\";s:5114:\"<p>The <em>Financial Post </em>rounds up recent news that technology leaders need to know:</p>\r\n\r\n<p><strong>IBM Verse fuses social, cloud, analytics, to revolutionize e-mail</strong></p>\r\n\r\n<p>IBM has announced a social-oriented mail product that acts like a personal assistant. <a href=\"http://www.ibm.com/verse\">IBM Verse</a> uses built-in analytics to provide an &lsquo;at-a-glance&rsquo; view that intelligently surfaces an individual&rsquo;s most critical actions for the day. By learning unique employee preferences and priorities over time, it provides instant context about a given project as well as the people and teams collaborating on it.</p>\r\n\r\n<p>Delivered on the SoftLayer Cloud with enterprise-grade security, IBM Verse gives enterprise customers, small businesses and individuals a scalable, cloud-based social collaboration environment optimized for mobile and Web environments. A beta release of the new offering will be available to select clients and partners in November 2014. A freemium version delivered via the IBM Cloud Marketplace will be available in the first quarter of 2015. IBM Verse will also be offered as an app for both iOS and Android to ensure mobile users have the same experiences on the go as they do on their PCs.</p>\r\n\r\n<p><strong>Critical WordPress security fixes released</strong></p>\r\n\r\n<p>Companies whose blogs rely on WordPress should upgrade immediately if they&rsquo;re running version 3.9.2 or earlier. A critical cross-site scripting vulnerability could allow anonymous users to compromise the site.</p>\r\n\r\n<p><a href=\"https://wordpress.org/news/2014/11/wordpress-4-0-1/\">Version 4.0.1</a> addresses eight security issues that could result in tricking users to change passwords, denial of service attacks, compromised user accounts, and more. It also fixes 23 bugs in version 4.0, and adds other security improvements.</p>\r\n\r\n<div class=\"npBlock npRule npRelated\">\r\n<h4 class=\"npNoRule\">Related</h4>\r\n\r\n<ul class=\"related_links\">\r\n	<li><a href=\"http://business.financialpost.com/2014/11/21/cisco-unveils-new-collaboration-tools-including-project-squared/\">Cisco unveils new collaboration tools, including Project Squared</a></li>\r\n	<li><a href=\"http://business.financialpost.com/2014/11/12/how-sas-is-enhancing-its-visual-and-cloud-analytics-solutions/\">How SAS is enhancing its visual and cloud analytics solutions</a></li>\r\n</ul>\r\n</div>\r\n\r\n<p><strong>Privacy advocates release tool to detect spyware</strong></p>\r\n\r\n<p>Amnesty International, German digital rights group Digitale Gesellschaft, the Electronic Frontier Foundation and Privacy International have partnered to release a tool called <a href=\"https://resistsurveillance.org/\">Detekt</a> that scans computers for traces of known surveillance spyware used by governments to target and monitor human rights defenders and journalists around the world.</p>\r\n\r\n<p>It was developed by security researchers and has been used to assist in Citizen Lab&rsquo;s investigations into government use of spyware against human rights defenders, journalists and activists as well as by security trainers to educate on the nature of targeted surveillance. The tool is free and open source software and is provided as is, without warranties or guarantees of any kind, according to the disclaimer on the site.</p>\r\n\r\n<p><strong>Symantec and HP sign Disaster Recovery as-a-Service agreement for HP Helion OpenStack</strong></p>\r\n\r\n<p>HP Enterprise Services and Symantec have agreed to co-develop a Disaster-Recovery-as-a-Service (DRaaS) offering based on HP&rsquo;s Helion OpenStack. Symantec will provide the DRaaS software solution, and HP the end-to-end service based on the underlying disaster recovery facilities, infrastructure, and operations team. The service will run in an HP Helion OpenStack-based cloud environment and will support replication, recovery and automated failover/failback of client IT in any environment: traditional IT on-premises, managed cloud, private cloud or public cloud.</p>\r\n\r\n<p>The service is expected to launch in late 2015, and will be sold as a monthly subscription.</p>\r\n\r\n<p><strong>Microsoft announces unified Windows store, corporate portals</strong></p>\r\n\r\n<p>As an <a href=\"http://blogs.windows.com/business/2014/11/20/windows-10-a-store-thats-ready-for-business/\">incentive to enterprises</a> that want to filter the apps employees are able to install on their Windows devices, Microsoft has announced that in Windows 10, IT administrators will be able to access a new web-based Store portal specifically for organizations by signing in with an Azure Active Directory identity, and acquire apps in bulk. Apps acquired through that portal can then be assigned to people in the organization, who need only to click on a link to install the apps, providing organizations with a controlled and customizable experience specifically for their members.</p>\r\n\r\n<p>It also announced that, with Windows 10, it is releasing a single Windows Store for all devices, creating a unified experience for Windows tablets, phones, and PCs, and allowing developers to offer universal apps.</p>\";s:10:\"link_title\";s:74:\"WordPress releases critical security fixes: News tech leaders need to know\";s:4:\"link\";s:135:\"http://business.financialpost.com/2014/11/24/wordpress-releases-critical-security-fixes-news-tech-leaders-need-to-know/?__lsa=3b45-b705\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 10:45:49\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:16:13\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-09-10 10:45:49','2014-11-24 15:16:13',5),(32,'news_item',2,'a:12:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:142:\"Today\'s new album releases: Eminem, Beyoncé, Coldplay and more Read more at http://www.nme.com/news/various-artists/81303#rJRcY75OutMYqOec.99\";s:12:\"release_date\";s:19:\"2014-11-19 00:00:00\";s:11:\"description\";s:3636:\"<span itemprop=\"articleBody\"><a href=\"/artists/eminem\" class=\"artistLink\">Eminem</a>,  Beyoncé and <a href=\"/artists/coldplay\" class=\"artistLink\">Coldplay</a> lead this week\'s new releases amid a rash of reissues and special-edition releases. <br>\r\n<br>\r\n\'Shady XV\' is a compilation marking the 15th anniversary of Eminem\'s Shady Records imprint. The album spans two discs and will feature the best of Shady Records\' back catalogue, plus new material from Eminem, Slaughterhouse, Bad Meets Evil, D-12 and Yelawolf. It\'ll also include Eminem\'s \'Guts Over Fear\' collaboration with <a href=\"/artists/sia\" class=\"artistLink\">Sia</a>.<br>\r\n<br>\r\n<img src=\"http://nme.assets.ipccdn.co.uk/images/article/2014Coachella_Solange_Beyonce_Getty484508101140414.jpg\" align=\"right\">Beyoncé, meanwhile, releases a \'Platinum Edition\' of her self-titled 2013 album which includes four previously unreleased remixes from <a href=\"/artists/nicki-minaj\" class=\"artistLink\">Nicki Minaj</a>, Kanye West, Jay Z and <a href=\"/artists/pharrell-williams\" class=\"artistLink\">Pharrell Williams</a> alongside the original CD and DVD. In addition is new material and a live DVD which features performances from Beyoncé\'s \'Mrs Carter World Tour\'. Two new songs, \'The Ring Off\' and \'7/11\' are also included.<br>\r\n<br>\r\n\'Beyoncé\' was originally released on December 13, 2013 as an audio-visual album which was released without prior announcement.<br>\r\n<br>\r\nElsewhere, Coldplay release a DVD and Blu-ray of a specially-recorded concert at which they premiered tracks from 2014 album \'Ghost Stories\'. Filmed by director Paul Dugdale, <i>Ghost Stories Live 2014</i> is described as a \"visual representation\" of the LP. It was recorded in March 2014 in a custom-built amphitheatre at Sony Studios, Los Angeles. <br>\r\n<br>\r\nColdplay frontman Chris Martin said of the show: \"The ‘Ghost Stories’ show at Sony Studios was a very special moment for our band. The magic theatre built by our incredible crew with the 360 [degree] screens was literally a dream come true. And it was the first time anyone outside of our studio had heard the new songs. This film is basically our original vision for the \'Ghost Stories\' album.\"<br>\r\n<br>\r\nThe film also includes a ‘Ghost Stories’ live album recorded at the <a href=\"www.nme.com/news/coldplay/76778\">intimate, international shows</a> they performed between April and July 2014. Eight music videos from the album complete the package. <br>\r\n<br>\r\nThere are also new records from <b>Mary J Blige, Pitbull, Rick Ross, Olly Murs, David Guetta and Idris Elba</b> out today, while Clean Bandit, Diplo, Iggy Azalea and Soundgarden all release repackaged versions of existing albums. <br>\r\n<br>\r\nThis week\'s new album and EP releases:<br>\r\n<br>\r\n<b><br>\r\nBeyoncé – \'Beyoncé\' (Platinum Edition)<br>\r\nClean Bandit – \'New Eyes\' (Special Edition)<br>\r\nColdplay – \'Ghost Stories Live 2014\'<br>\r\nDavid Guetta – \'Listen\'<br>\r\nDeadmau5 – \'5 Years Of Mau5\'<br>\r\nDiplo – F\'10rida\'<br>\r\nEminem – \'Shady XV\'<br>\r\nFrank Turner – \'The Third Three Years\'<br>\r\nIdris Elba – \'Idris Elba Presents Mi Mandela\'<br>\r\nIggy Azalea – \'Reclassified\'<br>\r\nKelis – \'Live In London\'<br>\r\nMary J Blige – \'The London Sessions\'<br>\r\nOlly Murs – \'Never Been Better\'<br>\r\nParamore – \'Paramore\' (Deluxe Edition)<br>\r\nPitbull – \'Globalization\'<br>\r\nRick Ross – \'Hood Billionaire\'<br>\r\nSleaford Mods – \'Chubbed Up\'<br>\r\nSoundgarden – \'Echo Of Miles: Scattered Tracks Across The Path\'<br>\r\nSusan Boyle – \'Hope\'<br>\r\n</b><br>\r\n<br>\r\n<a href=\"http://www.nme.com/reviews\">Find definitive NME album reviews here.</a><br>\r\n	</span>\";s:10:\"link_title\";s:142:\"Today\'s new album releases: Eminem, Beyoncé, Coldplay and more Read more at http://www.nme.com/news/various-artists/81303#rJRcY75OutMYqOec.99\";s:4:\"link\";s:45:\"http://www.nme.com/news/various-artists/81303\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 08:17:05\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:17:55\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 08:17:05','2014-11-24 15:17:55',5),(33,'news_item',2,'a:12:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:142:\"Today\'s new album releases: Eminem, Beyoncé, Coldplay and more Read more at http://www.nme.com/news/various-artists/81303#rJRcY75OutMYqOec.99\";s:12:\"release_date\";s:19:\"2014-11-19 00:00:00\";s:11:\"description\";s:4147:\"<p>&nbsp;</p>\r\n\r\n<p><span itemprop=\"articleBody\"><a class=\"artistLink\" href=\"/artists/eminem\">Eminem</a>, Beyonc&eacute; and <a class=\"artistLink\" href=\"/artists/coldplay\">Coldplay</a> lead this week&#39;s new releases amid a rash of reissues and special-edition releases.<br />\r\n<br />\r\n&#39;Shady XV&#39; is a compilation marking the 15th anniversary of Eminem&#39;s Shady Records imprint. The album spans two discs and will feature the best of Shady Records&#39; back catalogue, plus new material from Eminem, Slaughterhouse, Bad Meets Evil, D-12 and Yelawolf. It&#39;ll also include Eminem&#39;s &#39;Guts Over Fear&#39; collaboration with <a class=\"artistLink\" href=\"/artists/sia\">Sia</a>.<br />\r\n<br />\r\n<img align=\"right\" src=\"http://nme.assets.ipccdn.co.uk/images/article/2014Coachella_Solange_Beyonce_Getty484508101140414.jpg\" />Beyonc&eacute;, meanwhile, releases a &#39;Platinum Edition&#39; of her self-titled 2013 album which includes four previously unreleased remixes from <a class=\"artistLink\" href=\"/artists/nicki-minaj\">Nicki Minaj</a>, Kanye West, Jay Z and <a class=\"artistLink\" href=\"/artists/pharrell-williams\">Pharrell Williams</a> alongside the original CD and DVD. In addition is new material and a live DVD which features performances from Beyonc&eacute;&#39;s &#39;Mrs Carter World Tour&#39;. Two new songs, &#39;The Ring Off&#39; and &#39;7/11&#39; are also included.<br />\r\n<br />\r\n&#39;Beyonc&eacute;&#39; was originally released on December 13, 2013 as an audio-visual album which was released without prior announcement.<br />\r\n<br />\r\nElsewhere, Coldplay release a DVD and Blu-ray of a specially-recorded concert at which they premiered tracks from 2014 album &#39;Ghost Stories&#39;. Filmed by director Paul Dugdale, <i>Ghost Stories Live 2014</i> is described as a &quot;visual representation&quot; of the LP. It was recorded in March 2014 in a custom-built amphitheatre at Sony Studios, Los Angeles.<br />\r\n<br />\r\nColdplay frontman Chris Martin said of the show: &quot;The &lsquo;Ghost Stories&rsquo; show at Sony Studios was a very special moment for our band. The magic theatre built by our incredible crew with the 360 [degree] screens was literally a dream come true. And it was the first time anyone outside of our studio had heard the new songs. This film is basically our original vision for the &#39;Ghost Stories&#39; album.&quot;<br />\r\n<br />\r\nThe film also includes a &lsquo;Ghost Stories&rsquo; live album recorded at the <a href=\"www.nme.com/news/coldplay/76778\">intimate, international shows</a> they performed between April and July 2014. Eight music videos from the album complete the package.<br />\r\n<br />\r\nThere are also new records from <b>Mary J Blige, Pitbull, Rick Ross, Olly Murs, David Guetta and Idris Elba</b> out today, while Clean Bandit, Diplo, Iggy Azalea and Soundgarden all release repackaged versions of existing albums.<br />\r\n<br />\r\nThis week&#39;s new album and EP releases:<br />\r\n<br />\r\n<br />\r\n<b>Beyonc&eacute; &ndash; &#39;Beyonc&eacute;&#39; (Platinum Edition)<br />\r\nClean Bandit &ndash; &#39;New Eyes&#39; (Special Edition)<br />\r\nColdplay &ndash; &#39;Ghost Stories Live 2014&#39;<br />\r\nDavid Guetta &ndash; &#39;Listen&#39;<br />\r\nDeadmau5 &ndash; &#39;5 Years Of Mau5&#39;<br />\r\nDiplo &ndash; F&#39;10rida&#39;<br />\r\nEminem &ndash; &#39;Shady XV&#39;<br />\r\nFrank Turner &ndash; &#39;The Third Three Years&#39;<br />\r\nIdris Elba &ndash; &#39;Idris Elba Presents Mi Mandela&#39;<br />\r\nIggy Azalea &ndash; &#39;Reclassified&#39;<br />\r\nKelis &ndash; &#39;Live In London&#39;<br />\r\nMary J Blige &ndash; &#39;The London Sessions&#39;<br />\r\nOlly Murs &ndash; &#39;Never Been Better&#39;<br />\r\nParamore &ndash; &#39;Paramore&#39; (Deluxe Edition)<br />\r\nPitbull &ndash; &#39;Globalization&#39;<br />\r\nRick Ross &ndash; &#39;Hood Billionaire&#39;<br />\r\nSleaford Mods &ndash; &#39;Chubbed Up&#39;<br />\r\nSoundgarden &ndash; &#39;Echo Of Miles: Scattered Tracks Across The Path&#39;<br />\r\nSusan Boyle &ndash; &#39;Hope&#39;</b><br />\r\n<br />\r\n<br />\r\n<a href=\"http://www.nme.com/reviews\">Find definitive NME album reviews here.</a></span></p>\r\n\r\n<p>&nbsp;</p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:45:\"http://www.nme.com/news/various-artists/81303\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 01:17:05\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:22:38\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 01:17:05','2014-11-24 15:22:38',5),(34,'code_caller',5,'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:12:\"News By Year\";s:7:\"content\";s:37:\"{call controller=news action=by_year}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-11 10:14:00\";s:12:\"cms_modified\";s:19:\"2014-09-11 10:14:00\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-09-11 10:14:00','2014-09-11 10:14:00',5),(35,'code_caller',5,'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:4:\"News\";s:7:\"content\";s:41:\"{call controller=news_item action=latest}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-11 04:14:00\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:36:20\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-09-11 04:14:00','2014-11-24 15:36:20',5),(36,'code_caller',5,'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:4:\"News\";s:7:\"content\";s:54:\"{call controller=news_item action=latest truncate=360}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 22:14:00\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:41:36\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-09-10 22:14:00','2014-11-24 15:41:36',5),(37,'code_caller',5,'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:4:\"News\";s:7:\"content\";s:63:\"{call controller=news_item action=latest truncate=360 count=15}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 16:14:00\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:46:49\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-09-10 16:14:00','2014-11-24 15:46:49',5),(38,'code_caller',5,'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:4:\"News\";s:7:\"content\";s:78:\"<h2>News</h2>\r\n{call controller=news_item action=latest truncate=360 count=15}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 10:14:00\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:59:51\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-09-10 10:14:00','2014-11-24 15:59:51',5),(39,'text',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:933:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p>nterchange was originally developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 09:36:54\";s:12:\"cms_modified\";s:19:\"2014-10-06 14:27:59\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-10 09:36:54','2014-10-06 14:27:59',4),(40,'text',4,'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:5:\"Tours\";s:7:\"content\";s:678:\"<h3>Public Tours</h3>\r\n\r\n<p><strong>3 Hour Brewery Tours</strong><br />\r\nVancouver &nbsp;| &nbsp;Every Friday and Saturday</p>\r\n\r\n<p><strong>6 Hour Wine Tours</strong><br />\r\nFraser Valley &nbsp;| &nbsp;Every Sunday</p>\r\n\r\n<h3>Private Tours</h3>\r\n\r\n<p>Vine &amp; Hops is so excited to create a curated, customized day out for up to 13 people. Just tell us what would make your tasting experience unforgettable and we will make it happen. We offer add-ons to your day.&nbsp;<br />\r\nThink: catered meals with pairings, local musicians, games etc. Bring on the fun!</p>\r\n\r\n<p class=\"feature\">For booking information, please <a href=\"mailto:info@vineandhops.ca\">contact us</a>.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 12:42:10\";s:12:\"cms_modified\";s:19:\"2014-08-14 16:02:02\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 12:42:10','2014-08-14 16:02:02',5),(41,'text',4,'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:5:\"Tours\";s:7:\"content\";s:67:\"<h3>News</h3>\r\n\r\n<p>This is a sample page with dynamic content.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 06:42:10\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:03:18\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 06:42:10','2014-11-24 16:03:18',5),(42,'code_caller',5,'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:4:\"News\";s:7:\"content\";s:78:\"<h1>News</h1>\r\n{call controller=news_item action=latest truncate=360 count=15}\";s:7:\"dynamic\";s:1:\"1\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-09-10 04:14:00\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:00:14\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-09-10 04:14:00','2014-11-24 16:00:14',5),(43,'text',4,'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:12:\"News - Intro\";s:7:\"content\";s:67:\"<h3>News</h3>\r\n\r\n<p>This is a sample page with dynamic content.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-11 00:42:10\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:03:28\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-11 00:42:10','2014-11-24 16:03:28',5),(44,'text',4,'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:12:\"News - Intro\";s:7:\"content\";s:67:\"<h1>News</h1>\r\n\r\n<p>This is a sample page with dynamic content.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 18:42:10\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:03:45\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-10 18:42:10','2014-11-24 16:03:45',5),(45,'text',8,'a:10:{s:2:\"id\";s:1:\"8\";s:12:\"cms_headline\";s:12:\"Contact Form\";s:7:\"content\";s:46:\"<h2>Contact Us</h2>\r\n\r\n<p>{{contact_form}}</p>\";s:11:\"style_class\";s:1:\"2\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 06:55:46\";s:12:\"cms_modified\";s:19:\"2014-11-24 14:20:57\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-10 06:55:46','2014-11-24 14:20:57',5),(46,'text',9,'a:10:{s:2:\"id\";s:1:\"9\";s:12:\"cms_headline\";s:18:\"Contact Us - Intro\";s:7:\"content\";s:115:\"<h1>Contact Us</h1>\r\n\r\n<p>Please fill out the form below to stay up to date on the latest news and information.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 16:14:53\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:14:53\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 16:14:53','2014-11-24 16:14:53',5),(47,'text',9,'a:10:{s:2:\"id\";s:1:\"9\";s:12:\"cms_headline\";s:18:\"Contact Us - Intro\";s:7:\"content\";s:312:\"<h1>Contact Us</h1>\r\n\r\n<p>Please fill out the form below to stay up to date on the latest news and information.</p>\r\n\r\n<p>{{contact_form}}</p>\r\n\r\n<h3>Address</h3>\r\n\r\n<p>1234 Fake Street<br />\r\nCalgary, AB<br />\r\nT1T 1T1</p>\r\n\r\n<p><strong>Phone:</strong> 403.555.1234<br />\r\n<strong>Fax:</strong> 403.555.1234</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 09:14:53\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:20:44\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 09:14:53','2014-11-24 16:20:44',5),(48,'text',9,'a:10:{s:2:\"id\";s:1:\"9\";s:12:\"cms_headline\";s:10:\"Contact Us\";s:7:\"content\";s:312:\"<h1>Contact Us</h1>\r\n\r\n<p>Please fill out the form below to stay up to date on the latest news and information.</p>\r\n\r\n<p>{{contact_form}}</p>\r\n\r\n<h3>Address</h3>\r\n\r\n<p>1234 Fake Street<br />\r\nCalgary, AB<br />\r\nT1T 1T1</p>\r\n\r\n<p><strong>Phone:</strong> 403.555.1234<br />\r\n<strong>Fax:</strong> 403.555.1234</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 02:14:53\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:20:54\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 02:14:53','2014-11-24 16:20:54',5),(49,'text',9,'a:10:{s:2:\"id\";s:1:\"9\";s:12:\"cms_headline\";s:10:\"Contact Us\";s:7:\"content\";s:545:\"<h1>Contact Us</h1>\r\n\r\n<p>Please fill out the form below to stay up to date on the latest news and information.</p>\r\n\r\n<p>{{contact_form}}</p>\r\n\r\n<h3>Head Office</h3>\r\n\r\n<p>1234 Fake Street<br />\r\nCalgary, AB<br />\r\nT1T 1T1</p>\r\n\r\n<p><strong>Phone:</strong> 403.555.1234<br />\r\n<strong>Fax:</strong> 403.555.1234</p>\r\n\r\n<h3>Field Office</h3>\r\n\r\n<p>1234 Fake Street<br />\r\nCalgary, AB<br />\r\nT1T 1T1</p>\r\n\r\n<p><span style=\"font-weight: 600;\">Phone:</span>&nbsp;403.555.1234<br />\r\n<span style=\"font-weight: 600;\">Fax:</span>&nbsp;403.555.1234</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-23 19:14:53\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:21:35\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-23 19:14:53','2014-11-24 16:21:35',5),(50,'text',9,'a:10:{s:2:\"id\";s:1:\"9\";s:12:\"cms_headline\";s:10:\"Contact Us\";s:7:\"content\";s:545:\"<h1>Contact Us</h1>\r\n\r\n<h3>Head Office</h3>\r\n\r\n<p>1234 Fake Street<br />\r\nCalgary, AB<br />\r\nT1T 1T1</p>\r\n\r\n<p><strong>Phone:</strong> 403.555.1234<br />\r\n<strong>Fax:</strong> 403.555.1234</p>\r\n\r\n<h3>Field Office</h3>\r\n\r\n<p>1234 Fake Street<br />\r\nCalgary, AB<br />\r\nT1T 1T1</p>\r\n\r\n<p><span style=\"font-weight: 600;\">Phone:</span>&nbsp;403.555.1234<br />\r\n<span style=\"font-weight: 600;\">Fax:</span>&nbsp;403.555.1234</p>\r\n\r\n<p>Please fill out the form below to stay up to date on the latest news and information.</p>\r\n\r\n<p>{{contact_form}}</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-23 12:14:53\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:22:13\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-23 12:14:53','2014-11-24 16:22:13',5),(51,'text',9,'a:10:{s:2:\"id\";s:1:\"9\";s:12:\"cms_headline\";s:10:\"Contact Us\";s:7:\"content\";s:445:\"<h1>Contact Us</h1>\r\n\r\n<h3>Head Office</h3>\r\n\r\n<p>1234 Fake Street<br />\r\nCalgary, AB<br />\r\nT1T 1T1</p>\r\n\r\n<p><strong>Phone:</strong> 403.555.1234<br />\r\n<strong>Fax:</strong> 403.555.1234</p>\r\n\r\n<h3>Field Office</h3>\r\n\r\n<p>1234 Fake Street<br />\r\nCalgary, AB<br />\r\nT1T 1T1</p>\r\n\r\n<p><span style=\"line-height: 1.375em;\">Please fill out the form below to stay up to date on the latest news and information.</span></p>\r\n\r\n<p>{{contact_form}}</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-23 05:14:53\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:22:41\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-23 05:14:53','2014-11-24 16:22:41',5),(52,'text',10,'a:10:{s:2:\"id\";s:2:\"10\";s:12:\"cms_headline\";s:11:\"Quick Links\";s:7:\"content\";s:174:\"<ul>\r\n	<li><a href=\"https://www.google.ca\">Google</a></li>\r\n	<li><a href=\"http://www.bing.com\">Bing</a></li>\r\n	<li><a href=\"http://en.wikipedia.org\">Wikipedia</a></li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 16:28:05\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:28:05\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 16:28:05','2014-11-24 16:28:05',5),(53,'text',10,'a:10:{s:2:\"id\";s:2:\"10\";s:12:\"cms_headline\";s:11:\"Quick Links\";s:7:\"content\";s:214:\"<ul>\r\n	<li><strong>Quick Links</strong></li>\r\n	<li><a href=\"https://www.google.ca\">Google</a></li>\r\n	<li><a href=\"http://www.bing.com\">Bing</a></li>\r\n	<li><a href=\"http://en.wikipedia.org\">Wikipedia</a></li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 09:28:05\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:28:33\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 09:28:05','2014-11-24 16:28:33',5),(54,'text',10,'a:10:{s:2:\"id\";s:2:\"10\";s:12:\"cms_headline\";s:5:\"Links\";s:7:\"content\";s:208:\"<ul>\r\n	<li><strong>Links</strong></li>\r\n	<li><a href=\"https://www.google.ca\">Google</a></li>\r\n	<li><a href=\"http://www.bing.com\">Bing</a></li>\r\n	<li><a href=\"http://en.wikipedia.org\">Wikipedia</a></li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 02:28:05\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:34:52\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 02:28:05','2014-11-24 16:34:52',5),(55,'bio',3,'a:10:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:13:\"Robert Grundy\";s:5:\"image\";s:0:\"\";s:7:\"content\";s:232:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 16:40:17\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:40:17\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 16:40:17','2014-11-24 16:40:17',5),(56,'bio',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:13:\"Lena Mitranic\";s:5:\"image\";s:0:\"\";s:7:\"content\";s:446:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 16:39:44\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:39:44\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 16:39:44','2014-11-24 16:39:44',5),(57,'bio',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:13:\"Lena Mitranic\";s:5:\"image\";s:36:\"/upload/bio/2/e0ddf2f6fd1d/photo.png\";s:7:\"content\";s:446:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 09:39:44\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:43:48\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 09:39:44','2014-11-24 16:43:48',5),(58,'bio',4,'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:12:\"Jon Suderman\";s:5:\"image\";s:0:\"\";s:7:\"content\";s:232:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 16:40:36\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:40:36\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 16:40:36','2014-11-24 16:40:36',5),(59,'bio',4,'a:10:{s:2:\"id\";s:1:\"4\";s:12:\"cms_headline\";s:12:\"Jon Suderman\";s:5:\"image\";s:36:\"/upload/bio/4/83356ebd54ff/photo.png\";s:7:\"content\";s:232:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 09:40:36\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:44:06\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 09:40:36','2014-11-24 16:44:06',5),(60,'bio',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:10:\"Andy VanEe\";s:5:\"image\";s:0:\"\";s:7:\"content\";s:446:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 16:39:20\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:39:20\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 16:39:20','2014-11-24 16:39:20',5),(61,'bio',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:10:\"Andy VanEe\";s:5:\"image\";s:36:\"/upload/bio/1/9e001e72bef5/photo.png\";s:7:\"content\";s:446:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 09:39:20\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:44:20\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 09:39:20','2014-11-24 16:44:20',5),(62,'bio',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:10:\"Andy VanEe\";s:5:\"image\";s:36:\"/upload/bio/1/bac790e6eac9/photo.png\";s:7:\"content\";s:446:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 02:39:20\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:44:20\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 02:39:20','2014-11-24 16:44:20',5),(63,'bio',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:13:\"Lena Mitranic\";s:5:\"image\";s:36:\"/upload/bio/2/b4462af8eb43/photo.png\";s:7:\"content\";s:446:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 02:39:44\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:43:49\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 02:39:44','2014-11-24 16:43:49',5),(64,'text',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:1624:\"<h2>About Us</h2>\r\n\r\n<p>Drumstick cow pancetta strip steak swine. Andouille sirloin fatback brisket, meatball sausage chuck meatloaf turkey prosciutto tongue. Brisket ground round shank beef ribs chicken pork chop. Cow filet mignon biltong ribeye kielbasa ground round pork loin flank tail sirloin chuck swine turducken short ribs corned beef. Doner salami biltong tail kielbasa boudin short loin bresaola porchetta ground round spare ribs pancetta ham meatball corned beef.</p>\r\n\r\n<p>Tail chuck fatback, filet mignon ham hock doner landjaeger jowl meatloaf t-bone pastrami pig corned beef pork loin jerky. Bacon brisket shank turkey filet mignon ribeye tail rump andouille shoulder beef ribs sausage. Ball tip short ribs biltong pig turducken. Doner chuck drumstick jowl ball tip short ribs filet mignon venison brisket boudin kielbasa shankle pancetta turkey beef. Cow shoulder pork chop tri-tip biltong turducken ground round prosciutto. Frankfurter short ribs bresaola meatloaf pancetta, salami tongue flank leberkas tail pastrami beef jowl.</p>\r\n\r\n<p>Brisket pork chop ball tip, drumstick salami strip steak meatball corned beef meatloaf biltong hamburger jowl flank. Tongue turkey prosciutto ham venison frankfurter. Pastrami shoulder tri-tip pancetta andouille hamburger landjaeger tail chicken turducken kevin frankfurter drumstick. Doner short ribs fatback jerky, tongue boudin pig pastrami tail tenderloin strip steak capicola. Pork turducken shankle turkey fatback pancetta. Tenderloin tail leberkas turducken andouille jowl prosciutto chicken sirloin. Tenderloin spare ribs landjaeger short ribs flank shank.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 10:17:02\";s:12:\"cms_modified\";s:19:\"2014-09-10 12:04:45\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-10 10:17:02','2014-09-10 12:04:45',5),(65,'text',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:284:\"<h2>About Us</h2>\r\n\r\n<p>This page provides a quick demonstration of custom assets. The items below are all &#39;Bio&#39; assets, which consist of a name, thumbnail image, and short description. Many such assets may be developed for a particular site depending on the requirements.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 04:17:02\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:55:36\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-10 04:17:02','2014-11-24 16:55:36',5),(66,'text',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:5:\"About\";s:7:\"content\";s:477:\"<h2>About Us</h2>\r\n\r\n<p>This page provides a quick demonstration of custom assets. The items below are all &#39;Bio&#39; assets, which consist of a name, thumbnail image, and short description. Many such assets may be developed for a particular site depending on the requirements. Just like the built in content types such as text and images, these custom assets can be re-ordered, assigned to multiple pages or added to the header or footer, depending on the requirements.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-09 22:17:02\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:57:55\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-09 22:17:02','2014-11-24 16:57:55',5),(67,'text',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:922:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p>nterchange was developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-10 03:36:54\";s:12:\"cms_modified\";s:19:\"2014-11-24 16:01:20\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2014-08-10 03:36:54','2014-11-24 16:01:20',4),(68,'text',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:1037:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p><img alt=\"\" src=\"http://www.nonfiction.ca/images/logo.png\" style=\"width: 120px; float: left; height: 24px; margin-left: 15px; margin-right: 15px;\" />nterchange was developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-09 21:36:54\";s:12:\"cms_modified\";s:19:\"2014-11-24 17:04:23\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-09 21:36:54','2014-11-24 17:04:23',5),(69,'text',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:1038:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p><img alt=\"\" src=\"http://www.nonfiction.ca/images/logo.png\" style=\"width: 120px; float: right; height: 24px; margin-left: 15px; margin-right: 15px;\" />nterchange was developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-09 15:36:54\";s:12:\"cms_modified\";s:19:\"2014-11-24 17:05:01\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-09 15:36:54','2014-11-24 17:05:01',6),(70,'text',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:1089:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p><a href=\"http://nonfiction.ca\"><img alt=\"\" src=\"http://www.nonfiction.ca/images/logo.png\" style=\"width: 120px; float: right; height: 24px; border-width: 1px; border-style: solid; padding: 10px;\" /></a>nterchange was developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-09 09:36:54\";s:12:\"cms_modified\";s:19:\"2014-11-24 17:06:33\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-09 09:36:54','2014-11-24 17:06:33',5),(71,'text',1,'a:10:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:5:\"Intro\";s:7:\"content\";s:1089:\"<h1>About nterchange</h1>\r\n\r\n<p>nterchange is an open source&nbsp;Content Management System(CMS) designed for ease-of-use and reliability. The official slogan is:</p>\r\n\r\n<p><strong>Content Management that gets out of your way</strong></p>\r\n\r\n<p><a href=\"http://nonfiction.ca\"><img alt=\"\" src=\"http://www.nonfiction.ca/images/logo.png\" style=\"width: 120px; float: right; height: 24px; border-width: 1px; border-style: solid; padding: 15px;\" /></a>nterchange was developed internally at <a href=\"http://nonfiction.ca\">nonfiction studios</a>&nbsp;and remains in active development. Some of the core features are:</p>\r\n\r\n<ul>\r\n	<li>WYSIWYG text editing</li>\r\n	<li>Edit the&nbsp;site structure and navigation with ease</li>\r\n	<li>Timed content allows&nbsp;showing and hiding of any piece of content at scheduled times</li>\r\n	<li>Audit trail and versioning ensures that you can always undo your changes</li>\r\n	<li>Very extensible. Custom content types are easily added to suit&nbsp;your business, whether that be news releases, blog posts, or products for sale, we can make it happen</li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-08-09 03:36:54\";s:12:\"cms_modified\";s:19:\"2014-11-24 17:07:21\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-08-09 03:36:54','2014-11-24 17:07:21',5),(72,'news_item',3,'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 00:00:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-24 01:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-24 15:22:11\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-24 01:19:17','2014-11-24 15:22:11',5),(73,'news_item',3,'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 13:06:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-23 18:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:22:13\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-23 18:19:17','2014-11-25 13:22:13',5),(74,'news_item',3,'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 13:07:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-23 11:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:24:49\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-23 11:19:17','2014-11-25 13:24:49',5),(75,'news_item',3,'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-21 13:08:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-23 04:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:24:56\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-23 04:19:17','2014-11-25 13:24:56',5),(76,'news_item',3,'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-25 15:18:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-22 21:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:27:01\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-22 21:19:17','2014-11-25 13:27:01',5),(77,'news_item',3,'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-25 13:32:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-22 14:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:28:26\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-22 14:19:17','2014-11-25 13:28:26',5),(78,'news_item',3,'a:12:{s:2:\"id\";s:1:\"3\";s:12:\"cms_headline\";s:113:\"HomeView: CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets\";s:12:\"release_date\";s:19:\"2014-11-25 13:25:00\";s:11:\"description\";s:27821:\"<div class=\"news_photo news_thumbs\" style=\"float:left\"><a href=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" rel=\"imageviewer[sid31724]\"><img alt=\"Picture 0 for CMHC Releases Results of Its House Price Analysis and Assessment Framework for Canada and Major Markets \" src=\"http://www.northumberlandview.ca/images/news_picupload/pic_sid31724-0-thumb2.jpg\" /></a></div>\r\n\r\n<div class=\"news_hometext\">\r\n<p>&nbsp;</p>\r\n</div>\r\n\r\n<p><strong>OTTAWA, November 24, 2014</strong> &mdash; Results from Canada Mortgage and Housing Corporation&rsquo;s (CMHC) House Price Analysis and Assessment (HPAA) framework were released today indicating that overall, housing markets in Canada remain broadly consistent with underlying demographic and economic factors such as employment and interest rates. Nevertheless, a modest amount of overvaluation is observed, meaning that house prices are slightly higher than what the underlying factors would suggest.</p>\r\n\r\n<p>&ldquo;CMHC is committed to expanding the availability of information about Canada&rsquo;s housing markets. This knowledge will ultimately contribute to a stronger housing finance system,&rdquo; said Evan Siddall, President and Chief Executive Officer of CMHC. &ldquo;The HPAA adds to CMHC&rsquo;s efforts to identify, and where appropriate, fill significant data and information gaps.&rdquo;</p>\r\n\r\n<p>The HPAA is a comprehensive framework that is designed to assess housing market conditions by taking into consideration the economic, financial and demographic drivers of housing markets. The use of multiple indicators of housing conditions, which incorporate various data sources and prices measures, provides a robust picture of overall housing market conditions. The results released today include those for the national market as well as 8 Census Metropolitan Areas (CMAs) &mdash; Vancouver, Calgary, Edmonton, Toronto, Ottawa, Montreal, Qu&eacute;bec and Halifax.</p>\r\n\r\n<p>&ldquo;At the national level, other than a modest amount of overvaluation, we do not detect the presence of other risk factors such as overheating, price acceleration, and overbuilding,&rdquo; said Bob Dugan, CMHC&rsquo;s Chief Economist. &ldquo;Risk of overvaluation is most evident in Montreal and Quebec, but the trend is improving. A modest risk of overvaluation is also present in Toronto, Calgary and Halifax. Across the 8 CMAs examined, there is no overheating or acceleration.&rdquo;</p>\r\n\r\n<p>&ldquo;There is however a cautionary note with respect to overbuilding in Toronto and Montreal. The number of units under construction is elevated in these centres. This could develop into overbuilding if these units are completed but not sold. To mitigate this risk, builders will need to hit the appropriate balance in channeling new demand between units that are currently under construction but not sold and units that are in the planning stage,&rdquo; noted Mr. Dugan.</p>\r\n\r\n<p>Additional information and results for the 8 CMAs are available in the attached backgrounder. As well, the full text of this article is available in a <a href=\"http://www.cmhc.ca/od/?pid=68239\">special edition of <em>Housing Now &mdash; Canada</em> <em>Edition</em></a>.</p>\r\n\r\n<p>This is the first phase of information being released as part of the HPAA Framework. Additional, market-specific analysis will be released as available, with future reporting taking place on a semi-annual basis starting in Q1 and Q3 of 2015. Updates will also be available as part of CMHC&rsquo;s Housing Market Outlook which will be published in Q2 and Q4 in 2015.</p>\r\n\r\n<p>As Canada&rsquo;s authority on housing, CMHC continually works to increase the amount of available data and analysis on the housing market.</p>\r\n\r\n<p>CMHC draws on more than 65&nbsp;years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.</p>\r\n\r\n<p>Follow CMHC on Twitter <a href=\"http://www.twitter.com/CMHC_ca\">@CMHC_ca</a>.</p>\r\n\r\n<h2>Backgrounder</h2>\r\n\r\n<p>CMHC&rsquo;s HPAA framework assesses housing market conditions and considers the incidence, intensity and persistence of four main risk factors that may provide an early indication of the potential for a sharp decline in house prices.</p>\r\n\r\n<ol>\r\n	<li><strong>Overheating of demand</strong>, wherein housing demand significantly outstrips supply</li>\r\n	<li><strong>Acceleration in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overvaluation in house prices</strong> which could be partially reflective of speculative activity</li>\r\n	<li><strong>Overbuilding of the housing market</strong>, which suggests that supply has responded too strongly to demand pressure.</li>\r\n</ol>\r\n\r\n<p>Each of these risk factors is measured using one or more indicators of housing demand, supply and/or price conditions (<a href=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-11-24-1030.cfm#table2\">see table 2</a>). The following section describes each of these risk factors in greater detail.</p>\r\n\r\n<h2>HPAA Results</h2>\r\n\r\n<p>Toronto, Calgary and Halifax are assessed at a moderate risk of overvaluation because a relatively limited number of fundamental economic, financial and demographic factors in these centres are at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In Toronto, the main cause of a moderate risk of overvaluation is that real personal disposable income has not been increasing as fast as growth in house prices in recent years. However, since early 2014, income has increased and population growth in the 25 to 35 year-old cohort (which is an important source of first-time homebuyers) is trending up, which are two developments that are supportive of housing demand. In addition, house price growth in Toronto has been moderating since late 2013. So far in 2014, Improving employment and demographic conditions, combined with moderation in price growth, is reflected in a moderate risk of overvaluation for this CMA.</p>\r\n\r\n<p>Similarly, strong overall population growth in Calgary, including growth of the 25 to 35 year-old cohort, has partly offset the impact of little growth in personal disposable income in recent years. This positive demographic impact supports a moderate risk of overvaluation for Calgary.</p>\r\n\r\n<p>Halifax presents a different scenario. Despite essentially flat home price growth, a moderate risk of overvaluation is detected due to a decrease in the borrowing capacity of households as a result of higher inflation-adjusted mortgage rates in late 2013. However, the risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</p>\r\n\r\n<p>Montr&eacute;al and Qu&eacute;bec are assessed as having a moderate overall risk. This reflects the fact that a relatively large number of economic, financial and demographic factors in these centres are currently at levels below those that we estimate as consistent with observed price growth.</p>\r\n\r\n<p>In both Montr&eacute;al and Qu&eacute;bec, the risk of overvaluation reflects decreasing growth in the 25-to-35 year olds since 2012, as well as the fact that personal disposable income growth has not kept pace with the growth of house prices in these two centres since the early 2000s.</p>\r\n\r\n<p>Unlike the situation in Toronto, Calgary and Halifax, these fundamental demographic and economic drivers of housing demand have not yet &ldquo;turned the corner&rdquo; in Montr&eacute;al and Qu&eacute;bec, while offsetting positive developments (in particular, declining mortgage rates in early 2014) have not compensated. Consequently, a relatively high risk of overvaluation is assessed in Montr&eacute;al and Qu&eacute;bec.</p>\r\n\r\n<table class=\"DataTable hpaaTable1\">\r\n	<caption>Table 1: Overall housing market assessment for Canada&rsquo;s major centres</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>HPAA Risks Factors</th>\r\n			<th colspan=\"2\">Current Overall Assessment</th>\r\n			<th class=\"THRotated\"><span>Overheating</span></th>\r\n			<th class=\"THRotated\"><span>Acceleration in&nbsp;house prices</span></th>\r\n			<th class=\"THRotated\"><span>Overvaluation</span></th>\r\n			<th class=\"THRotated\"><span>Overbuilding</span></th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<th>National</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; At the national level, modest overvaluation is observed meaning house prices are slightly higher than levels consistent with personal disposable income and population growth. Overheating, acceleration in house prices and overbuilding are not a concern at this time.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Vancouver</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; The level of home prices in Vancouver is supported by local growth in personal disposable income and long-term population growth.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Calgary</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; Overvaluation in Calgary reflects the combination of strong growth in house prices and modest gains in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Increased\" border=\"0\" height=\"24\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image013.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Edmonton</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; While price growth in Edmonton has increased slightly since 2011, price increases remain in line with growth in the population of first-time homebuyers and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Toronto</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; Overvaluation in Toronto is due to steady price growth that has not quite been matched by growth in personal disposable income. The level of completed and unabsorbed units and the rental vacancy rate are both below their respective historical averages. However, the level of units under construction relative to population is near historical peaks &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Ottawa</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; House prices in Ottawa are in line with population growth and growth in personal disposable income.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Montr&eacute;al</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Montreal, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since 2004. The level of completed and unabsorbed units is close to its average but the level of units under construction relative to population is near a historical peak &mdash; inventories need to be managed.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Qu&eacute;bec</th>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk\" border=\"0\" height=\"18\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image029.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Moderate Risk</strong> &mdash; In Qu&eacute;bec, overvaluation reflects slower growth in the pool of first time home buyers since 2012, impacting demand, combined with house price growth that has generally exceeded growth in personal disposable income since the early 2000s. The supply in the new home market relative to population is elevated but remains within historical norms.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"High risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image032.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n		<tr>\r\n			<th>Halifax</th>\r\n			<td class=\"centeredData\"><img alt=\"Low risk\" border=\"0\" height=\"17\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image001.png\" vspace=\"0\" width=\"17\" /></td>\r\n			<td><strong>Low Risk</strong> &mdash; In Halifax, despite essentially flat home price growth overvaluation is detected due to a decrease in the borrowing capacity of households due to higher inflation-adjusted mortgage rates in late 2013. The level of completed and unabsorbed units relative to population increased recently but remains below historical peaks. The risk of overvaluation has moderated in 2014 as a result of decreases in mortgage rates combined with stronger growth in the 25 to 35 year-old population.</td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image030.png\" vspace=\"0\" width=\"34\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Stable, unchanged\" border=\"0\" height=\"26\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image002.png\" vspace=\"0\" width=\"32\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Moderate risk / Decreased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image004.png\" vspace=\"0\" width=\"35\" /></td>\r\n			<td class=\"centeredData\"><img alt=\"Low risk / Increased\" border=\"0\" height=\"23\" hspace=\"0\" src=\"http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/images/image023.png\" vspace=\"0\" width=\"34\" /></td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table class=\"DataTable hpaaTable1Legend\">\r\n	<thead>\r\n		<tr>\r\n			<th colspan=\"2\">Level of risk</th>\r\n			<th colspan=\"2\">Direction of risk from the last assessment</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td style=\"background-color:#92d050;width:20px;\">&nbsp;</td>\r\n			<td>Low risk</td>\r\n			<td class=\"centeredData\">&harr;</td>\r\n			<td>Stable, unchanged</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#ffff00;width:20px;\">&nbsp;</td>\r\n			<td>Moderate risk</td>\r\n			<td class=\"centeredData\">&uarr;</td>\r\n			<td>Increased</td>\r\n		</tr>\r\n		<tr>\r\n			<td style=\"background-color:#e36c0a;width:20px;\">&nbsp;</td>\r\n			<td>High risk</td>\r\n			<td class=\"centeredData\">&darr;</td>\r\n			<td>Decreased</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p><strong>Note 1: Colour codes indicate the level of risk:</strong> The HPAA does not only test for the presence or incidence of signals of potentially problematic conditions, but also considers the intensity of signals (that is, how far the signal is from its historical average) and the persistence of signals over time.</p>\r\n\r\n<p>Generally, low intensity and persistence are associated with a lower potential of evolving into a problematic condition. As the number of persistent signals increases, the associated risk of a problematic condition developing increases.</p>\r\n\r\n<p><strong>Note 2: Arrows indicate the direction of risk since the last assessment: </strong>The HPAA is regularly updated over time, as new data becomes available. As a result, we are able to monitor the direction in which risks are moving or if they are stable. Also, local market analysts provide insight based on their local market intelligence that can influence the direction of risk.</p>\r\n\r\n<p>For example, in the chart above, upward pointing green arrows are used to indicate that the risk has increased since the last evaluation, but the risk of problematic conditions arising remains low, nonetheless. An arrow that points downward, on the other hand, is used to indicate that the risk has lessened since the last evaluation. For example, a downward pointing red arrow indicates that risks remain elevated, but have nonetheless decreased since the last evaluation. A sideways pointing arrow indicates that the risk has not changed significantly since the previous evaluation.</p>\r\n\r\n<p><strong>Note 3</strong>: Results at the CMA level are not segmented by housing type or neighbourhood. They represent an assessment of the entire CMA.</p>\r\n\r\n<p><strong>Note 4</strong>: The colour scale extends to red only for those risk factors that have multiple indicators signalling significant incidence, intensity and persistence of potentially problematic conditions. As a result, only overvaluation and overbuilding can receive a red rating, since they are assessed using more than one indicator.</p>\r\n\r\n<h2>HPAA Risk Factors</h2>\r\n\r\n<h3>1. Overheating</h3>\r\n\r\n<p>Overheating is a possible early indicator of problematic housing market conditions. Overheating is caused by demand running &ldquo;too far ahead&rdquo; of the supply of housing. The sales-to-new listings ratio is used as an indicator to assess possible overheating conditions in the existing home market. To identify problematic overheating conditions, the HPAA framework compares the sales-to-new listings ratio to thresholds.</p>\r\n\r\n<h3>2. Acceleration In House Prices</h3>\r\n\r\n<p>It is possible that expectations of future house price growth can attract investors who want to benefit primarily from short-term capital appreciation in a given housing market, which can then lead to further acceleration in house prices.</p>\r\n\r\n<p>To assess acceleration in real house prices, the HPAA framework adapts a statistical test that was developed to identify periods of accelerating asset price growth. It has been found that speculative activity, fad-based behaviour or excessive leveraging can cause house price growth to accelerate, encouraging additional speculative activity, fad-based behaviour or excessive leveraging, thus propelling prices further upward in a spiral of increasing price growth.</p>\r\n\r\n<p>Acceleration in house prices over a sustained period of time can eventually cause house prices to depart from the level warranted by the underlying demographic, economic and financial drivers of housing activity, a condition we refer to as overvaluation.</p>\r\n\r\n<h3>3. Overvaluation</h3>\r\n\r\n<p>In the short term, house prices will generally tend to fluctuate around levels consistent with the fundamental drivers of housing activity, like income and population growth, with alternating periods of slight and non-problematic overvaluation and undervaluation while remaining reflective, overall, of evolving market conditions instead of potentially problematic developments.</p>\r\n\r\n<p>However, sustained overheating and acceleration in house prices can lead to overvaluation in the housing market, wherein price levels may be driven by intangibles like speculative activity to levels significantly above those that would be consistent with fundamental drivers. Overvaluation is thus assessed when house prices remain significantly above levels warranted by fundamental drivers of demand.</p>\r\n\r\n<h3>4. Overbuilding</h3>\r\n\r\n<p>To assess the possibility of overbuilding in the housing market, the HPAA framework uses two indicators: the rental vacancy rate, and the inventory of completed and unabsorbed housing units per 10,000 population. The HPAA framework compares the current level and recent trends in these indicators to risk thresholds.</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table class=\"DataTable hpaaTable2\">\r\n	<caption>Table 2: HPAA risk factors and related indicators</caption>\r\n	<thead>\r\n		<tr>\r\n			<th>Risk Factor</th>\r\n			<th>Indicator(s)</th>\r\n		</tr>\r\n	</thead>\r\n	<tbody>\r\n		<tr>\r\n			<td>Overheating</td>\r\n			<td>\r\n			<ul>\r\n				<li>Multiple Listings Service (MLS&reg;) sales-to-new listings ratio</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Acceleration in house prices</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overvaluation</td>\r\n			<td>\r\n			<ul>\r\n				<li>MLS&reg; average price</li>\r\n				<li>Statistics Canada&rsquo;s New Housing Price Index (NHPI)</li>\r\n				<li>Teranet-National Bank House Price Index</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Overbuilding</td>\r\n			<td>\r\n			<ul>\r\n				<li>Rental vacancy rate</li>\r\n				<li>Inventory of completed and unabsorbed housing units by 10,000 population</li>\r\n			</ul>\r\n			</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p class=\"news_footer\"><a class=\"news_printlink\" href=\"index.php?module=news&amp;type=user&amp;func=display&amp;sid=31724&amp;theme=Printer\">Print <img alt=\"[P]\" height=\"16\" src=\"images/icons/extrasmall/printer.png\" title=\"Printer-friendly page\" width=\"16\" /></a></p>\";s:10:\"link_title\";s:9:\"Read More\";s:4:\"link\";s:87:\"http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=31724\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2014-11-22 07:19:17\";s:12:\"cms_modified\";s:19:\"2014-11-25 13:24:21\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2014-11-22 07:19:17','2014-11-25 13:24:21',5),(79,'text',14,'a:10:{s:2:\"id\";s:2:\"14\";s:12:\"cms_headline\";s:9:\"Investors\";s:7:\"content\";s:2463:\"<p>Alaris is a Canadian company based in Calgary, Alberta. We provide cash financing to private businesses across North America using an innovative structure which fills a niche in the private capital markets. This niche is: successful businesses in need of capital that are unwilling to compromise the current state of their equity ownership and operational control of the business. Alaris Royalty Corp. trades on the Toronto Stock Exchange under the symbol &ldquo;AD&rdquo;.</p>\r\n\r\n<h2>Our Objective</h2>\r\n\r\n<p>Alaris is dedicated to delivering long-term value to shareholders</p>\r\n\r\n<h2>Our Strategy</h2>\r\n\r\n<p>We provide capital to well-run, profitable private companies in exchange for a monthly cash distribution on our new preferred equity position. These distributions to Alaris are set 12 months in advance and adjusted annually based on the percentage change in a &ldquo;top-line&rdquo; performance</p>\r\n\r\n<p>metric such as net sales, gross profit or same location sales. Alaris creates long-term partnerships with companies that have a proven track record of stability and profitability in varying economic conditions. Our current Private Company Partners (&ldquo;Partners&rdquo;) are mostly individual or family controlled businesses that pursued our capital for growth, generational transfers, partial liquidity, management or private equity partner buyouts, or a combination of the aforementioned.</p>\r\n\r\n<h2>Growth Strategy</h2>\r\n\r\n<p>Our goal is to continue to diversify and increase our revenue streams by adding a select few new partnerships each year in addition to providing follow-on capital to our existing partners. Within our current revenue streams we aim to generate organic growth of 3-5% per year.</p>\r\n\r\n<h2>Our Performance</h2>\r\n\r\n<ul>\r\n	<li>Alaris and its predecessors have contributed over $550 million in equity capital to private businesses since 2004.</li>\r\n	<li>Alaris has paid its shareholders over $100 million in dividends since becoming a public company in 2008.</li>\r\n	<li>Alaris has increased its dividend 8 consecutive times since 2010.</li>\r\n	<li>For the 5 year period ending December 31, 2013, Alaris shares have generated total returns to shareholders of 360%, compared to the total&nbsp;returns of the S&amp;P TSX Composite Index for the same period of 74%.</li>\r\n	<li>2013 was the fifth consecutive year Alaris had double digit returns to shareholders (32% in 2013 vs 13% for the S&amp;P TSX Comp Index)</li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 15:42:42\";s:12:\"cms_modified\";s:19:\"2015-01-07 15:42:42\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-07 15:42:42','2015-01-07 15:42:42',5),(80,'text',14,'a:10:{s:2:\"id\";s:2:\"14\";s:12:\"cms_headline\";s:22:\"Investor Profile Intro\";s:7:\"content\";s:2463:\"<p>Alaris is a Canadian company based in Calgary, Alberta. We provide cash financing to private businesses across North America using an innovative structure which fills a niche in the private capital markets. This niche is: successful businesses in need of capital that are unwilling to compromise the current state of their equity ownership and operational control of the business. Alaris Royalty Corp. trades on the Toronto Stock Exchange under the symbol &ldquo;AD&rdquo;.</p>\r\n\r\n<h2>Our Objective</h2>\r\n\r\n<p>Alaris is dedicated to delivering long-term value to shareholders</p>\r\n\r\n<h2>Our Strategy</h2>\r\n\r\n<p>We provide capital to well-run, profitable private companies in exchange for a monthly cash distribution on our new preferred equity position. These distributions to Alaris are set 12 months in advance and adjusted annually based on the percentage change in a &ldquo;top-line&rdquo; performance</p>\r\n\r\n<p>metric such as net sales, gross profit or same location sales. Alaris creates long-term partnerships with companies that have a proven track record of stability and profitability in varying economic conditions. Our current Private Company Partners (&ldquo;Partners&rdquo;) are mostly individual or family controlled businesses that pursued our capital for growth, generational transfers, partial liquidity, management or private equity partner buyouts, or a combination of the aforementioned.</p>\r\n\r\n<h2>Growth Strategy</h2>\r\n\r\n<p>Our goal is to continue to diversify and increase our revenue streams by adding a select few new partnerships each year in addition to providing follow-on capital to our existing partners. Within our current revenue streams we aim to generate organic growth of 3-5% per year.</p>\r\n\r\n<h2>Our Performance</h2>\r\n\r\n<ul>\r\n	<li>Alaris and its predecessors have contributed over $550 million in equity capital to private businesses since 2004.</li>\r\n	<li>Alaris has paid its shareholders over $100 million in dividends since becoming a public company in 2008.</li>\r\n	<li>Alaris has increased its dividend 8 consecutive times since 2010.</li>\r\n	<li>For the 5 year period ending December 31, 2013, Alaris shares have generated total returns to shareholders of 360%, compared to the total&nbsp;returns of the S&amp;P TSX Composite Index for the same period of 74%.</li>\r\n	<li>2013 was the fifth consecutive year Alaris had double digit returns to shareholders (32% in 2013 vs 13% for the S&amp;P TSX Comp Index)</li>\r\n</ul>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 08:42:42\";s:12:\"cms_modified\";s:19:\"2015-01-07 15:43:52\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-07 08:42:42','2015-01-07 15:43:52',5),(81,'text',14,'a:10:{s:2:\"id\";s:2:\"14\";s:12:\"cms_headline\";s:22:\"Investor Profile Intro\";s:7:\"content\";s:2524:\"<p>Alaris is a Canadian company based in Calgary, Alberta. We provide cash financing to private businesses across North America using an innovative structure which fills a niche in the private capital markets. This niche is: successful businesses in need of capital that are unwilling to compromise the current state of their equity ownership and operational control of the business. Alaris Royalty Corp. trades on the Toronto Stock Exchange under the symbol &ldquo;AD&rdquo;.</p>\r\n\r\n<h2>Our Objective</h2>\r\n\r\n<p>Alaris is dedicated to delivering long-term value to shareholders</p>\r\n\r\n<h2>Our Strategy</h2>\r\n\r\n<p>We provide capital to well-run, profitable private companies in exchange for a monthly cash distribution on our new preferred equity position. These distributions to Alaris are set 12 months in advance and adjusted annually based on the percentage change in a &ldquo;top-line&rdquo; performance</p>\r\n\r\n<p>metric such as net sales, gross profit or same location sales. Alaris creates long-term partnerships with companies that have a proven track record of stability and profitability in varying economic conditions. Our current Private Company Partners (&ldquo;Partners&rdquo;) are mostly individual or family controlled businesses that pursued our capital for growth, generational transfers, partial liquidity, management or private equity partner buyouts, or a combination of the aforementioned.</p>\r\n\r\n<h2>Growth Strategy</h2>\r\n\r\n<p>Our goal is to continue to diversify and increase our revenue streams by adding a select few new partnerships each year in addition to providing follow-on capital to our existing partners. Within our current revenue streams we aim to generate organic growth of 3-5% per year.</p>\r\n\r\n<h2>Our Performance</h2>\r\n\r\n<ul>\r\n	<li>Alaris and its predecessors have contributed over $550 million in equity capital to private businesses since 2004.</li>\r\n	<li>Alaris has paid its shareholders over $100 million in dividends since becoming a public company in 2008.</li>\r\n	<li>Alaris has increased its dividend 8 consecutive times since 2010.</li>\r\n	<li>For the 5 year period ending December 31, 2013, Alaris shares have generated total returns to shareholders of 360%, compared to the total&nbsp;returns of the S&amp;P TSX Composite Index for the same period of 74%.</li>\r\n	<li>2013 was the fifth consecutive year Alaris had double digit returns to shareholders (32% in 2013 vs 13% for the S&amp;P TSX Comp Index)</li>\r\n</ul>\r\n\r\n<p><a href=\"/_page52\">The Optimal Dividend Stream</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 01:42:42\";s:12:\"cms_modified\";s:19:\"2015-01-07 15:47:48\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-07 01:42:42','2015-01-07 15:47:48',5),(82,'text',14,'a:10:{s:2:\"id\";s:2:\"14\";s:12:\"cms_headline\";s:22:\"Investor Profile Intro\";s:7:\"content\";s:2524:\"<p>Alaris is a Canadian company based in Calgary, Alberta. We provide cash financing to private businesses across North America using an innovative structure which fills a niche in the private capital markets. This niche is: successful businesses in need of capital that are unwilling to compromise the current state of their equity ownership and operational control of the business. Alaris Royalty Corp. trades on the Toronto Stock Exchange under the symbol &ldquo;AD&rdquo;.</p>\r\n\r\n<h2>Our Objective</h2>\r\n\r\n<p>Alaris is dedicated to delivering long-term value to shareholders</p>\r\n\r\n<h2>Our Strategy</h2>\r\n\r\n<p>We provide capital to well-run, profitable private companies in exchange for a monthly cash distribution on our new preferred equity position. These distributions to Alaris are set 12 months in advance and adjusted annually based on the percentage change in a &ldquo;top-line&rdquo; performance</p>\r\n\r\n<p>metric such as net sales, gross profit or same location sales. Alaris creates long-term partnerships with companies that have a proven track record of stability and profitability in varying economic conditions. Our current Private Company Partners (&ldquo;Partners&rdquo;) are mostly individual or family controlled businesses that pursued our capital for growth, generational transfers, partial liquidity, management or private equity partner buyouts, or a combination of the aforementioned.</p>\r\n\r\n<h2>Growth Strategy</h2>\r\n\r\n<p>Our goal is to continue to diversify and increase our revenue streams by adding a select few new partnerships each year in addition to providing follow-on capital to our existing partners. Within our current revenue streams we aim to generate organic growth of 3-5% per year.</p>\r\n\r\n<h2>Our Performance</h2>\r\n\r\n<ul>\r\n	<li>Alaris and its predecessors have contributed over $550 million in equity capital to private businesses since 2004.</li>\r\n	<li>Alaris has paid its shareholders over $100 million in dividends since becoming a public company in 2008.</li>\r\n	<li>Alaris has increased its dividend 8 consecutive times since 2010.</li>\r\n	<li>For the 5 year period ending December 31, 2013, Alaris shares have generated total returns to shareholders of 360%, compared to the total&nbsp;returns of the S&amp;P TSX Composite Index for the same period of 74%.</li>\r\n	<li>2013 was the fifth consecutive year Alaris had double digit returns to shareholders (32% in 2013 vs 13% for the S&amp;P TSX Comp Index)</li>\r\n</ul>\r\n\r\n<p><a href=\"/_page52\">The Optimal Dividend Stream</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-06 18:42:42\";s:12:\"cms_modified\";s:19:\"2015-01-07 15:59:58\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-06 18:42:42','2015-01-07 15:59:58',5),(83,'text',14,'a:10:{s:2:\"id\";s:2:\"14\";s:12:\"cms_headline\";s:22:\"Investor Profile Intro\";s:7:\"content\";s:2545:\"<p>Alaris is a Canadian company based in Calgary, Alberta. We provide cash financing to private businesses across North America using an innovative structure which fills a niche in the private capital markets. This niche is: successful businesses in need of capital that are unwilling to compromise the current state of their equity ownership and operational control of the business. Alaris Royalty Corp. trades on the Toronto Stock Exchange under the symbol &ldquo;AD&rdquo;.</p>\r\n\r\n<h2>Our Objective</h2>\r\n\r\n<p>Alaris is dedicated to delivering long-term value to shareholders</p>\r\n\r\n<h2>Our Strategy</h2>\r\n\r\n<p>We provide capital to well-run, profitable private companies in exchange for a monthly cash distribution on our new preferred equity position. These distributions to Alaris are set 12 months in advance and adjusted annually based on the percentage change in a &ldquo;top-line&rdquo; performance</p>\r\n\r\n<p>metric such as net sales, gross profit or same location sales. Alaris creates long-term partnerships with companies that have a proven track record of stability and profitability in varying economic conditions. Our current Private Company Partners (&ldquo;Partners&rdquo;) are mostly individual or family controlled businesses that pursued our capital for growth, generational transfers, partial liquidity, management or private equity partner buyouts, or a combination of the aforementioned.</p>\r\n\r\n<h2>Growth Strategy</h2>\r\n\r\n<p>Our goal is to continue to diversify and increase our revenue streams by adding a select few new partnerships each year in addition to providing follow-on capital to our existing partners. Within our current revenue streams we aim to generate organic growth of 3-5% per year.</p>\r\n\r\n<h2>Our Performance</h2>\r\n\r\n<ul>\r\n	<li>Alaris and its predecessors have contributed over $550 million in equity capital to private businesses since 2004.</li>\r\n	<li>Alaris has paid its shareholders over $100 million in dividends since becoming a public company in 2008.</li>\r\n	<li>Alaris has increased its dividend 8 consecutive times since 2010.</li>\r\n	<li>For the 5 year period ending December 31, 2013, Alaris shares have generated total returns to shareholders of 360%, compared to the total&nbsp;returns of the S&amp;P TSX Composite Index for the same period of 74%.</li>\r\n	<li>2013 was the fifth consecutive year Alaris had double digit returns to shareholders (32% in 2013 vs 13% for the S&amp;P TSX Comp Index)</li>\r\n</ul>\r\n\r\n<p><a class=\"right-button\" href=\"/_page52\">The Optimal Dividend Stream</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-06 11:42:42\";s:12:\"cms_modified\";s:19:\"2015-01-07 16:00:14\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-06 11:42:42','2015-01-07 16:00:14',5),(84,'text',14,'a:10:{s:2:\"id\";s:2:\"14\";s:12:\"cms_headline\";s:22:\"Investor Profile Intro\";s:7:\"content\";s:2554:\"<p>Alaris is a Canadian company based in Calgary, Alberta. We provide cash financing to private businesses across North America using an innovative structure which fills a niche in the private capital markets. This niche is: successful businesses in need of capital that are unwilling to compromise the current state of their equity ownership and operational control of the business. Alaris Royalty Corp. trades on the Toronto Stock Exchange under the symbol &ldquo;AD&rdquo;.</p>\r\n\r\n<h2>Our Objective</h2>\r\n\r\n<p>Alaris is dedicated to delivering long-term value to shareholders</p>\r\n\r\n<h2>Our Strategy</h2>\r\n\r\n<p>We provide capital to well-run, profitable private companies in exchange for a monthly cash distribution on our new preferred equity position. These distributions to Alaris are set 12 months in advance and adjusted annually based on the percentage change in a &ldquo;top-line&rdquo; performance</p>\r\n\r\n<p>metric such as net sales, gross profit or same location sales. Alaris creates long-term partnerships with companies that have a proven track record of stability and profitability in varying economic conditions. Our current Private Company Partners (&ldquo;Partners&rdquo;) are mostly individual or family controlled businesses that pursued our capital for growth, generational transfers, partial liquidity, management or private equity partner buyouts, or a combination of the aforementioned.</p>\r\n\r\n<h2>Growth Strategy</h2>\r\n\r\n<p>Our goal is to continue to diversify and increase our revenue streams by adding a select few new partnerships each year in addition to providing follow-on capital to our existing partners. Within our current revenue streams we aim to generate organic growth of 3-5% per year.</p>\r\n\r\n<h2>Our Performance</h2>\r\n\r\n<ul>\r\n	<li>Alaris and its predecessors have contributed over $550 million in equity capital to private businesses since 2004.</li>\r\n	<li>Alaris has paid its shareholders over $100 million in dividends since becoming a public company in 2008.</li>\r\n	<li>Alaris has increased its dividend 8 consecutive times since 2010.</li>\r\n	<li>For the 5 year period ending December 31, 2013, Alaris shares have generated total returns to shareholders of 360%, compared to the total&nbsp;returns of the S&amp;P TSX Composite Index for the same period of 74%.</li>\r\n	<li>2013 was the fifth consecutive year Alaris had double digit returns to shareholders (32% in 2013 vs 13% for the S&amp;P TSX Comp Index)</li>\r\n</ul>\r\n\r\n<p class=\"text-right\">Read More: <a href=\"/_page52\">The Optimal Dividend Stream</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-06 04:42:42\";s:12:\"cms_modified\";s:19:\"2015-01-07 16:01:54\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-06 04:42:42','2015-01-07 16:01:54',5),(85,'text',15,'a:10:{s:2:\"id\";s:2:\"15\";s:12:\"cms_headline\";s:13:\"Our Structure\";s:7:\"content\";s:2051:\"<p>Alaris forms &ldquo;partnerships&rdquo; with private companies whose owners want to maintain control of their business (day-to-day operations, corporate culture, and long term objectives), without the added risk of high leverage. We participate in the business of our Private Company Partners through non-control equity ownership.</p>\r\n\r\n<h2>How is Non-Control Equity Possible?</h2>\r\n\r\n<p>Non-control equity is possible when an equity partner does not rely on a future exit to generate their returns; and, additionally, if those returns are not directly tied to the company&rsquo;s bottom line results.</p>\r\n\r\n<p>Alaris&rsquo; unique investment structure calls for returns in the form of equity dividend distributions (a &ldquo;distribution&rdquo;) that are reset based on a company&rsquo;s top line results. This allows us to partner with the best management teams in their respective industries and provide true long term financing without refinancing risk; while allowing entrepreneurs the opportunity to maintain control and long term objectives.</p>\r\n\r\n<h2>Use of Proceeds</h2>\r\n\r\n<p>The Alaris structure is designed for entrepreneurs who wish to raise capital for partial liquidity, generational transfer, recapitalization, management buyout, or for growth.</p>\r\n\r\n<h2>Distributions</h2>\r\n\r\n<p>Alaris provides cash financing to Partners at an agreed upon valuation, in exchange for a predetermined distribution. Our distribution is:</p>\r\n\r\n<ul>\r\n	<li>Received monthly.</li>\r\n	<li>Determined 12 months in advance</li>\r\n	<li>Based on a mutually agreed upon top-line, audited performance metric such as gross revenues or same store sales.</li>\r\n	<li>Annually adjusted based on the percentage change in the audited performance metric</li>\r\n	<li>Typically restricted by a collar that allows entrepreneurs to retain the majority of future growth.</li>\r\n	<li>Limited to organic growth.</li>\r\n	<li>Made before applicable taxes to provide structural efficiency.</li>\r\n</ul>\r\n\r\n<p class=\"text-right\">Read More: <a href=\"/_page34\">Our Difference</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 16:15:28\";s:12:\"cms_modified\";s:19:\"2015-01-07 16:15:28\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-07 16:15:28','2015-01-07 16:15:28',5),(86,'bio',5,'a:10:{s:2:\"id\";s:1:\"5\";s:12:\"cms_headline\";s:10:\"Sample Bio\";s:5:\"image\";s:35:\"/upload/bio/5/d70b329d8298/face.png\";s:7:\"content\";s:232:\"Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 16:19:04\";s:12:\"cms_modified\";s:19:\"2015-01-07 16:19:04\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-07 16:19:04','2015-01-07 16:19:04',5),(87,'text',13,'a:10:{s:2:\"id\";s:2:\"13\";s:12:\"cms_headline\";s:12:\"About Alaris\";s:7:\"content\";s:1605:\"<p>Alaris was conceived out of the need for an equity provider to service a niche in the capital market; namely steady growth companies with an entrepreneurial management team, incentivized to grow and maintain control of their business.</p>\r\n\r\n<h2>Inception</h2>\r\n\r\n<p>Over twelve years of raising capital for private business owners, Steve King, President and CEO of Alaris, witnessed the challenges entrepreneurs faced trying to maintain control of their business as they exchanged equity ownership for growth financing. In 2003, Steve and Stephen Reid, Alaris Senior Vice-President Business Development, approached Clay Riddell, one of Canada&rsquo;s great businessmen, with an idea for a financing alternative that offered entrepreneurs the opportunity to maintain control, whilst having an equity partner that would share in the business risk of the company. In that same year, the Alaris business model was conceived and established as an alternative financing company in Calgary, Alberta. We welcomed our first partner, LifeMark Health, the following year in 2004.</p>\r\n\r\n<h2>The Ideal Financing Structure</h2>\r\n\r\n<p>The Alaris structure is unique and often rouses disbelief and a &ldquo;too good to be true&rdquo; perception by potential partner companies; we have a &ldquo;win-win&rdquo; mentality when it comes to forming partnerships and our structure reflects that. Our mutually beneficial approach to equity financing has allowed us to partner with some of the best- in-class private companies within North America, with management teams unwilling to compromise on ownership and control.</p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 15:39:03\";s:12:\"cms_modified\";s:19:\"2015-01-07 15:39:03\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-07 15:39:03','2015-01-07 15:39:03',5),(88,'text',13,'a:10:{s:2:\"id\";s:2:\"13\";s:12:\"cms_headline\";s:12:\"About Alaris\";s:7:\"content\";s:1677:\"<p>Alaris was conceived out of the need for an equity provider to service a niche in the capital market; namely steady growth companies with an entrepreneurial management team, incentivized to grow and maintain control of their business.</p>\r\n\r\n<h2>Inception</h2>\r\n\r\n<p>Over twelve years of raising capital for private business owners, Steve King, President and CEO of Alaris, witnessed the challenges entrepreneurs faced trying to maintain control of their business as they exchanged equity ownership for growth financing. In 2003, Steve and Stephen Reid, Alaris Senior Vice-President Business Development, approached Clay Riddell, one of Canada&rsquo;s great businessmen, with an idea for a financing alternative that offered entrepreneurs the opportunity to maintain control, whilst having an equity partner that would share in the business risk of the company. In that same year, the Alaris business model was conceived and established as an alternative financing company in Calgary, Alberta. We welcomed our first partner, LifeMark Health, the following year in 2004.</p>\r\n\r\n<h2>The Ideal Financing Structure</h2>\r\n\r\n<p>The Alaris structure is unique and often rouses disbelief and a &ldquo;too good to be true&rdquo; perception by potential partner companies; we have a &ldquo;win-win&rdquo; mentality when it comes to forming partnerships and our structure reflects that. Our mutually beneficial approach to equity financing has allowed us to partner with some of the best- in-class private companies within North America, with management teams unwilling to compromise on ownership and control.</p>\r\n\r\n<p class=\"text-right\">Read More: <a href=\"/_page19\">Our Team</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 08:39:03\";s:12:\"cms_modified\";s:19:\"2015-01-07 16:31:21\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-07 08:39:03','2015-01-07 16:31:21',5),(89,'text',14,'a:10:{s:2:\"id\";s:2:\"14\";s:12:\"cms_headline\";s:22:\"Investor Profile Intro\";s:7:\"content\";s:2562:\"<p>Alaris is a Canadian company based in Calgary, Alberta. We provide cash financing to private businesses across North America using an innovative structure which fills a niche in the private capital markets. This niche is: successful businesses in need of capital that are unwilling to compromise the current state of their equity ownership and operational control of the business. Alaris Royalty Corp. trades on the Toronto Stock Exchange under the symbol &ldquo;AD&rdquo;.</p>\r\n\r\n<h2>Our Objective</h2>\r\n\r\n<p>Alaris is dedicated to delivering long-term value to shareholders</p>\r\n\r\n<h2>Our Strategy</h2>\r\n\r\n<p>We provide capital to well-run, profitable private companies in exchange for a monthly cash distribution on our new preferred equity position. These distributions to Alaris are set 12 months in advance and adjusted annually based on the percentage change in a &ldquo;top-line&rdquo; performance</p>\r\n\r\n<p>metric such as net sales, gross profit or same location sales. Alaris creates long-term partnerships with companies that have a proven track record of stability and profitability in varying economic conditions. Our current Private Company Partners (&ldquo;Partners&rdquo;) are mostly individual or family controlled businesses that pursued our capital for growth, generational transfers, partial liquidity, management or private equity partner buyouts, or a combination of the aforementioned.</p>\r\n\r\n<h2>Growth Strategy</h2>\r\n\r\n<p>Our goal is to continue to diversify and increase our revenue streams by adding a select few new partnerships each year in addition to providing follow-on capital to our existing partners. Within our current revenue streams we aim to generate organic growth of 3-5% per year.</p>\r\n\r\n<h2>Our Performance</h2>\r\n\r\n<ul>\r\n	<li>Alaris and its predecessors have contributed over $550 million in equity capital to private businesses since 2004.</li>\r\n	<li>Alaris has paid its shareholders over $100 million in dividends since becoming a public company in 2008.</li>\r\n	<li>Alaris has increased its dividend 8 consecutive times since 2010.</li>\r\n	<li>For the 5 year period ending December 31, 2013, Alaris shares have generated total returns to shareholders of 360%, compared to the total&nbsp;returns of the S&amp;P TSX Composite Index for the same period of 74%.</li>\r\n	<li>2013 was the fifth consecutive year Alaris had double digit returns to shareholders (32% in 2013 vs 13% for the S&amp;P TSX Comp Index)</li>\r\n</ul>\r\n\r\n<hr />\r\n<p class=\"text-right\">Read More: <a href=\"/_page52\">The Optimal Dividend Stream</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-05 21:42:42\";s:12:\"cms_modified\";s:19:\"2015-01-07 16:07:40\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-05 21:42:42','2015-01-07 16:07:40',5),(90,'text',13,'a:10:{s:2:\"id\";s:2:\"13\";s:12:\"cms_headline\";s:12:\"About Alaris\";s:7:\"content\";s:1685:\"<p>Alaris was conceived out of the need for an equity provider to service a niche in the capital market; namely steady growth companies with an entrepreneurial management team, incentivized to grow and maintain control of their business.</p>\r\n\r\n<h2>Inception</h2>\r\n\r\n<p>Over twelve years of raising capital for private business owners, Steve King, President and CEO of Alaris, witnessed the challenges entrepreneurs faced trying to maintain control of their business as they exchanged equity ownership for growth financing. In 2003, Steve and Stephen Reid, Alaris Senior Vice-President Business Development, approached Clay Riddell, one of Canada&rsquo;s great businessmen, with an idea for a financing alternative that offered entrepreneurs the opportunity to maintain control, whilst having an equity partner that would share in the business risk of the company. In that same year, the Alaris business model was conceived and established as an alternative financing company in Calgary, Alberta. We welcomed our first partner, LifeMark Health, the following year in 2004.</p>\r\n\r\n<h2>The Ideal Financing Structure</h2>\r\n\r\n<p>The Alaris structure is unique and often rouses disbelief and a &ldquo;too good to be true&rdquo; perception by potential partner companies; we have a &ldquo;win-win&rdquo; mentality when it comes to forming partnerships and our structure reflects that. Our mutually beneficial approach to equity financing has allowed us to partner with some of the best- in-class private companies within North America, with management teams unwilling to compromise on ownership and control.</p>\r\n\r\n<hr />\r\n<p class=\"text-right\">Read More: <a href=\"/_page19\">Our Team</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 01:39:03\";s:12:\"cms_modified\";s:19:\"2015-01-07 16:34:35\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-07 01:39:03','2015-01-07 16:34:35',5),(91,'text',15,'a:10:{s:2:\"id\";s:2:\"15\";s:12:\"cms_headline\";s:13:\"Our Structure\";s:7:\"content\";s:2059:\"<p>Alaris forms &ldquo;partnerships&rdquo; with private companies whose owners want to maintain control of their business (day-to-day operations, corporate culture, and long term objectives), without the added risk of high leverage. We participate in the business of our Private Company Partners through non-control equity ownership.</p>\r\n\r\n<h2>How is Non-Control Equity Possible?</h2>\r\n\r\n<p>Non-control equity is possible when an equity partner does not rely on a future exit to generate their returns; and, additionally, if those returns are not directly tied to the company&rsquo;s bottom line results.</p>\r\n\r\n<p>Alaris&rsquo; unique investment structure calls for returns in the form of equity dividend distributions (a &ldquo;distribution&rdquo;) that are reset based on a company&rsquo;s top line results. This allows us to partner with the best management teams in their respective industries and provide true long term financing without refinancing risk; while allowing entrepreneurs the opportunity to maintain control and long term objectives.</p>\r\n\r\n<h2>Use of Proceeds</h2>\r\n\r\n<p>The Alaris structure is designed for entrepreneurs who wish to raise capital for partial liquidity, generational transfer, recapitalization, management buyout, or for growth.</p>\r\n\r\n<h2>Distributions</h2>\r\n\r\n<p>Alaris provides cash financing to Partners at an agreed upon valuation, in exchange for a predetermined distribution. Our distribution is:</p>\r\n\r\n<ul>\r\n	<li>Received monthly.</li>\r\n	<li>Determined 12 months in advance</li>\r\n	<li>Based on a mutually agreed upon top-line, audited performance metric such as gross revenues or same store sales.</li>\r\n	<li>Annually adjusted based on the percentage change in the audited performance metric</li>\r\n	<li>Typically restricted by a collar that allows entrepreneurs to retain the majority of future growth.</li>\r\n	<li>Limited to organic growth.</li>\r\n	<li>Made before applicable taxes to provide structural efficiency.</li>\r\n</ul>\r\n\r\n<hr />\r\n<p class=\"text-right\">Read More: <a href=\"/_page34\">Our Difference</a></p>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 09:15:28\";s:12:\"cms_modified\";s:19:\"2015-01-07 16:16:16\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-07 09:15:28','2015-01-07 16:16:16',5),(92,'banner',2,'a:10:{s:2:\"id\";s:1:\"2\";s:12:\"cms_headline\";s:7:\"Agility\";s:5:\"image\";s:56:\"/upload/banner/2/4d1f39aa4a4a/agility--homepage_edit.jpg\";s:7:\"content\";s:21:\"<p>Agility Health</p>\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 17:05:38\";s:12:\"cms_modified\";s:19:\"2015-01-07 17:05:38\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',1,'2015-01-07 17:05:38','2015-01-07 17:05:38',5),(93,'text',17,'a:10:{s:2:\"id\";s:2:\"17\";s:12:\"cms_headline\";s:25:\"Stock Information - Intro\";s:7:\"content\";s:1183:\"<div title=\"Page 1\">\r\n<div>\r\n<div>\r\n<div>\r\n<p>Alaris has traded on the Toronto Stock Exchange since November 18, 2008 under the symbol &ldquo;AD&rdquo;.&nbsp;</p>\r\n\r\n<table style=\"width: 100%;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Exchange Listing</td>\r\n			<td>TSX: AD</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Common shares outstanding</td>\r\n			<td>31.9 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Stock options an restricted shares outstanding</td>\r\n			<td>4.4 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td><strong>Common shares controlled by officers and directors</strong></td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Basic</td>\r\n			<td>2%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Fully Diluted</td>\r\n			<td>11%</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table>\r\n	<tbody>\r\n		<tr>\r\n			<td>Last</td>\r\n			<td>$33.13</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Change</td>\r\n			<td>$0.10 (+1%)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Open</td>\r\n			<td>$32.90</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Previous Close</td>\r\n			<td>$32.80</td>\r\n		</tr>\r\n		<tr>\r\n			<td>52 week high/low</td>\r\n			<td>$37.50/$24.50</td>\r\n		</tr>\r\n		<tr>\r\n			<td>30 day average volume</td>\r\n			<td>100,000</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p>&nbsp;</p>\r\n</div>\r\n</div>\r\n</div>\r\n</div>\";s:11:\"style_class\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 11:39:57\";s:12:\"cms_modified\";s:19:\"2015-01-08 11:39:57\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-08 11:39:57','2015-01-08 11:39:57',5),(94,'code_caller',6,'a:10:{s:2:\"id\";s:1:\"6\";s:12:\"cms_headline\";s:20:\"Financial Years Tabs\";s:7:\"content\";s:155:\"<div class=\"tab-strip\" data-tabs=\"#financials-tabs\">\r\n  <a href=\"#financials-2014\">2014</a>\r\n</div>\r\n\r\n<div id=\"financials-tabs\" class=\"tab-content\"></div>\";s:7:\"dynamic\";s:1:\"0\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 12:09:42\";s:12:\"cms_modified\";s:19:\"2015-01-08 12:09:42\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-08 12:09:42','2015-01-08 12:09:42',5),(95,'text',18,'a:10:{s:2:\"id\";s:2:\"18\";s:12:\"cms_headline\";s:12:\"2013 Filings\";s:7:\"content\";s:605:\"<h3>Annual Disclosure Documents:</h3>\r\n\r\n<p><a href=\"/upload/media_element/attachments/0/2013.pdf\">2013 Annual Information Form</a><br />\r\n<a href=\"/upload/media_element/attachments/1/2013_Annual Report_FINAL.pdf\">2013 Annual Report</a></p>\r\n\r\n<h3>Financial Reports:</h3>\r\n\r\n<p>2013 Year End Financials<br />\r\n2013 Third Quarter Financials<br />\r\n2013 Second Quarter Financials<br />\r\n2013 First Quarter Financials</p>\r\n\r\n<h3>Management Discussion and Analysis:</h3>\r\n\r\n<p>2013 Year End MD&amp;A<br />\r\n2013 Third Quarter MD&amp;A<br />\r\n2013 Second Quarter MD&amp;A<br />\r\n2013 First Quarter MD&amp;A</p>\";s:7:\"html_id\";s:15:\"financials-2010\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 12:15:40\";s:12:\"cms_modified\";s:19:\"2015-01-08 12:15:40\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-08 12:15:40','2015-01-08 12:15:40',5),(96,'text',18,'a:10:{s:2:\"id\";s:2:\"18\";s:12:\"cms_headline\";s:12:\"2013 Filings\";s:7:\"content\";s:1113:\"<h3>Annual Disclosure Documents:</h3>\r\n\r\n<p><a href=\"/upload/media_element/attachments/0/2013.pdf\">2013 Annual Information Form</a><br />\r\n<a href=\"/upload/media_element/attachments/1/2013_Annual Report_FINAL.pdf\">2013 Annual Report</a></p>\r\n\r\n<h3>Financial Reports:</h3>\r\n\r\n<p><a href=\"/upload/media_element/attachments/2/2013 Year End.pdf\">2013 Year End Financials</a><br />\r\n<a href=\"/upload/media_element/attachments/3/2013 Q3.pdf\">2013 Third Quarter Financials</a><br />\r\n<a href=\"/upload/media_element/attachments/4/2013 Q2.pdf\">2013 Second Quarter Financials</a><br />\r\n<a href=\"/upload/media_element/attachments/5/2013 Q1.pdf\">2013 First Quarter Financials</a></p>\r\n\r\n<h3>Management Discussion and Analysis:</h3>\r\n\r\n<p><a href=\"/upload/media_element/attachments/6/2013 Year End.pdf\">2013 Year End MD&amp;A</a><br />\r\n<a href=\"/upload/media_element/attachments/7/2013 Q3.pdf\">2013 Third Quarter MD&amp;A</a><br />\r\n<a href=\"/upload/media_element/attachments/8/2013 Q2.pdf\">2013 Second Quarter MD&amp;A</a><br />\r\n<a href=\"/upload/media_element/attachments/9/2013 Q1.pdf\">2013 First Quarter MD&amp;A</a></p>\";s:7:\"html_id\";s:15:\"financials-2013\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 05:15:40\";s:12:\"cms_modified\";s:19:\"2015-01-08 12:18:21\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-08 05:15:40','2015-01-08 12:18:21',5),(97,'text',15,'a:10:{s:2:\"id\";s:2:\"15\";s:12:\"cms_headline\";s:13:\"Our Structure\";s:7:\"content\";s:2094:\"<p>Alaris forms &ldquo;partnerships&rdquo; with private companies whose owners want to maintain control of their business (day-to-day operations, corporate culture, and long term objectives), without the added risk of high leverage. We participate in the business of our Private Company Partners through non-control equity ownership.</p>\r\n\r\n<h2>How is Non-Control Equity Possible?</h2>\r\n\r\n<p>Non-control equity is possible when an equity partner does not rely on a future exit to generate their returns; and, additionally, if those returns are not directly tied to the company&rsquo;s bottom line results.</p>\r\n\r\n<p>Alaris&rsquo; unique investment structure calls for returns in the form of equity dividend distributions (a &ldquo;distribution&rdquo;) that are reset based on a company&rsquo;s top line results. This allows us to partner with the best management teams in their respective industries and provide true long term financing without refinancing risk; while allowing entrepreneurs the opportunity to maintain control and long term objectives.</p>\r\n\r\n<h2>Use of Proceeds</h2>\r\n\r\n<p>The Alaris structure is designed for entrepreneurs who wish to raise capital for partial liquidity, generational transfer, recapitalization, management buyout, or for growth.</p>\r\n\r\n<h2>Distributions</h2>\r\n\r\n<p>Alaris provides cash financing to Partners at an agreed upon valuation, in exchange for a predetermined distribution. Our distribution is:</p>\r\n\r\n<ul>\r\n	<li>Received monthly.</li>\r\n	<li>Determined 12 months in advance</li>\r\n	<li>Based on a mutually agreed upon top-line, audited performance metric such as gross revenues or same store sales.</li>\r\n	<li>Annually adjusted based on the percentage change in the audited performance metric</li>\r\n	<li>Typically restricted by a collar that allows entrepreneurs to retain the majority of future growth.</li>\r\n	<li>Limited to organic growth.</li>\r\n	<li>Made before applicable taxes to provide structural efficiency.</li>\r\n</ul>\r\n\r\n<hr />\r\n<p class=\"text-right\"><span style=\"text-align: right;\">Next</span>: <a href=\"/_page34\">Our Difference</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 02:15:28\";s:12:\"cms_modified\";s:19:\"2015-01-07 16:39:46\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-07 02:15:28','2015-01-07 16:39:46',2),(98,'text',25,'a:10:{s:2:\"id\";s:2:\"25\";s:12:\"cms_headline\";s:14:\"Our Difference\";s:7:\"content\";s:1876:\"<p>Debt&rsquo;s requirement of principal repayment diverts capital out of your company that could otherwise be used to expedite growth and accomplish management&rsquo;s objectives.</p>\r\n\r\n<h2>Alaris vs. Debt</h2>\r\n\r\n<p>As an equity provider, Alaris does not require principal repayment. What we do require is an equity dividend distribution (a &ldquo;distribution&rdquo;), set in advance, and based on a mutually agreed upon performance metric. The remaining free cash flow of the company is readily available to you, the entrepreneur to fuel growth, provide liquidity, or further corporate initiatives.</p>\r\n\r\n<p>Debt payments are fixed and are not sensitive to the potential economic fluctuations of a business.</p>\r\n\r\n<p>Alaris&rsquo; distribution fluctuates up or down based on the results of your business. Our distribution is set in advance and based on a mutually agreed upon performance metric; which is a &ldquo;top line&rdquo; audited financial measure such as same store sales, gross revenue, or gross profit. We call ourselves a &ldquo;partner&rdquo; for a reason. We correlate our distribution with the economics of your business to minimize risk, to the benefit of you and your business.</p>\r\n\r\n<p>Debt often includes restrictive covenants that can influence a company&rsquo;s ability to grow, place restrictions on the use of proceeds, as well as limit the amount of proceeds available to a company.</p>\r\n\r\n<p>Alaris is a long-term partner. We utilize consent rights and protective covenants to protect our interest but not to limit our Private Company Partners&rsquo; growth. We are motivated to grow with you and your business. Alaris has now closed 18 &ldquo;follow-on&rdquo; contributions with our Private Company Partners in order to fund growth and to provide liquidity.</p>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page35\">Our Philosophy</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 13:52:12\";s:12:\"cms_modified\";s:19:\"2015-01-08 13:52:12\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 13:52:12','2015-01-08 13:52:12',2),(99,'text',25,'a:10:{s:2:\"id\";s:2:\"25\";s:12:\"cms_headline\";s:14:\"Our Difference\";s:7:\"content\";s:3431:\"<h2>Alaris vs. Debt</h2>\r\n\r\n<p>Debt&rsquo;s requirement of principal repayment diverts capital out of your company that could otherwise be used to expedite growth and accomplish management&rsquo;s objectives.</p>\r\n\r\n<p>As an equity provider, Alaris does not require principal repayment. What we do require is an equity dividend distribution (a &ldquo;distribution&rdquo;), set in advance, and based on a mutually agreed upon performance metric. The remaining free cash flow of the company is readily available to you, the entrepreneur to fuel growth, provide liquidity, or further corporate initiatives.</p>\r\n\r\n<p>Debt payments are fixed and are not sensitive to the potential economic fluctuations of a business.</p>\r\n\r\n<p>Alaris&rsquo; distribution fluctuates up or down based on the results of your business. Our distribution is set in advance and based on a mutually agreed upon performance metric; which is a &ldquo;top line&rdquo; audited financial measure such as same store sales, gross revenue, or gross profit. We call ourselves a &ldquo;partner&rdquo; for a reason. We correlate our distribution with the economics of your business to minimize risk, to the benefit of you and your business.</p>\r\n\r\n<p>Debt often includes restrictive covenants that can influence a company&rsquo;s ability to grow, place restrictions on the use of proceeds, as well as limit the amount of proceeds available to a company.</p>\r\n\r\n<p>Alaris is a long-term partner. We utilize consent rights and protective covenants to protect our interest but not to limit our Private Company Partners&rsquo; growth. We are motivated to grow with you and your business. Alaris has now closed 18 &ldquo;follow-on&rdquo; contributions with our Private Company Partners in order to fund growth and to provide liquidity.</p>\r\n\r\n<h2>Alaris vs Equity</h2>\r\n\r\n<h3>Why Not Use Traditional Private Equity?&nbsp;</h3>\r\n\r\n<p>Private equity generates returns by selling the acquired interest in a company at a future date.&nbsp; This is often accomplished through the outright sale of the business.&nbsp;</p>\r\n\r\n<p>If you own a business that is not &ldquo;for sale&rdquo;, chances are that maintaining control of your business is non-negotiable.&nbsp; For this reason alone, private equity can be a challenging option.&nbsp; With Alaris, a future sale of the company will be solely driven by your goals. We are a unique financing option; we cannot, and do not wish to, force an exit under the normal course of business. We are not required to return capital to our shareholders at any point.&nbsp; The objective of this differentiator is to facilitate better strategic decisions and support your long-term view of the business.</p>\r\n\r\n<p>It can be quite costly to give up a meaningful equity stake in your company and share your business success with a third party.</p>\r\n\r\n<p>Alaris limits participation in your company&rsquo;s success and growth. Growth from acquisitions and new locations remains entirely with you. Our equity dividend distributions can be capped on both the downside and upside in order to protect you from potential or unexpected business fluctuations and also to limit our participation in your company&rsquo;s growth.&nbsp; The result - remarkable economics for you and your business that traditional equity providers have an extremely difficult time matching.</p>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page35\">Our Philosophy</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 06:52:12\";s:12:\"cms_modified\";s:19:\"2015-01-08 13:55:23\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 06:52:12','2015-01-08 13:55:23',2),(100,'text',25,'a:10:{s:2:\"id\";s:2:\"25\";s:12:\"cms_headline\";s:14:\"Our Difference\";s:7:\"content\";s:3461:\"<h2>Alaris vs. Debt</h2>\r\n\r\n<h3>Why Not Use Debt?</h3>\r\n\r\n<p>Debt&rsquo;s requirement of principal repayment diverts capital out of your company that could otherwise be used to expedite growth and accomplish management&rsquo;s objectives.</p>\r\n\r\n<p>As an equity provider, Alaris does not require principal repayment. What we do require is an equity dividend distribution (a &ldquo;distribution&rdquo;), set in advance, and based on a mutually agreed upon performance metric. The remaining free cash flow of the company is readily available to you, the entrepreneur to fuel growth, provide liquidity, or further corporate initiatives.</p>\r\n\r\n<p>Debt payments are fixed and are not sensitive to the potential economic fluctuations of a business.</p>\r\n\r\n<p>Alaris&rsquo; distribution fluctuates up or down based on the results of your business. Our distribution is set in advance and based on a mutually agreed upon performance metric; which is a &ldquo;top line&rdquo; audited financial measure such as same store sales, gross revenue, or gross profit. We call ourselves a &ldquo;partner&rdquo; for a reason. We correlate our distribution with the economics of your business to minimize risk, to the benefit of you and your business.</p>\r\n\r\n<p>Debt often includes restrictive covenants that can influence a company&rsquo;s ability to grow, place restrictions on the use of proceeds, as well as limit the amount of proceeds available to a company.</p>\r\n\r\n<p>Alaris is a long-term partner. We utilize consent rights and protective covenants to protect our interest but not to limit our Private Company Partners&rsquo; growth. We are motivated to grow with you and your business. Alaris has now closed 18 &ldquo;follow-on&rdquo; contributions with our Private Company Partners in order to fund growth and to provide liquidity.</p>\r\n\r\n<h2>Alaris vs Equity</h2>\r\n\r\n<h3>Why Not Use Traditional Private Equity?&nbsp;</h3>\r\n\r\n<p>Private equity generates returns by selling the acquired interest in a company at a future date.&nbsp; This is often accomplished through the outright sale of the business.&nbsp;</p>\r\n\r\n<p>If you own a business that is not &ldquo;for sale&rdquo;, chances are that maintaining control of your business is non-negotiable.&nbsp; For this reason alone, private equity can be a challenging option.&nbsp; With Alaris, a future sale of the company will be solely driven by your goals. We are a unique financing option; we cannot, and do not wish to, force an exit under the normal course of business. We are not required to return capital to our shareholders at any point.&nbsp; The objective of this differentiator is to facilitate better strategic decisions and support your long-term view of the business.</p>\r\n\r\n<p>It can be quite costly to give up a meaningful equity stake in your company and share your business success with a third party.</p>\r\n\r\n<p>Alaris limits participation in your company&rsquo;s success and growth. Growth from acquisitions and new locations remains entirely with you. Our equity dividend distributions can be capped on both the downside and upside in order to protect you from potential or unexpected business fluctuations and also to limit our participation in your company&rsquo;s growth.&nbsp; The result - remarkable economics for you and your business that traditional equity providers have an extremely difficult time matching.</p>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page35\">Our Philosophy</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 23:52:12\";s:12:\"cms_modified\";s:19:\"2015-01-08 13:56:54\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-07 23:52:12','2015-01-08 13:56:54',2),(101,'text',26,'a:10:{s:2:\"id\";s:2:\"26\";s:12:\"cms_headline\";s:14:\"Our Philosophy\";s:7:\"content\";s:1767:\"<h2>We believe that the best companies are never for sale</h2>\r\n\r\n<p>A company driven solely by the goals of an entrepreneur offers a partner with a long term view and a strategic decision making process. Entrepreneurs know the potential of their company intimately and are motivated to grow. For this reason, and to maintain incentive, we limit our participation in our partner&rsquo;s operations and growth.</p>\r\n\r\n<h2>We invest in strong management teams</h2>\r\n\r\n<p>Our partners have an average of 20 plus years of experience managing their respective businesses.&nbsp; At Alaris, we offer an alternative financing option that limits ownership dilution because we know that our partners are the experts when it comes to running their businesses.</p>\r\n\r\n<h2>We are non-control equity</h2>\r\n\r\n<p>All of our partners have profit as an agenda, but only as part of the overall picture. Our partners value their employees and existing corporate culture. We believe that this is an important part of any business. At Alaris, we have the ability to choose who we partner with and we value the relationships we have with our partners. With traditional private equity ownership, decisions are made with the intention of preparing a company for sale, often without regard for the existing corporate culture, employees, or long term success.&nbsp;&nbsp;</p>\r\n\r\n<h2>We form win-win long-term partnerships</h2>\r\n\r\n<p>At Alaris, we pride ourselves on providing a pragmatic source of financing.&nbsp; There is nothing contractual that makes our partners seek Alaris for their additional financing needs, yet we have closed 18 additional contributions subsequent to our initial partnership formations.</p>\r\n\r\n<hr />\r\n<p>Next: <a href=\"/_page36\">The Alaris Capital Advantage</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 14:02:39\";s:12:\"cms_modified\";s:19:\"2015-01-08 14:02:39\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 14:02:39','2015-01-08 14:02:39',2),(102,'text',27,'a:10:{s:2:\"id\";s:2:\"27\";s:12:\"cms_headline\";s:28:\"The Alaris Capital Advantage\";s:7:\"content\";s:4043:\"<h2>Illustrative Transaction Analysis of an Alaris Partnership with Company XYZ ($000&rsquo;s)</h2>\r\n\r\n<h3>Key Assumptions:</h3>\r\n\r\n<ul>\r\n	<li>$50 million contribution on December 31, 2013 in exchange for a first year distribution from Company XYZ of $7.5 million.</li>\r\n	<li>The annual distribution to Alaris will reset at the end of 2014 based on the performance of Company XYZ&rsquo;s revenue in 2014 vs 2013.</li>\r\n	<li>There is a 6% +/- collar on Company XYZ&rsquo;s distribution to Alaris.</li>\r\n</ul>\r\n\r\n<table align=\"center\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Summary Pro Forma Income Statement</td>\r\n			<td>2013A</td>\r\n			<td>2014E</td>\r\n			<td>2015E</td>\r\n			<td>2016E</td>\r\n			<td>2017E</td>\r\n			<td>2018E</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Revenue</td>\r\n			<td>$100,000</td>\r\n			<td>$115,000</td>\r\n			<td>$138,000</td>\r\n			<td>$132,480</td>\r\n			<td>$137,779</td>\r\n			<td>$158,446</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% change</td>\r\n			<td>&nbsp;</td>\r\n			<td>15.0%</td>\r\n			<td>20.0%</td>\r\n			<td>-4.00%</td>\r\n			<td>4.0%</td>\r\n			<td>15.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>EBITDA</td>\r\n			<td>30,000</td>\r\n			<td>34,500</td>\r\n			<td>41,400</td>\r\n			<td>39,744</td>\r\n			<td>41,334</td>\r\n			<td>47,534</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Alaris Distribution</td>\r\n			<td>NA</td>\r\n			<td>7,500</td>\r\n			<td>7,950</td>\r\n			<td>8,427</td>\r\n			<td>8,090</td>\r\n			<td>8,413</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% change in Alaris Distribution (collar of +/- 6%)</td>\r\n			<td>&nbsp;</td>\r\n			<td>NA</td>\r\n			<td>6.0%</td>\r\n			<td>6.0%</td>\r\n			<td>-4.0%</td>\r\n			<td>4.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Cash Flow - Post Alaris Distribution</td>\r\n			<td>$30,000</td>\r\n			<td>$27,000</td>\r\n			<td>$33,450</td>\r\n			<td>$31,317</td>\r\n			<td>$33,244</td>\r\n			<td>$39,120</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% of economic interest retained by founders/management</td>\r\n			<td>100%</td>\r\n			<td>78%</td>\r\n			<td>81%</td>\r\n			<td>79%</td>\r\n			<td>80%</td>\r\n			<td>82%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% of common shares held by founders/management</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<h2>Our economic participation in any of our Partnerships is:</h2>\r\n\r\n<h3>Limited by a Collar</h3>\r\n\r\n<p>The collar on the distribution limits Alaris&rsquo; participation in the growth of Company XYZ to 6% in 2015E instead of the 15% increase the company realized in its revenue for the 2014E vs 2013A periods.&nbsp; Similarly, because Alaris participates in both the up and downside performance of the business, a 4% decline in revenue in 2016E vs 2015E results in a 4% reduction of the Alaris distribution for 2017E.</p>\r\n\r\n<h3>Limited to Organic Growth</h3>\r\n\r\n<p>The Alaris distribution is limited to changes based on the % change in organic top-line performance. If Company XYZ was to make an acquisition, the gross revenue from that acquisition would not be included until it can be considered an &ldquo;organic&rdquo; part of the business.</p>\r\n\r\n<h3>Limited in the Long Term</h3>\r\n\r\n<p>If Company XYZ expects to realize growth over a 5 year period, the company will maintain a higher economic interest in the business under the Alaris structure than could be maintained with a traditional equity provider due to Alaris&rsquo; limited participation in growth. The percentage of economic interest retained by the Company XYZ increases from 78% in 2014E to 82% in 2018E.</p>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page37\">Partner Criteria</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 14:18:25\";s:12:\"cms_modified\";s:19:\"2015-01-08 14:18:25\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 14:18:25','2015-01-08 14:18:25',2),(103,'text',27,'a:10:{s:2:\"id\";s:2:\"27\";s:12:\"cms_headline\";s:28:\"The Alaris Capital Advantage\";s:7:\"content\";s:3886:\"<h2>Illustrative Transaction Analysis of an Alaris Partnership with Company XYZ ($000&rsquo;s)</h2>\r\n\r\n<h3>Key Assumptions:</h3>\r\n\r\n<ul>\r\n	<li>$50 million contribution on December 31, 2013 in exchange for a first year distribution from Company XYZ of $7.5 million.</li>\r\n	<li>The annual distribution to Alaris will reset at the end of 2014 based on the performance of Company XYZ&rsquo;s revenue in 2014 vs 2013.</li>\r\n	<li>There is a 6% +/- collar on Company XYZ&rsquo;s distribution to Alaris.</li>\r\n</ul>\r\n\r\n<table align=\"center\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Summary Pro Forma Income Statement</td>\r\n			<td>2013A</td>\r\n			<td>2014E</td>\r\n			<td>2015E</td>\r\n			<td>2016E</td>\r\n			<td>2017E</td>\r\n			<td>2018E</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Revenue</td>\r\n			<td>$100,000</td>\r\n			<td>$115,000</td>\r\n			<td>$138,000</td>\r\n			<td>$132,480</td>\r\n			<td>$137,779</td>\r\n			<td>$158,446</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% change</td>\r\n			<td>&nbsp;</td>\r\n			<td>15.0%</td>\r\n			<td>20.0%</td>\r\n			<td>-4.00%</td>\r\n			<td>4.0%</td>\r\n			<td>15.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>EBITDA</td>\r\n			<td>30,000</td>\r\n			<td>34,500</td>\r\n			<td>41,400</td>\r\n			<td>39,744</td>\r\n			<td>41,334</td>\r\n			<td>47,534</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Alaris Distribution</td>\r\n			<td>NA</td>\r\n			<td>7,500</td>\r\n			<td>7,950</td>\r\n			<td>8,427</td>\r\n			<td>8,090</td>\r\n			<td>8,413</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% change in Alaris Distribution (collar of +/- 6%)</td>\r\n			<td>&nbsp;</td>\r\n			<td>NA</td>\r\n			<td>6.0%</td>\r\n			<td>6.0%</td>\r\n			<td>-4.0%</td>\r\n			<td>4.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Cash Flow - Post Alaris Distribution</td>\r\n			<td>$30,000</td>\r\n			<td>$27,000</td>\r\n			<td>$33,450</td>\r\n			<td>$31,317</td>\r\n			<td>$33,244</td>\r\n			<td>$39,120</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% of economic interest retained by founders/management</td>\r\n			<td>100%</td>\r\n			<td>78%</td>\r\n			<td>81%</td>\r\n			<td>79%</td>\r\n			<td>80%</td>\r\n			<td>82%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% of common shares held by founders/management</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<h3>Our economic participation in any of our Partnerships is:</h3>\r\n\r\n<h4>Limited by a Collar</h4>\r\n\r\n<p>The collar on the distribution limits Alaris&rsquo; participation in the growth of Company XYZ to 6% in 2015E instead of the 15% increase the company realized in its revenue for the 2014E vs 2013A periods.&nbsp; Similarly, because Alaris participates in both the up and downside performance of the business, a 4% decline in revenue in 2016E vs 2015E results in a 4% reduction of the Alaris distribution for 2017E.</p>\r\n\r\n<h4>Limited to Organic Growth</h4>\r\n\r\n<p>The Alaris distribution is limited to changes based on the % change in organic top-line performance. If Company XYZ was to make an acquisition, the gross revenue from that acquisition would not be included until it can be considered an &ldquo;organic&rdquo; part of the business.</p>\r\n\r\n<h4>Limited in the Long Term</h4>\r\n\r\n<p>If Company XYZ expects to realize growth over a 5 year period, the company will maintain a higher economic interest in the business under the Alaris structure than could be maintained with a traditional equity provider due to Alaris&rsquo; limited participation in growth. The percentage of economic interest retained by the Company XYZ increases from 78% in 2014E to 82% in 2018E.</p>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page37\">Partner Criteria</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 07:18:25\";s:12:\"cms_modified\";s:19:\"2015-01-08 14:21:05\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 07:18:25','2015-01-08 14:21:05',2),(104,'text',27,'a:10:{s:2:\"id\";s:2:\"27\";s:12:\"cms_headline\";s:28:\"The Alaris Capital Advantage\";s:7:\"content\";s:3905:\"<h2>Illustrative Transaction Analysis of an Alaris Partnership with Company XYZ ($000&rsquo;s)</h2>\r\n\r\n<h3>Key Assumptions:</h3>\r\n\r\n<ul>\r\n	<li>$50 million contribution on December 31, 2013 in exchange for a first year distribution from Company XYZ of $7.5 million.</li>\r\n	<li>The annual distribution to Alaris will reset at the end of 2014 based on the performance of Company XYZ&rsquo;s revenue in 2014 vs 2013.</li>\r\n	<li>There is a 6% +/- collar on Company XYZ&rsquo;s distribution to Alaris.</li>\r\n</ul>\r\n\r\n<table align=\"center\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Summary Pro Forma Income Statement</td>\r\n			<td>2013A</td>\r\n			<td>2014E</td>\r\n			<td>2015E</td>\r\n			<td>2016E</td>\r\n			<td>2017E</td>\r\n			<td>2018E</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Revenue</td>\r\n			<td>$100,000</td>\r\n			<td>$115,000</td>\r\n			<td>$138,000</td>\r\n			<td>$132,480</td>\r\n			<td>$137,779</td>\r\n			<td>$158,446</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% change</td>\r\n			<td>&nbsp;</td>\r\n			<td>15.0%</td>\r\n			<td>20.0%</td>\r\n			<td>-4.00%</td>\r\n			<td>4.0%</td>\r\n			<td>15.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>EBITDA</td>\r\n			<td>30,000</td>\r\n			<td>34,500</td>\r\n			<td>41,400</td>\r\n			<td>39,744</td>\r\n			<td>41,334</td>\r\n			<td>47,534</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Alaris Distribution</td>\r\n			<td>NA</td>\r\n			<td>7,500</td>\r\n			<td>7,950</td>\r\n			<td>8,427</td>\r\n			<td>8,090</td>\r\n			<td>8,413</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% change in Alaris Distribution (collar of +/- 6%)</td>\r\n			<td>&nbsp;</td>\r\n			<td>NA</td>\r\n			<td>6.0%</td>\r\n			<td>6.0%</td>\r\n			<td>-4.0%</td>\r\n			<td>4.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Cash Flow - Post Alaris Distribution</td>\r\n			<td>$30,000</td>\r\n			<td>$27,000</td>\r\n			<td>$33,450</td>\r\n			<td>$31,317</td>\r\n			<td>$33,244</td>\r\n			<td>$39,120</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% of economic interest retained by founders/management</td>\r\n			<td>100%</td>\r\n			<td>78%</td>\r\n			<td>81%</td>\r\n			<td>79%</td>\r\n			<td>80%</td>\r\n			<td>82%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% of common shares held by founders/management</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<h3>&nbsp;</h3>\r\n\r\n<h3>Our economic participation in any of our Partnerships is:</h3>\r\n\r\n<h4>Limited by a Collar</h4>\r\n\r\n<p>The collar on the distribution limits Alaris&rsquo; participation in the growth of Company XYZ to 6% in 2015E instead of the 15% increase the company realized in its revenue for the 2014E vs 2013A periods.&nbsp; Similarly, because Alaris participates in both the up and downside performance of the business, a 4% decline in revenue in 2016E vs 2015E results in a 4% reduction of the Alaris distribution for 2017E.</p>\r\n\r\n<h4>Limited to Organic Growth</h4>\r\n\r\n<p>The Alaris distribution is limited to changes based on the % change in organic top-line performance. If Company XYZ was to make an acquisition, the gross revenue from that acquisition would not be included until it can be considered an &ldquo;organic&rdquo; part of the business.</p>\r\n\r\n<h4>Limited in the Long Term</h4>\r\n\r\n<p>If Company XYZ expects to realize growth over a 5 year period, the company will maintain a higher economic interest in the business under the Alaris structure than could be maintained with a traditional equity provider due to Alaris&rsquo; limited participation in growth. The percentage of economic interest retained by the Company XYZ increases from 78% in 2014E to 82% in 2018E.</p>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page37\">Partner Criteria</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 00:18:25\";s:12:\"cms_modified\";s:19:\"2015-01-08 14:21:49\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 00:18:25','2015-01-08 14:21:49',2),(105,'text',27,'a:10:{s:2:\"id\";s:2:\"27\";s:12:\"cms_headline\";s:28:\"The Alaris Capital Advantage\";s:7:\"content\";s:3922:\"<h2>Illustrative Transaction Analysis of an Alaris Partnership with Company XYZ ($000&rsquo;s)</h2>\r\n\r\n<h3>Key Assumptions:</h3>\r\n\r\n<ul>\r\n	<li>$50 million contribution on December 31, 2013 in exchange for a first year distribution from Company XYZ of $7.5 million.</li>\r\n	<li>The annual distribution to Alaris will reset at the end of 2014 based on the performance of Company XYZ&rsquo;s revenue in 2014 vs 2013.</li>\r\n	<li>There is a 6% +/- collar on Company XYZ&rsquo;s distribution to Alaris.</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table align=\"center\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Summary Pro Forma Income Statement</td>\r\n			<td>2013A</td>\r\n			<td>2014E</td>\r\n			<td>2015E</td>\r\n			<td>2016E</td>\r\n			<td>2017E</td>\r\n			<td>2018E</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Revenue</td>\r\n			<td>$100,000</td>\r\n			<td>$115,000</td>\r\n			<td>$138,000</td>\r\n			<td>$132,480</td>\r\n			<td>$137,779</td>\r\n			<td>$158,446</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% change</td>\r\n			<td>&nbsp;</td>\r\n			<td>15.0%</td>\r\n			<td>20.0%</td>\r\n			<td>-4.00%</td>\r\n			<td>4.0%</td>\r\n			<td>15.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>EBITDA</td>\r\n			<td>30,000</td>\r\n			<td>34,500</td>\r\n			<td>41,400</td>\r\n			<td>39,744</td>\r\n			<td>41,334</td>\r\n			<td>47,534</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Alaris Distribution</td>\r\n			<td>NA</td>\r\n			<td>7,500</td>\r\n			<td>7,950</td>\r\n			<td>8,427</td>\r\n			<td>8,090</td>\r\n			<td>8,413</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% change in Alaris Distribution (collar of +/- 6%)</td>\r\n			<td>&nbsp;</td>\r\n			<td>NA</td>\r\n			<td>6.0%</td>\r\n			<td>6.0%</td>\r\n			<td>-4.0%</td>\r\n			<td>4.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Cash Flow - Post Alaris Distribution</td>\r\n			<td>$30,000</td>\r\n			<td>$27,000</td>\r\n			<td>$33,450</td>\r\n			<td>$31,317</td>\r\n			<td>$33,244</td>\r\n			<td>$39,120</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% of economic interest retained by founders/management</td>\r\n			<td>100%</td>\r\n			<td>78%</td>\r\n			<td>81%</td>\r\n			<td>79%</td>\r\n			<td>80%</td>\r\n			<td>82%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% of common shares held by founders/management</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<h3>&nbsp;</h3>\r\n\r\n<h3>Our economic participation in any of our Partnerships is:</h3>\r\n\r\n<h4>Limited by a Collar</h4>\r\n\r\n<p>The collar on the distribution limits Alaris&rsquo; participation in the growth of Company XYZ to 6% in 2015E instead of the 15% increase the company realized in its revenue for the 2014E vs 2013A periods.&nbsp; Similarly, because Alaris participates in both the up and downside performance of the business, a 4% decline in revenue in 2016E vs 2015E results in a 4% reduction of the Alaris distribution for 2017E.</p>\r\n\r\n<h4>Limited to Organic Growth</h4>\r\n\r\n<p>The Alaris distribution is limited to changes based on the % change in organic top-line performance. If Company XYZ was to make an acquisition, the gross revenue from that acquisition would not be included until it can be considered an &ldquo;organic&rdquo; part of the business.</p>\r\n\r\n<h4>Limited in the Long Term</h4>\r\n\r\n<p>If Company XYZ expects to realize growth over a 5 year period, the company will maintain a higher economic interest in the business under the Alaris structure than could be maintained with a traditional equity provider due to Alaris&rsquo; limited participation in growth. The percentage of economic interest retained by the Company XYZ increases from 78% in 2014E to 82% in 2018E.</p>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page37\">Partner Criteria</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 17:18:25\";s:12:\"cms_modified\";s:19:\"2015-01-08 14:22:27\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-07 17:18:25','2015-01-08 14:22:27',2),(106,'text',29,'a:10:{s:2:\"id\";s:2:\"29\";s:12:\"cms_headline\";s:16:\"Partner Criteria\";s:7:\"content\";s:772:\"<p>Alaris&rsquo; ability to successfully offer a unique financing option lies in our ability to confidently partner with companies that meet our specific criteria.</p>\r\n\r\n<p>Alaris generally looks for the following characteristics in our Partners:</p>\r\n\r\n<ul>\r\n	<li>A track record of sustainable free cash flow.</li>\r\n	<li>Historical EBITDA in excess of $10 million.</li>\r\n	<li>Low levels of debt and capital expenditure.</li>\r\n	<li>An experienced management team with an existing succession plan.</li>\r\n	<li>Low cyclicality and low risk of obsolescence.</li>\r\n	<li>Diversification among industry, customers, and geographic location.</li>\r\n	<li>No turnarounds or start-ups.</li>\r\n</ul>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page38\">Partner Testimonials</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 14:26:26\";s:12:\"cms_modified\";s:19:\"2015-01-08 14:26:26\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 14:26:26','2015-01-08 14:26:26',2),(107,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1321:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<h3>Industry</h3>\r\n\r\n<p>Healthcare - Physical and Occupational Therapy Services</p>\r\n\r\n<h3>Capital Invested</h3>\r\n\r\n<p>Total US$20.1m (3 tranches)</p>\r\n\r\n<h3>Annualized Distribution to Alaris</h3>\r\n\r\n<p>US$3.25m</p>\r\n\r\n<p>CAD$3.57m</p>\r\n\r\n<p>Website:www.agilityhealth.com</p>\r\n\r\n<p>Partner since: December 2012</p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 15:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-08 15:54:39\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 15:54:39','2015-01-08 15:54:39',2),(108,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1362:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<h3>Industry</h3>\r\n\r\n<p>Healthcare - Physical and Occupational Therapy Services</p>\r\n\r\n<h3>Capital Invested</h3>\r\n\r\n<p>Total US$20.1m (3 tranches)</p>\r\n\r\n<h3>Annualized Distribution to Alaris</h3>\r\n\r\n<p>US$3.25m<br />\r\nCAD$3.57m</p>\r\n\r\n<p>Website: <a href=\"http://www.agilityhealth.com\">www.agilityhealth.com</a></p>\r\n\r\n<p>Partner since: December 2012</p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 08:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:00:05\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 08:54:39','2015-01-08 16:00:05',2),(109,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1359:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<h3>Industry</h3>\r\n\r\n<p>Healthcare - Physical and Occupational Therapy Services</p>\r\n\r\n<h3>Capital Invested</h3>\r\n\r\n<p>Total US$20.1m (3 tranches)</p>\r\n\r\n<h3>Annualized Distribution to Alaris</h3>\r\n\r\n<p>US$3.25m<br />\r\nCAD$3.57m</p>\r\n\r\n<p>Website: <a href=\"http://www.agilityhealth.com\">www.agilityhealth.com</a><br />\r\nPartner since: December 2012</p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 01:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:00:37\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 01:54:39','2015-01-08 16:00:37',2),(110,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1712:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table align=\"center\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>Total $US20.1m (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$3.25m</p>\r\n\r\n			<p>CAD$3.57m</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 18:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:06:07\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-07 18:54:39','2015-01-08 16:06:07',2),(111,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1655:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table align=\"center\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>Total $US20.1m (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$3.25m</p>\r\n\r\n			<p>CAD$3.57m</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 11:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:06:35\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-07 11:54:39','2015-01-08 16:06:35',2),(112,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1655:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table align=\"center\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>Total $US20.1m (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$3.25m</p>\r\n\r\n			<p>CAD$3.57m</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 04:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:06:59\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-07 04:54:39','2015-01-08 16:06:59',2),(113,'text',31,'a:10:{s:2:\"id\";s:2:\"31\";s:12:\"cms_headline\";s:26:\"Agility Health - Next Link\";s:7:\"content\";s:59:\"<hr />\r\n<p>Next: <a href=\"/_page21\">End of the Roll</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 16:13:52\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:13:52\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 16:13:52','2015-01-08 16:13:52',2),(114,'text',31,'a:10:{s:2:\"id\";s:2:\"31\";s:12:\"cms_headline\";s:26:\"Agility Health - Next Link\";s:7:\"content\";s:112:\"<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page21\">End of the Roll</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 09:13:52\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:14:53\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 09:13:52','2015-01-08 16:14:53',2),(115,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1653:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table align=\"left\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>Total $US20.1m (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$3.25m</p>\r\n\r\n			<p>CAD$3.57m</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-06 21:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:11:48\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-06 21:54:39','2015-01-08 16:11:48',2),(116,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1685:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table align=\"left\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$US20.1 million (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$3.25 million</p>\r\n\r\n			<p>CAD$3.57 million</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p>&nbsp;</p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-06 14:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:22:19\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-06 14:54:39','2015-01-08 16:22:19',2),(117,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1688:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table align=\"not set\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$US20.1 million (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$3.25 million</p>\r\n\r\n			<p>CAD$3.57 million</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p>&nbsp;</p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-06 07:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:22:49\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-06 07:54:39','2015-01-08 16:22:49',2),(118,'text',33,'a:10:{s:2:\"id\";s:2:\"33\";s:12:\"cms_headline\";s:22:\"End of the Roll - Next\";s:7:\"content\";s:61:\"<hr />\r\n<p>Next: <a href=\"/_page22\">Killick Aerospace</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 16:24:10\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:24:10\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 16:24:10','2015-01-08 16:24:10',2),(119,'text',32,'a:10:{s:2:\"id\";s:2:\"32\";s:12:\"cms_headline\";s:15:\"End of the Roll\";s:7:\"content\";s:1261:\"<h2>Company Summary</h2>\r\n\r\n<p>End of the Roll is Canada&#39;s largest dedicated flooring retailer. End of the Roll was incorporated in 1990 and began offering franchise locations in 1994. The discount renovation market is relatively stable compared to the new home market due to the nature of the purchase and the amount of the average sale. Currently, End of the Roll collects franchise royalties from over 50 franchisees nationwide. End of the Roll targets &quot;budget minded&quot; customers who prefer to purchase in smaller quantities and coordinate private installation in order to save on the costs of using a full service retailer.</p>\r\n\r\n<table align=\"not set\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Consumer Discretionary: Discount Flooring</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$7.20 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>$1.14 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.endoftheroll.com\" target=\"_blank\">www.endoftheroll.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>May 2005</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<p>&nbsp;</p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 16:20:04\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:20:04\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 16:20:04','2015-01-08 16:20:04',2),(120,'text',33,'a:10:{s:2:\"id\";s:2:\"33\";s:12:\"cms_headline\";s:22:\"End of the Roll - Next\";s:7:\"content\";s:80:\"<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page22\">Killick Aerospace</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 09:24:10\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:24:21\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 09:24:10','2015-01-08 16:24:21',2),(121,'text',38,'a:10:{s:2:\"id\";s:2:\"38\";s:12:\"cms_headline\";s:33:\"Labstat International - Next Link\";s:7:\"content\";s:59:\"<hr />\r\n<p>Next: <a href=\"/_page25\">LifeMark Health</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 16:34:36\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:34:36\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 16:34:36','2015-01-08 16:34:36',2),(122,'text',42,'a:10:{s:2:\"id\";s:2:\"42\";s:12:\"cms_headline\";s:39:\"LMS Reinforcing Steel Group - Next Link\";s:7:\"content\";s:56:\"<hr />\r\n<p>Next: <a href=\"/_page27\">Quetico, LLC</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 16:49:25\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:49:25\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 16:49:25','2015-01-08 16:49:25',2),(123,'text',42,'a:10:{s:2:\"id\";s:2:\"42\";s:12:\"cms_headline\";s:39:\"LMS Reinforcing Steel Group - Next Link\";s:7:\"content\";s:75:\"<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page27\">Quetico, LLC</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 09:49:25\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:49:39\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 09:49:25','2015-01-08 16:49:39',2),(124,'text',46,'a:10:{s:2:\"id\";s:2:\"46\";s:12:\"cms_headline\";s:33:\"SCR Mine Technologies - Next Link\";s:7:\"content\";s:76:\"<hr />\r\n<p>Next: <a href=\"/_page29\">Sequel Youth and Family Services</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 12:37:59\";s:12:\"cms_modified\";s:19:\"2015-01-09 12:37:59\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-09 12:37:59','2015-01-09 12:37:59',2),(125,'text',14,'a:10:{s:2:\"id\";s:2:\"14\";s:12:\"cms_headline\";s:22:\"Investor Profile Intro\";s:7:\"content\";s:2557:\"<p>Alaris is a Canadian company based in Calgary, Alberta. We provide cash financing to private businesses across North America using an innovative structure which fills a niche in the private capital markets. This niche is: successful businesses in need of capital that are unwilling to compromise the current state of their equity ownership and operational control of the business. Alaris Royalty Corp. trades on the Toronto Stock Exchange under the symbol &ldquo;AD&rdquo;.</p>\r\n\r\n<h2>Our Objective</h2>\r\n\r\n<p>Alaris is dedicated to delivering long-term value to shareholders</p>\r\n\r\n<h2>Our Strategy</h2>\r\n\r\n<p>We provide capital to well-run, profitable private companies in exchange for a monthly cash distribution on our new preferred equity position. These distributions to Alaris are set 12 months in advance and adjusted annually based on the percentage change in a &ldquo;top-line&rdquo; performance</p>\r\n\r\n<p>metric such as net sales, gross profit or same location sales. Alaris creates long-term partnerships with companies that have a proven track record of stability and profitability in varying economic conditions. Our current Private Company Partners (&ldquo;Partners&rdquo;) are mostly individual or family controlled businesses that pursued our capital for growth, generational transfers, partial liquidity, management or private equity partner buyouts, or a combination of the aforementioned.</p>\r\n\r\n<h2>Growth Strategy</h2>\r\n\r\n<p>Our goal is to continue to diversify and increase our revenue streams by adding a select few new partnerships each year in addition to providing follow-on capital to our existing partners. Within our current revenue streams we aim to generate organic growth of 3-5% per year.</p>\r\n\r\n<h2>Our Performance</h2>\r\n\r\n<ul>\r\n	<li>Alaris and its predecessors have contributed over $550 million in equity capital to private businesses since 2004.</li>\r\n	<li>Alaris has paid its shareholders over $100 million in dividends since becoming a public company in 2008.</li>\r\n	<li>Alaris has increased its dividend 8 consecutive times since 2010.</li>\r\n	<li>For the 5 year period ending December 31, 2013, Alaris shares have generated total returns to shareholders of 360%, compared to the total&nbsp;returns of the S&amp;P TSX Composite Index for the same period of 74%.</li>\r\n	<li>2013 was the fifth consecutive year Alaris had double digit returns to shareholders (32% in 2013 vs 13% for the S&amp;P TSX Comp Index)</li>\r\n</ul>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page52\">The Optimal Dividend Stream</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-05 14:42:42\";s:12:\"cms_modified\";s:19:\"2015-01-07 16:39:17\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-05 14:42:42','2015-01-07 16:39:17',2),(126,'text',55,'a:10:{s:2:\"id\";s:2:\"55\";s:12:\"cms_headline\";s:27:\"The Optimal Dividend Stream\";s:7:\"content\";s:2530:\"<p>The &ldquo;Five Pillars&rdquo; that comprise our theory for the optimal dividend stream:</p>\r\n\r\n<h2>1. Low volatility in the cash flows</h2>\r\n\r\n<p>The distributions that we receive from our Partners are based on a top-line performance metric and are paid in priority to other equity holders.&nbsp; We are paid the distributions monthly and therefore receive monthly cash returns instead of relying on an exit to generate our returns.&nbsp; We try to ensure that our Partners have adequate cash flow coverage on the distributions to Alaris and also insert protective covenants into our agreements in order to further protect our financial interests.&nbsp; Additionally, the majority of our distributions have volatility reducing collars which limit the amount each Partners&rsquo; distribution can go up or down in a given year.&nbsp;</p>\r\n\r\n<h2>2. Visibility into the future cash flows</h2>\r\n\r\n<p>The distributions that we receive from our Partners are set twelve months in advance and are adjusted annually based on an audited top-line performance metric that is specific to each Partner.&nbsp; Further contributing to the visibility of our cash flows, our operating expenses are relatively low and consistent, proving the Alaris model is scalable.</p>\r\n\r\n<h2>3. diversified revenue stream</h2>\r\n\r\n<p>Our long-term goal is to have no single revenue stream greater than 10% of total revenue.&nbsp; We feel that if our revenue streams are appropriately diversified and we maintain an appropriate payout ratio of approximately 90%, we will have reduced our reliance on any one revenue stream and can maintain our current dividend rate under various scenarios.</p>\r\n\r\n<h2>4. Increase in cash flow on a per share basis</h2>\r\n\r\n<p>Our historic growth, as a result of organic growth in existing revenue streams as well as additional revenue streams from new Partners, has led to 8 consecutive dividend increases since April 2010 and a monthly dividend increase of 79% per share over the last 5 years. The organic growth in our revenue streams has historically averaged 3% per year and we also aim to make accretive contributions to new Partners each year.&nbsp; Both of these functions will lead to further growth in our cash flow on a per share basis.</p>\r\n\r\n<h2>5. liquidity for shareholders</h2>\r\n\r\n<p>Alaris has consistently increased its float through successful equity offerings to fund accretive investments.&nbsp; This has helped to increase average daily trading volumes and improve liquidity for our shareholders.&nbsp;</p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 14:14:44\";s:12:\"cms_modified\";s:19:\"2015-01-09 14:14:44\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-09 14:14:44','2015-01-09 14:14:44',2),(127,'text',55,'a:10:{s:2:\"id\";s:2:\"55\";s:12:\"cms_headline\";s:27:\"The Optimal Dividend Stream\";s:7:\"content\";s:2539:\"<p>The &ldquo;Five Pillars&rdquo; that comprise our theory for the optimal dividend stream:</p>\r\n\r\n<h2>1. Low volatility in the cash flows</h2>\r\n\r\n<p>The distributions that we receive from our Partners are based on a top-line performance metric and are paid in priority to other equity holders.&nbsp; We are paid the distributions monthly and therefore receive monthly cash returns instead of relying on an exit to generate our returns.&nbsp; We try to ensure that our Partners have adequate cash flow coverage on the distributions to Alaris and also insert protective covenants into our agreements in order to further protect our financial interests.&nbsp; Additionally, the majority of our distributions have volatility reducing collars which limit the amount each Partners&rsquo; distribution can go up or down in a given year.&nbsp;</p>\r\n\r\n<h2>2. Visibility into the future cash flows</h2>\r\n\r\n<p>The distributions that we receive from our Partners are set twelve months in advance and are adjusted annually based on an audited top-line performance metric that is specific to each Partner.&nbsp; Further contributing to the visibility of our cash flows, our operating expenses are relatively low and consistent, proving the Alaris model is scalable.</p>\r\n\r\n<h2>3. diversified revenue stream</h2>\r\n\r\n<p>Our long-term goal is to have no single revenue stream greater than 10% of total revenue.&nbsp; We feel that if our revenue streams are appropriately diversified and we maintain an appropriate payout ratio of approximately 90%, we will have reduced our reliance on any one revenue stream and can maintain our current dividend rate under various scenarios.</p>\r\n\r\n<h2>4. Increase in cash flow on a per share basis</h2>\r\n\r\n<p>Our historic growth, as a result of organic growth in existing revenue streams as well as additional revenue streams from new Partners, has led to 8 consecutive dividend increases since April 2010 and a monthly dividend increase of 79% per share over the last 5 years. The organic growth in our revenue streams has historically averaged 3% per year and we also aim to make accretive contributions to new Partners each year.&nbsp; Both of these functions will lead to further growth in our cash flow on a per share basis.</p>\r\n\r\n<h2>5. improved liquidity for shareholders</h2>\r\n\r\n<p>Alaris has consistently increased its float through successful equity offerings to fund accretive investments.&nbsp; This has helped to increase average daily trading volumes and improve liquidity for our shareholders.&nbsp;</p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 07:14:44\";s:12:\"cms_modified\";s:19:\"2015-01-09 14:15:09\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-09 07:14:44','2015-01-09 14:15:09',2),(128,'text',58,'a:10:{s:2:\"id\";s:2:\"58\";s:12:\"cms_headline\";s:4:\"News\";s:7:\"content\";s:72:\"<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page55\">Subscribe</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 14:23:14\";s:12:\"cms_modified\";s:19:\"2015-01-09 14:23:14\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-09 14:23:14','2015-01-09 14:23:14',2),(129,'text',17,'a:10:{s:2:\"id\";s:2:\"17\";s:12:\"cms_headline\";s:25:\"Stock Information - Intro\";s:7:\"content\";s:1162:\"<div title=\"Page 1\">\r\n<div>\r\n<div>\r\n<div>\r\n<p>Alaris has traded on the Toronto Stock Exchange since November 18, 2008 under the symbol &ldquo;AD&rdquo;.&nbsp;</p>\r\n\r\n<table>\r\n	<tbody>\r\n		<tr>\r\n			<td>Exchange Listing</td>\r\n			<td>TSX: AD</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Common shares outstanding</td>\r\n			<td>31.9 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Stock options an restricted shares outstanding</td>\r\n			<td>4.4 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td><strong>Common shares controlled by officers and directors</strong></td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Basic</td>\r\n			<td>2%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Fully Diluted</td>\r\n			<td>11%</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<table>\r\n	<tbody>\r\n		<tr>\r\n			<td>Last</td>\r\n			<td>$33.13</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Change</td>\r\n			<td>$0.10 (+1%)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Open</td>\r\n			<td>$32.90</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Previous Close</td>\r\n			<td>$32.80</td>\r\n		</tr>\r\n		<tr>\r\n			<td>52 week high/low</td>\r\n			<td>$37.50/$24.50</td>\r\n		</tr>\r\n		<tr>\r\n			<td>30 day average volume</td>\r\n			<td>100,000</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<p>&nbsp;</p>\r\n</div>\r\n</div>\r\n</div>\r\n</div>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 04:39:57\";s:12:\"cms_modified\";s:19:\"2015-01-08 11:40:18\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-08 04:39:57','2015-01-08 11:40:18',2),(130,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1671:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table align=\"not set\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$US20.1 million (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$3.25 million</p>\r\n\r\n			<p>CAD$3.57 million</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-06 00:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:23:06\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-06 00:54:39','2015-01-08 16:23:06',5),(131,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1612:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$US20.1 million (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$3.25 million</p>\r\n\r\n			<p>CAD$3.57 million</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-05 17:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-12 10:11:37\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-05 17:54:39','2015-01-12 10:11:37',5),(132,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1609:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table class=\"borderless\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$US20.1 million (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$3.25 million</p>\r\n\r\n			<p>CAD$3.57 million</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-05 10:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-12 10:14:44\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-05 10:54:39','2015-01-12 10:14:44',5),(133,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1606:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table class=\"borderless\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$US20.1 million (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$3.25 million<br />\r\n			CAD$3.57 million</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-05 03:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-12 10:16:31\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-05 03:54:39','2015-01-12 10:16:31',5),(134,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1589:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table class=\"borderless\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$US20.1 million (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>US$3.25 million<br />\r\n			CAD$3.57 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-04 20:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-12 10:17:23\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-04 20:54:39','2015-01-12 10:17:23',5),(135,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1674:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table class=\"borderless\">\r\n	<tbody>\r\n		<tr>\r\n			<td><strong>Industry:</strong></td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td><strong>Capital Invested:</strong></td>\r\n			<td>$US20.1 million (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td><strong>Annualized Distribution to Alaris:</strong></td>\r\n			<td>US$3.25 million<br />\r\n			CAD$3.57 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td><strong>Website:</strong></td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td><strong>Partner Since:</strong></td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-04 13:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-12 10:20:03\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-04 13:54:39','2015-01-12 10:20:03',5),(136,'text',30,'a:10:{s:2:\"id\";s:2:\"30\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1589:\"<h2>COMPANY SUMMARY</h2>\r\n\r\n<p>Agility is a leading healthcare provider in the United States devoted to the rehabilitation of patient physical injuries and conditions.&nbsp; Agility operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. Agility Health operates 74 outpatient or onsite rehabilitation locations in 17 states. Agility contract therapy services business provides rehabilitative services to 41 hospitals and inpatient rehabilitation units, 36 nursing homes, long-term care facilities and other service locations in 9 states.</p>\r\n\r\n<table class=\"borderless\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare - Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$US20.1 million (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>US$3.25 million<br />\r\n			CAD$3.57 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.agilityhealth.com\" target=\"_blank\">www.agilityhealth.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-04 13:54:39\";s:12:\"cms_modified\";s:19:\"2015-01-12 10:20:03\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-04 13:54:39','2015-01-12 10:20:03',5),(137,'text',32,'a:10:{s:2:\"id\";s:2:\"32\";s:12:\"cms_headline\";s:15:\"End of the Roll\";s:7:\"content\";s:1227:\"<h2>Company Summary</h2>\r\n\r\n<p>End of the Roll is Canada&#39;s largest dedicated flooring retailer. End of the Roll was incorporated in 1990 and began offering franchise locations in 1994. The discount renovation market is relatively stable compared to the new home market due to the nature of the purchase and the amount of the average sale. Currently, End of the Roll collects franchise royalties from over 50 franchisees nationwide. End of the Roll targets &quot;budget minded&quot; customers who prefer to purchase in smaller quantities and coordinate private installation in order to save on the costs of using a full service retailer.</p>\r\n\r\n<table align=\"not set\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Consumer Discretionary: Discount Flooring</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$7.20 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>$1.14 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.endoftheroll.com\" target=\"_blank\">www.endoftheroll.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>May 2005</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 09:20:04\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:24:31\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 09:20:04','2015-01-08 16:24:31',5),(138,'text',32,'a:10:{s:2:\"id\";s:2:\"32\";s:12:\"cms_headline\";s:15:\"End of the Roll\";s:7:\"content\";s:1208:\"<h2>Company Summary</h2>\r\n\r\n<p>End of the Roll is Canada&#39;s largest dedicated flooring retailer. End of the Roll was incorporated in 1990 and began offering franchise locations in 1994. The discount renovation market is relatively stable compared to the new home market due to the nature of the purchase and the amount of the average sale. Currently, End of the Roll collects franchise royalties from over 50 franchisees nationwide. End of the Roll targets &quot;budget minded&quot; customers who prefer to purchase in smaller quantities and coordinate private installation in order to save on the costs of using a full service retailer.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" class=\"borderless\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Consumer Discretionary: Discount Flooring</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$7.20 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>$1.14 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.endoftheroll.com\" target=\"_blank\">www.endoftheroll.com</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>May 2005</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 02:20:04\";s:12:\"cms_modified\";s:19:\"2015-01-12 10:21:39\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-08 02:20:04','2015-01-12 10:21:39',5),(139,'text',34,'a:10:{s:2:\"id\";s:2:\"34\";s:12:\"cms_headline\";s:17:\"Killick Aerospace\";s:7:\"content\";s:1777:\"<h2>Company Summary</h2>\r\n\r\n<p>Killick Limited Partnership, together with its various subsidiaries, is a privately owned participant in the global aircraft parts resale, maintenance, repair and overhaul industry. Headquartered in Carrollton, Texas, Killick specializes in the sale, distribution, trade and service of aircraft engines and spare parts. Killick operates in Asia, Europe and the United States, where it employs over 130 people combined. Established in 2006, its operating subsidiaries provide product and service offerings into two markets: (i) MRO of small aircraft engines and engine accessories; and (ii) the distribution of commercial jet engines and parts, frame parts and engine accessories. The commercial aircraft parts supply segment has customers which include MRO shops that are subsidiaries of major airlines, as well as independent MRO&#39;s that service aircraft for many other types of customers.&nbsp; The small aircraft engine parts and services segment services customers such as regional air carriers, helicopter operators as well as individual owners of small aircraft.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Industrial: Aerospace Parts, Maintenance and Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$41.5 million (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>$6.90 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td>\r\n			<p><a href=\"http://www.killickaerospace.com/\">www.killickaerospace.com</a><a href=\"http://www.killickaerospace.com\" target=\"_blank\">&nbsp;</a></p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>July 2011</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 16:28:14\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:28:14\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 16:28:14','2015-01-08 16:28:14',5),(140,'text',37,'a:10:{s:2:\"id\";s:2:\"37\";s:12:\"cms_headline\";s:14:\"KMH Cardiology\";s:7:\"content\";s:1596:\"<h2>Company Summary</h2>\r\n\r\n<p>KMH is a Canadian-based privately held healthcare service provider with operations in Canada and the United States.&nbsp; KMH has grown from a single facility in 1988 to become the largest provider of Nuclear Cardiology services in North America with a referral network of over 10,000 physicians. KMH has 19 clinics: 11 in Canada and 8 in the United States.&nbsp; KMH&rsquo;s services include Nuclear Medicine, Cardiology, Positron Emission Tomography (PET), and Magnetic Resonance Imaging (MRI) diagnostic services. Physician practice management solutions by KMH further enhance patient care by providing access to specialist consultations and treatment. KMH has successfully administered more than 600,000 cardiology, nuclear cardiology and nuclear medicine diagnostic tests and more than 40,000 magnetic resonance imaging scans. More than 86,000 patients annually visit KMH after being referred by physicians, insurance companies, employers and other third party service providers.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare: Diagnostic Imaging</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$54.80 million (5 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>$7.96 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td>\r\n			<p><a href=\"http://www.kmhlabs.com\" target=\"_blank\">www.kmhlabs.com</a></p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>May 2010</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 16:33:23\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:33:23\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 16:33:23','2015-01-08 16:33:23',5),(141,'text',39,'a:10:{s:2:\"id\";s:2:\"39\";s:12:\"cms_headline\";s:21:\"Labstat International\";s:7:\"content\";s:1839:\"<h2>Company Summary</h2>\r\n\r\n<p>Located in Kitchener, Ontario, Labstat was established in 1976 and has grown to become one of the largest independent third party tobacco testing companies in the world supporting regulatory testing and research. Labstat tests all forms of tobacco products including cigarettes (mainstream and side stream tobacco smoke), whole tobacco, snus and smokeless tobacco as well as the anticipated testing of electronic cigarettes. Labstat has carried out over 100 Health Canada projects and wrote and validated all 45 of the sanctioned tobacco smoke testing methods for Canada, the first country to implement tobacco regulation. These testing methods are now considered to be the worldwide model for tobacco testing regulation. The senior management team of Labstat is comprised of industry recognized scientists and technical staff, who collectively have over 120 years of experience in the industry. Labstat employs between 130 and 160 staff during its peak business. Labstat provides tobacco chemistry and toxicology testing services for tobacco manufacturers, governments, and public and private entities alike. Labstat is a global business with customers in North America, Europe, South America, New Zealand and Asia.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Industrials: Laboratory Testing Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$47.20 million (2 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>$4.30 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td>\r\n			<p><a href=\"http://www.labstat.com\" target=\"_blank\">www.labstat.com</a></p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>June 2012</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 16:38:10\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:38:10\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 16:38:10','2015-01-08 16:38:10',5),(142,'text',41,'a:10:{s:2:\"id\";s:2:\"41\";s:12:\"cms_headline\";s:15:\"LifeMark Health\";s:7:\"content\";s:1745:\"<h2>Company Summary</h2>\r\n\r\n<p>LifeMark is one of Canada&#39;s largest health care service providers growing from 30 clinics in 1998 to over 120 clinics today with over 2000 dedicated employees and consultants across Canada.&nbsp; The majority of its clinics are free-standing outpatient physiotherapy clinics.&nbsp; LifeMark provides physiotherapy and rehabilitation services, assessments, eldercare, occupational therapy, disability management, and occupational health services as well as home medical equipment sales and services. LifeMark provides services to private payers, worker&#39;s compensation and safety boards, private insurance companies and Government Agencies.&nbsp; LifeMark became a division of Centric Health in 2011.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare: Physical and Occupational Therapy Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$74.00 million (7 tranches)<sup>1</sup></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>$4.12 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td><a href=\"http://www.lifemark.ca\" target=\"_blank\">www.lifemark.ca</a></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2004</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td><sup>(1)</sup> This is the total amount Alaris has contributed to LifeMark since 2004.&nbsp; Alaris has collected $95 million in cash from LifeMark&rsquo;s new owner, Centric Health, as payment for partial redemption of Alaris&rsquo; preferred units in LifeMark.&nbsp; The remaining redemption value of Alaris&rsquo; units in LifeMark is $36.9 million.</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 16:45:07\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:45:07\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 16:45:07','2015-01-08 16:45:07',5),(143,'text',43,'a:10:{s:2:\"id\";s:2:\"43\";s:12:\"cms_headline\";s:27:\"LMS Reinforcing Steel Group\";s:7:\"content\";s:1669:\"<h2>Company Summary</h2>\r\n\r\n<p>LMS is Western Canada&rsquo;s leading concrete reinforcing steel (rebar) fabricator and installer also providing post tensioning, trucking and crane services.&nbsp; As an installer and supplier, LMS has the advantage of having low fixed costs and fixed assets, which allows the company to be profitable during a downturn as it can adjust its labour force to match the activity level.&nbsp; LMS fabricates and installs concrete reinforcing rebar for construction projects primarily in British Columbia, Alberta, Saskatchewan, and Manitoba.&nbsp; Project types include; (i) Infrastructure Projects - light rail transit, water treatment plants, tunnels, hydro facilities and bridge decks; (ii) Commercial projects - high rise office space, aquatic centers or airport terminals; (iii) Residential - high rise developments and; Institutional &ndash; university residences, hospitals and community centers.&nbsp; LMS has up to 600 employees during peak season. LMS&rsquo; customers are typically general contractors or developers.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Industrials and Materials: Rebar Fabrication and Installation</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$54.00 million (3 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>$3.40 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td>\r\n			<p><a href=\"http://www.lmsgroup.ca\" target=\"_blank\">www.lmsgroup.ca</a></p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>April 2007</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 16:52:24\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:52:24\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 16:52:24','2015-01-08 16:52:24',5),(144,'text',45,'a:10:{s:2:\"id\";s:2:\"45\";s:12:\"cms_headline\";s:11:\"Quetico LLC\";s:7:\"content\";s:1463:\"<h2>Company Summary</h2>\r\n\r\n<p>Founded in 1994 and based in Chino, California, Quetico has created a highly specialized and proprietary wholesale and inventory management niche within the logistics industry.&nbsp; Quetico provides specialized wholesale, &ldquo;just in time&rdquo; inventory management and third party logistics services of consumer products (mainly apparel and soft goods) to big box retailers and brand name manufacturers in North America and abroad. Quetico operates approximately 500,000 square feet of warehouse space and employs approximately 400 people at its peak times. Customers of Quetico are primarily &ldquo;big box&rdquo;, multi-national, financially stable, industry leading companies which either manufacture or retail textiles (apparel and other soft goods).</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Industrials: Third Party Logistics, Inventory Management and Wholesaling</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>US$26.90 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$3.79 million</p>\r\n\r\n			<p>CAD$4.13 million</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td>\r\n			<p><a href=\"http://www.queticollc.com\" target=\"_blank\">www.queticollc.com</a></p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>November 2011</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 16:57:42\";s:12:\"cms_modified\";s:19:\"2015-01-08 16:57:42\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 16:57:42','2015-01-08 16:57:42',5),(145,'text',47,'a:10:{s:2:\"id\";s:2:\"47\";s:12:\"cms_headline\";s:21:\"SCR Mine Technologies\";s:7:\"content\";s:1120:\"<h2>Company Summary</h2>\r\n\r\n<p>SCR has been providing mining services in the Northern Ontario region since 1994. SCR offers a wide variety of surface and subsurface mining, construction, electrical and mechanical services. SCR is known for their expertise and ability to install, construct, maintain, and recommend the best and most economical solution for a project. The company employs over 250 dedicated workers during peak times. The company works with large multi-national mining companies as well as junior producers alike, on a contractual basis.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Industrials: Mining Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$40.00 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris</td>\r\n			<td>$6.40 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td>\r\n			<p><a href=\"http://www.scrmines.com\" target=\"_blank\">www.scrmines.com</a></p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>May 2013</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 12:40:52\";s:12:\"cms_modified\";s:19:\"2015-01-09 12:40:52\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-09 12:40:52','2015-01-09 12:40:52',5),(146,'text',49,'a:10:{s:2:\"id\";s:2:\"49\";s:12:\"cms_headline\";s:32:\"Sequel Youth and Fanily Services\";s:7:\"content\";s:1756:\"<h2>Company Summary</h2>\r\n\r\n<p>Sequel is a privately owned company founded in 1999 which develops and operates programs for people (mainly youth) with behavioral, emotional, or physical challenges. Sequel offers a broad continuum of treatment options for children, adolescents, and adults. Its treatment options include; long-term residential treatment, short-term impact programs, shelter care, therapeutic group homes, therapeutic foster care, community-based services, in-home services, alternative education programs and psychiatric residential treatment facilities. Sequel&#39;s populations include adjudicated youth, children with autism, and children, adolescents and adults with physical disabilities or sexual, substance abuse, emotional, or conduct disorders. Sequel operates in 17 states and serves clients from over 36 states and regions. Sequel has an employee base of over 3,300 full and part time employees. Sequels customers range from various levels of U.S. Federal and State agencies as well as government sponsored insurance programs and private pay individuals.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare: Behavioral and Mental Health Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$73.50 million (2 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$10.97 million</p>\r\n\r\n			<p>CAD$11.94 million</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website</td>\r\n			<td>\r\n			<p><a href=\"http://www.sequelyouthservices.com\" target=\"_blank\">www.sequelyouthservices.com</a></p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>July 2013</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 12:46:27\";s:12:\"cms_modified\";s:19:\"2015-01-09 12:46:27\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-09 12:46:27','2015-01-09 12:46:27',5),(147,'text',49,'a:10:{s:2:\"id\";s:2:\"49\";s:12:\"cms_headline\";s:32:\"Sequel Youth and Fanily Services\";s:7:\"content\";s:1710:\"<h2>Company Summary</h2>\r\n\r\n<p>Sequel is a privately owned company founded in 1999 which develops and operates programs for people (mainly youth) with behavioral, emotional, or physical challenges. Sequel offers a broad continuum of treatment options for children, adolescents, and adults. Its treatment options include; long-term residential treatment, short-term impact programs, shelter care, therapeutic group homes, therapeutic foster care, community-based services, in-home services, alternative education programs and psychiatric residential treatment facilities. Sequel&#39;s populations include adjudicated youth, children with autism, and children, adolescents and adults with physical disabilities or sexual, substance abuse, emotional, or conduct disorders. Sequel operates in 17 states and serves clients from over 36 states and regions. Sequel has an employee base of over 3,300 full and part time employees. Sequels customers range from various levels of U.S. Federal and State agencies as well as government sponsored insurance programs and private pay individuals.</p>\r\n\r\n<table class=\"borderless\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Healthcare: Behavioral and Mental Health Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$73.50 million (2 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$10.97 million</p>\r\n\r\n			<p>CAD$11.94 million</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website</td>\r\n			<td>\r\n			<p><a href=\"http://www.sequelyouthservices.com\" target=\"_blank\">www.sequelyouthservices.com</a></p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>July 2013</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 05:46:27\";s:12:\"cms_modified\";s:19:\"2015-01-12 11:11:30\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-09 05:46:27','2015-01-12 11:11:30',5),(148,'text',51,'a:10:{s:2:\"id\";s:2:\"51\";s:12:\"cms_headline\";s:24:\"S.M. Group International\";s:7:\"content\";s:1549:\"<h2>Company Summary</h2>\r\n\r\n<p>SMi is a privately owned company founded in 1972 which specializes in the delivery of integrated scientific, engineering and IT solutions dedicated to the areas of buildings, energy, energy efficiency, environment, industry, infrastructure, natural resources, power, security, telecommunications and materials testing. In addition, SMi operates microbiological and chemical analysis labs in the areas of environmental protection, agriculture, food security and their manufacturing processes, as well as cosmetics and certain pharmaceutical industry products. Active in more than 30 countries, SMi has over 1,600 professionals and specialists who are dedicated to delivering innovative and fully integrated solutions. SMi provides its services to a broad scope of clients including local corporations, multinationals, institutions, as well as government bodies at every level, including state owned enterprises.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Industrials: Engineering and Construction Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$37.50 million (2 tranches)</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>$6.00 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td>\r\n			<p><a href=\"http://www.groupesm.com\" target=\"_blank\">www.groupesm.com</a></p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>November 2013</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 12:50:11\";s:12:\"cms_modified\";s:19:\"2015-01-09 12:50:11\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-09 12:50:11','2015-01-09 12:50:11',5),(149,'text',53,'a:10:{s:2:\"id\";s:2:\"53\";s:12:\"cms_headline\";s:8:\"Solowave\";s:7:\"content\";s:1368:\"<h2>Company Summary</h2>\r\n\r\n<p>Solowave is a manufacturer of residential, ready-to-assemble wooden play centers as well as modular wooden structures for the DIY home owner. Solowave&#39;s products are sold under the brand names Big Backyard, Cedar Summit Premium Play Sets and Yardistry. Through new product development, quality and innovation, as well as its decades of experience in the industry, Solowave has established itself as one of the leading manufacturers of wooden play centers worldwide. Solowave has operations in Canada, the United States and Asia, and sells globally in North America, Europe, Australia, and the United Arab Emirates. Solowave sells its play sets to major retail dealers such as Toys R Us, Costco, Target, Rona, and Canadian Tire.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Consumer Discretionary: Outdoor Wooden Play Set Manufacturing</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$32.50 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>$4.83 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td>\r\n			<p><a href=\"http://www.solowave.com\" target=\"_blank\">www.solowave.com</a></p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>December 2010</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 12:54:00\";s:12:\"cms_modified\";s:19:\"2015-01-09 12:54:00\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-09 12:54:00','2015-01-09 12:54:00',5),(150,'text',54,'a:10:{s:2:\"id\";s:2:\"54\";s:12:\"cms_headline\";s:5:\"Kimco\";s:7:\"content\";s:1661:\"<h2>Company Summary</h2>\r\n\r\n<p>Kimco and its predecessor companies have been providing route based commercial janitorial services throughout the United States since the 1970&#39;s. Services are provided in three business segments: commercial/retail, hospitality and malls. The majority of Kimco&rsquo;s revenue is generated under long-term contracts (generally 1 to 3 years) to its more than 375 customers, which range in size from multi-location national customers to regional single site customers. Management of Alaris believes that Kimco is one of the largest businesses in a highly fragmented industry, which is estimated by management to generate over $50 billion in annual sales in the United States. Kimco is one of only a small group of businesses in this industry that operates on a national scale. The four key owners/executives of Kimco have over 120 years of combined industry experience as well as significant ownership in Kimco, thus creating a strong alignment of interest with Alaris and management continuity.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Industrials: Commercial Janitorial Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$29.2 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<p>US$4.67 million</p>\r\n\r\n			<p>CAD$5.10 million</p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td>\r\n			<p><a href=\"http://www.kimcoserv.com\" target=\"_blank\">www.kimcoserv.com</a></p>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>June 2014</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 12:57:12\";s:12:\"cms_modified\";s:19:\"2015-01-09 12:57:12\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-09 12:57:12','2015-01-09 12:57:12',5),(151,'text',54,'a:10:{s:2:\"id\";s:2:\"54\";s:12:\"cms_headline\";s:5:\"Kimco\";s:7:\"content\";s:1666:\"<h2>Company Summary</h2>\r\n\r\n<p>Kimco and its predecessor companies have been providing route based commercial janitorial services throughout the United States since the 1970&#39;s. Services are provided in three business segments: commercial/retail, hospitality and malls. The majority of Kimco&rsquo;s revenue is generated under long-term contracts (generally 1 to 3 years) to its more than 375 customers, which range in size from multi-location national customers to regional single site customers. Management of Alaris believes that Kimco is one of the largest businesses in a highly fragmented industry, which is estimated by management to generate over $50 billion in annual sales in the United States. Kimco is one of only a small group of businesses in this industry that operates on a national scale. The four key owners/executives of Kimco have over 120 years of combined industry experience as well as significant ownership in Kimco, thus creating a strong alignment of interest with Alaris and management continuity.</p>\r\n\r\n<table border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Industry:</td>\r\n			<td>Industrials: Commercial Janitorial Services</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Capital Invested:</td>\r\n			<td>$29.2 million</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Annualized Distribution to Alaris:</td>\r\n			<td>\r\n			<div>US$4.67 million<br />\r\n			CAD$5.10 million</div>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Website:</td>\r\n			<td>\r\n			<div><a href=\"http://www.kimcoserv.com\" target=\"_blank\">www.kimcoserv.com</a></div>\r\n			</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Partner Since:</td>\r\n			<td>June 2014</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 05:57:12\";s:12:\"cms_modified\";s:19:\"2015-01-12 11:14:01\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-09 05:57:12','2015-01-12 11:14:01',5),(152,'quote',1,'a:12:{s:2:\"id\";s:1:\"1\";s:12:\"cms_headline\";s:14:\"Agility Health\";s:7:\"content\";s:1413:\"<p>Agility Health is a healthcare company focused on physical rehabilitation (e.g. physiotherapy, occupational therapy) in a variety of settings. &nbsp;Our USA market is very fragmented and dominated by numerous &amp;ldquo;mom and pop&amp;rdquo; clinic owners. &nbsp;Alaris was very familiar with our market space due to its successful financing of LifeMark Physiotherapy who consolidated the Canadian market in recent years. &nbsp;Alaris recapitalized our balance sheet and set us on a path to pursue our consolidation strategy.</p>\r\n\r\n<p>We looked at a variety of options from private equity to mezzanine debt. &nbsp;Both options ultimately ended in 5-7 years with a refinancing or other type of exiting event. &nbsp;Alaris financing never comes &amp;ldquo;due&amp;rdquo;; they are a committed long-term partner.</p>\r\n\r\n<p>Alaris allows Agility Health to be Agility Health. &nbsp;Alaris hasn&#39;t tried to change our culture or be an encumbrance to how we serve our patients. &nbsp;Alaris is a non-control investor who has clearly defined and set financial expectations. &nbsp;To be honest, I was dubious whether Alaris would actually honor its commitment to stay out of active governance, but Alaris has been true to its word. &nbsp;The Alaris team is a really neat group of professionals and people. &nbsp;You really want to cheer for them and I hope for them continued success&hellip; yes, good partners</p>\";s:4:\"name\";s:15:\"Steven Davidson\";s:8:\"position\";s:23:\"Chief Executive Officer\";s:7:\"company\";s:14:\"Agility Health\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-12 11:44:22\";s:12:\"cms_modified\";s:19:\"2015-01-12 11:44:22\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-12 11:44:22','2015-01-12 11:44:22',5),(153,'text',60,'a:10:{s:2:\"id\";s:2:\"60\";s:12:\"cms_headline\";s:20:\"Agility Health Quote\";s:7:\"content\";s:1583:\"<blockquote>\r\n<p>Agility Health is a healthcare company focused on physical rehabilitation (e.g. physiotherapy, occupational therapy) in a variety of settings. &nbsp;Our USA market is very fragmented and dominated by numerous &quot;mom and pop&quot; clinic owners. &nbsp;Alaris was very familiar with our market space due to its successful financing of LifeMark Physiotherapy who consolidated the Canadian market in recent years. &nbsp;Alaris recapitalized our balance sheet and set us on a path to pursue our consolidation strategy.</p>\r\n\r\n<p>We looked at a variety of options from private equity to mezzanine debt. &nbsp;Both options ultimately ended in 5-7 years with a refinancing or other type of exiting event. &nbsp;Alaris financing never comes &quot;due&quot;; they are a committed long-term partner.</p>\r\n\r\n<p>Alaris allows Agility Health to be Agility Health. &nbsp;Alaris hasn&#39;t tried to change our culture or be an encumbrance to how we serve our patients. &nbsp;Alaris is a non-control investor who has clearly defined and set financial expectations. &nbsp;To be honest, I was dubious whether Alaris would actually honor its commitment to stay out of active governance, but Alaris has been true to its word. &nbsp;The Alaris team is a really neat group of professionals and people. &nbsp;You really want to cheer for them and I hope for them continued success&hellip; yes, good partners.</p>\r\n</blockquote>\r\n\r\n<div class=\"quote-name\">Steven Davidson</div>\r\n\r\n<div class=\"quote-details\">Chief Executive Officer</div>\r\n\r\n<div class=\"quote-details\">Agility Health</div>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-12 12:53:10\";s:12:\"cms_modified\";s:19:\"2015-01-12 12:53:10\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-12 12:53:10','2015-01-12 12:53:10',5),(154,'body_image',10,'a:17:{s:2:\"id\";s:2:\"10\";s:12:\"cms_headline\";s:23:\"Sample Gallery Image #1\";s:11:\"small_image\";s:47:\"/upload/body_image/10/3c50e3374cc8/_dsc5423.jpg\";s:11:\"large_image\";s:51:\"/upload/body_image/10/3c50e3374cc8/_dsc5423full.jpg\";s:13:\"gallery_image\";s:51:\"/upload/body_image/10/3c50e3374cc8/_dsc5423icon.jpg\";s:3:\"alt\";s:0:\"\";s:5:\"align\";s:7:\"default\";s:4:\"link\";s:0:\"\";s:6:\"popout\";s:1:\"0\";s:7:\"gallery\";s:1:\"1\";s:11:\"description\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 23:37:57\";s:12:\"cms_modified\";s:19:\"2015-01-12 15:47:33\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-09 23:37:57','2015-01-12 15:47:33',5),(155,'body_image',10,'a:17:{s:2:\"id\";s:2:\"10\";s:12:\"cms_headline\";s:23:\"Sample Gallery Image #1\";s:11:\"small_image\";s:47:\"/upload/body_image/10/3c50e3374cc8/_dsc5423.jpg\";s:11:\"large_image\";s:51:\"/upload/body_image/10/3c50e3374cc8/_dsc5423full.jpg\";s:13:\"gallery_image\";s:51:\"/upload/body_image/10/3c50e3374cc8/_dsc5423icon.jpg\";s:3:\"alt\";s:0:\"\";s:5:\"align\";s:7:\"default\";s:4:\"link\";s:0:\"\";s:6:\"popout\";s:1:\"0\";s:7:\"gallery\";s:1:\"1\";s:11:\"description\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-09 16:37:57\";s:12:\"cms_modified\";s:19:\"2015-01-12 15:48:36\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-09 16:37:57','2015-01-12 15:48:36',5),(156,'text',28,'a:10:{s:2:\"id\";s:2:\"28\";s:12:\"cms_headline\";s:24:\"Partner Criteria - Quote\";s:7:\"content\";s:106:\"<p>&ldquo;Our goal is to form a true win-win partnership&rdquo;- Steve King, President and CEO, Alaris</p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 14:24:02\";s:12:\"cms_modified\";s:19:\"2015-01-08 14:24:02\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-08 14:24:02','2015-01-08 14:24:02',5),(157,'text',28,'a:10:{s:2:\"id\";s:2:\"28\";s:12:\"cms_headline\";s:24:\"Partner Criteria - Quote\";s:7:\"content\";s:223:\"<blockquote>\r\n<p>Our goal is to form a true win-win partnership</p>\r\n</blockquote>\r\n\r\n<div class=\"quote-name\">Steve King</div>\r\n\r\n<div class=\"quote-details\">President and CEO</div>\r\n\r\n<div class=\"quote-details\">Alaris</div>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-08 07:24:02\";s:12:\"cms_modified\";s:19:\"2015-01-13 10:31:30\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-08 07:24:02','2015-01-13 10:31:30',5),(158,'text',27,'a:10:{s:2:\"id\";s:2:\"27\";s:12:\"cms_headline\";s:28:\"The Alaris Capital Advantage\";s:7:\"content\";s:3608:\"<h2>Illustrative Transaction Analysis of an Alaris Partnership with Company XYZ ($000&rsquo;s)</h2>\r\n\r\n<h3>Key Assumptions:</h3>\r\n\r\n<ul>\r\n	<li>$50 million contribution on December 31, 2013 in exchange for a first year distribution from Company XYZ of $7.5 million.</li>\r\n	<li>The annual distribution to Alaris will reset at the end of 2014 based on the performance of Company XYZ&rsquo;s revenue in 2014 vs 2013.</li>\r\n	<li>There is a 6% +/- collar on Company XYZ&rsquo;s distribution to Alaris.</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table align=\"center\" border=\"1\" cellpadding=\"1\" cellspacing=\"1\" style=\"width: 500px;\">\r\n	<tbody>\r\n		<tr>\r\n			<td>Summary Pro Forma Income Statement</td>\r\n			<td>2013A</td>\r\n			<td>2014E</td>\r\n			<td>2015E</td>\r\n			<td>2016E</td>\r\n			<td>2017E</td>\r\n			<td>2018E</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Revenue</td>\r\n			<td>$100,000</td>\r\n			<td>$115,000</td>\r\n			<td>$138,000</td>\r\n			<td>$132,480</td>\r\n			<td>$137,779</td>\r\n			<td>$158,446</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% change</td>\r\n			<td>&nbsp;</td>\r\n			<td>15.0%</td>\r\n			<td>20.0%</td>\r\n			<td>-4.00%</td>\r\n			<td>4.0%</td>\r\n			<td>15.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>EBITDA</td>\r\n			<td>30,000</td>\r\n			<td>34,500</td>\r\n			<td>41,400</td>\r\n			<td>39,744</td>\r\n			<td>41,334</td>\r\n			<td>47,534</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Alaris Distribution</td>\r\n			<td>NA</td>\r\n			<td>7,500</td>\r\n			<td>7,950</td>\r\n			<td>8,427</td>\r\n			<td>8,090</td>\r\n			<td>8,413</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% change in Alaris Distribution (collar of +/- 6%)</td>\r\n			<td>&nbsp;</td>\r\n			<td>NA</td>\r\n			<td>6.0%</td>\r\n			<td>6.0%</td>\r\n			<td>-4.0%</td>\r\n			<td>4.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Cash Flow - Post Alaris Distribution</td>\r\n			<td>$30,000</td>\r\n			<td>$27,000</td>\r\n			<td>$33,450</td>\r\n			<td>$31,317</td>\r\n			<td>$33,244</td>\r\n			<td>$39,120</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% of economic interest retained by founders/management</td>\r\n			<td>100%</td>\r\n			<td>78%</td>\r\n			<td>81%</td>\r\n			<td>79%</td>\r\n			<td>80%</td>\r\n			<td>82%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>% of common shares held by founders/management</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n			<td>100%</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<h3>&nbsp;</h3>\r\n\r\n<h3>Our economic participation in any of our Partnerships is:</h3>\r\n\r\n<h4>Limited by a Collar</h4>\r\n\r\n<p>The collar on the distribution limits Alaris&rsquo; participation in the growth of Company XYZ to 6% in 2015E instead of the 15% increase the company realized in its revenue for the 2014E vs 2013A periods.&nbsp; Similarly, because Alaris participates in both the up and downside performance of the business, a 4% decline in revenue in 2016E vs 2015E results in a 4% reduction of the Alaris distribution for 2017E.</p>\r\n\r\n<h4>Limited to Organic Growth</h4>\r\n\r\n<p>The Alaris distribution is limited to changes based on the % change in organic top-line performance. If Company XYZ was to make an acquisition, the gross revenue from that acquisition would not be included until it can be considered an &ldquo;organic&rdquo; part of the business.</p>\r\n\r\n<h4>Limited in the Long Term</h4>\r\n\r\n<p>If Company XYZ expects to realize growth over a 5 year period, the company will maintain a higher economic interest in the business under the Alaris structure than could be maintained with a traditional equity provider due to Alaris&rsquo; limited participation in growth. The percentage of economic interest retained by the Company XYZ increases from 78% in 2014E to 82% in 2018E.</p>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page37\">Partner Criteria</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 10:18:25\";s:12:\"cms_modified\";s:19:\"2015-01-08 14:27:51\";s:20:\"cms_modified_by_user\";s:1:\"2\";}',0,'2015-01-07 10:18:25','2015-01-08 14:27:51',5),(159,'text',27,'a:10:{s:2:\"id\";s:2:\"27\";s:12:\"cms_headline\";s:28:\"The Alaris Capital Advantage\";s:7:\"content\";s:5315:\"<h2>Illustrative Transaction Analysis of an Alaris Partnership with Company XYZ ($000&rsquo;s)</h2>\r\n\r\n<h3>Key Assumptions:</h3>\r\n\r\n<ul>\r\n	<li>$50 million contribution on December 31, 2013 in exchange for a first year distribution from Company XYZ of $7.5 million.</li>\r\n	<li>The annual distribution to Alaris will reset at the end of 2014 based on the performance of Company XYZ&rsquo;s revenue in 2014 vs 2013.</li>\r\n	<li>There is a 6% +/- collar on Company XYZ&rsquo;s distribution to Alaris.</li>\r\n</ul>\r\n\r\n<p>&nbsp;</p>\r\n\r\n<table align=\"center\" style=\"font-size: 0.8em;\">\r\n	<tbody>\r\n		<tr>\r\n			<td colspan=\"7\" style=\"text-align: center;\"><strong>Proforma</strong></td>\r\n		</tr>\r\n		<tr>\r\n			<td>Summary Pro Forma Income Statement</td>\r\n			<td style=\"text-align: center;\">2013A</td>\r\n			<td style=\"text-align: center;\">2014E</td>\r\n			<td style=\"text-align: center;\">2015E</td>\r\n			<td style=\"text-align: center;\">2016E</td>\r\n			<td style=\"text-align: center;\">2017E</td>\r\n			<td style=\"text-align: center;\">2018E</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Revenue</td>\r\n			<td style=\"text-align: right;\">$100,000</td>\r\n			<td style=\"text-align: right;\">$115,000</td>\r\n			<td style=\"text-align: right;\">$138,000</td>\r\n			<td style=\"text-align: right;\">$132,480</td>\r\n			<td style=\"text-align: right;\">$137,779</td>\r\n			<td style=\"text-align: right;\">$158,446</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp; % change</td>\r\n			<td>&nbsp;</td>\r\n			<td style=\"text-align: right;\">15.0%</td>\r\n			<td style=\"text-align: right;\">20.0%</td>\r\n			<td style=\"text-align: right;\">-4.00%</td>\r\n			<td style=\"text-align: right;\">4.0%</td>\r\n			<td style=\"text-align: right;\">15.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>EBITDA</td>\r\n			<td style=\"text-align: right;\">30,000</td>\r\n			<td style=\"text-align: right;\">34,500</td>\r\n			<td style=\"text-align: right;\">41,400</td>\r\n			<td style=\"text-align: right;\">39,744</td>\r\n			<td style=\"text-align: right;\">41,334</td>\r\n			<td style=\"text-align: right;\">47,534</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n			<td>&nbsp;</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp; Alaris Distribution</td>\r\n			<td style=\"text-align: right;\">NA</td>\r\n			<td style=\"text-align: right;\">7,500</td>\r\n			<td style=\"text-align: right;\">7,950</td>\r\n			<td style=\"text-align: right;\">8,427</td>\r\n			<td style=\"text-align: right;\">8,090</td>\r\n			<td style=\"text-align: right;\">8,413</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp; &nbsp; % change in Alaris Distribution (collar of +/- 6%)</td>\r\n			<td style=\"text-align: right;\">&nbsp;</td>\r\n			<td style=\"text-align: right;\">NA</td>\r\n			<td style=\"text-align: right;\">6.0%</td>\r\n			<td style=\"text-align: right;\">6.0%</td>\r\n			<td style=\"text-align: right;\">-4.0%</td>\r\n			<td style=\"text-align: right;\">4.0%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>Cash Flow - Post Alaris Distribution</td>\r\n			<td style=\"text-align: right;\">$30,000</td>\r\n			<td style=\"text-align: right;\">$27,000</td>\r\n			<td style=\"text-align: right;\">$33,450</td>\r\n			<td style=\"text-align: right;\">$31,317</td>\r\n			<td style=\"text-align: right;\">$33,244</td>\r\n			<td style=\"text-align: right;\">$39,120</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp; &nbsp; % of economic interest retained by founders/management</td>\r\n			<td style=\"text-align: right;\">100%</td>\r\n			<td style=\"text-align: right;\">78%</td>\r\n			<td style=\"text-align: right;\">81%</td>\r\n			<td style=\"text-align: right;\">79%</td>\r\n			<td style=\"text-align: right;\">80%</td>\r\n			<td style=\"text-align: right;\">82%</td>\r\n		</tr>\r\n		<tr>\r\n			<td>&nbsp; &nbsp; % of common shares held by founders/management</td>\r\n			<td style=\"text-align: right;\">100%</td>\r\n			<td style=\"text-align: right;\">100%</td>\r\n			<td style=\"text-align: right;\">100%</td>\r\n			<td style=\"text-align: right;\">100%</td>\r\n			<td style=\"text-align: right;\">100%</td>\r\n			<td style=\"text-align: right;\">100%</td>\r\n		</tr>\r\n	</tbody>\r\n</table>\r\n\r\n<h3>&nbsp;</h3>\r\n\r\n<h3>Our economic participation in any of our Partnerships is:</h3>\r\n\r\n<h4>Limited by a Collar</h4>\r\n\r\n<p>The collar on the distribution limits Alaris&rsquo; participation in the growth of Company XYZ to 6% in 2015E instead of the 15% increase the company realized in its revenue for the 2014E vs 2013A periods.&nbsp; Similarly, because Alaris participates in both the up and downside performance of the business, a 4% decline in revenue in 2016E vs 2015E results in a 4% reduction of the Alaris distribution for 2017E.</p>\r\n\r\n<h4>Limited to Organic Growth</h4>\r\n\r\n<p>The Alaris distribution is limited to changes based on the % change in organic top-line performance. If Company XYZ was to make an acquisition, the gross revenue from that acquisition would not be included until it can be considered an &ldquo;organic&rdquo; part of the business.</p>\r\n\r\n<h4>Limited in the Long Term</h4>\r\n\r\n<p>If Company XYZ expects to realize growth over a 5 year period, the company will maintain a higher economic interest in the business under the Alaris structure than could be maintained with a traditional equity provider due to Alaris&rsquo; limited participation in growth. The percentage of economic interest retained by the Company XYZ increases from 78% in 2014E to 82% in 2018E.</p>\r\n\r\n<hr />\r\n<p class=\"text-right\">Next: <a href=\"/_page37\">Partner Criteria</a></p>\";s:7:\"html_id\";s:0:\"\";s:10:\"cms_active\";s:1:\"1\";s:11:\"cms_deleted\";s:1:\"0\";s:9:\"cms_draft\";s:1:\"0\";s:11:\"cms_created\";s:19:\"2015-01-07 03:18:25\";s:12:\"cms_modified\";s:19:\"2015-01-13 10:48:48\";s:20:\"cms_modified_by_user\";s:1:\"5\";}',0,'2015-01-07 03:18:25','2015-01-13 10:48:48',5),