Investor Presentaiton

Housing Undersupplied, Prospects Solid 240 200 160 120 80 60 40 Housing Supply Situation completed & unabsorbed units per population aged 15 and over, index, 2010 = 100 0 10 11 12 13 14 15 16 17 18 19 Vancouver Toronto Calgary Montreal Sources: Statistics Canada, Scotiabank Economics 68

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