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  "documentTitle": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)",
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  "authorName": "Marcato Capital Management",
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  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "The slide uses a line chart for historical price trends and a bar chart for affordability ratios to contrast Alberta markets with major Canadian cities.",
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      "text": "Despite stronger economic trends and better affordability ratios, Alberta's housing prices have underperformed Toronto and Vancouver since peaking in 2007",
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      "text": "BRP's Canadian land investments are >80% concentrated in oil sands-rich Alberta. Alberta's GDP grew 5.2% in 2011, highest in Canada. Despite stronger economic trends and better affordability ratios, Alberta's housing prices have underperformed Toronto and Vancouver since peaking in 2007",
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      "text": "Source: Teranet, Statistics Canada, CMHC and regional real estate boards. [1] September 2007 indexed to 100. Alberta home prices peaked in September 2007. [2] Avg. home price / estimated median family income as of July 2012.",
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      "text": "Concentrated in the Best Canadian Markets",
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