在加拿大，房价已暴跌20%，数千套未售出的共管公寓空置。总理马克·卡尼的住房机构负责人表示，现在正是建设的时机。
In Canada, home prices have plunged 20% and thousands of unsold condominiums sit empty. The head of Prime Minister Mark Carney’s housing agency says this is precisely the moment to build.
“加拿大建房”首席执行官安娜·拜朗表示，无论市场周期如何，国家都需要更多的住房供应——而且是合适的那种。这意味着更多专门建造的租赁公寓，更少的投资性共管公寓。
Ana Bailão, chief executive officer of Build Canada Homes, said regardless of the market cycle, the country needs more housing supply — and the right kind. That means more purpose-built rental apartments and fewer investment condos.
“我们不受周期左右。我们知道国家将需要更多住房，”她在一次采访中说。“我们是一个务实的组织，核心目标是破土动工，以提高可负担性，并建造市场没有在建造的住房。”卡尼在去年当选后创建了“加拿大建房”，旨在推动联邦政府重新参与住房建设的融资。渥太华在20世纪90年代退出了经济适用房的建设，导致部分市场出现供应缺口。
“We don’t work in the cycle. We know that the country is going to need more housing,” she said in an interview. “We’re a practical organization with the key objective of getting shovels in the ground to increase affordability and to create the housing the market is not creating.”Carney created Build Canada Homes after he was elected last year, in a push to get the federal government back in the business of financing homebuilding. Ottawa retreated from construction of affordable housing in the 1990s, contributing to a supply gap in segments of the market.
但拜朗试图破土动工之际，住房建设的经济效益却罕见地糟糕。更高的利率和移民上限引发了加拿大最大的住房调整之一，迫使开发商搁置项目，新建共管公寓无人问津。
But Bailão is trying to get shovels in the ground just as the economics of homebuilding have rarely looked worse. Higher interest rates and an immigration cap have triggered one of Canada’s biggest housing corrections, forcing developers to shelve projects as new condos gather dust.
她说，她的机构拥有130亿加元（92亿美元）的政府资金，提供灵活的融资工具，并与市政当局、省份和私人开发商合作，使建设更加容易。该机构还在释放加拿大政府拥有的土地。
She said her agency, armed with C$13 billion ($9.2 billion) in government funding, offers flexible financing tools and partners with municipalities, provinces and private developers to make building easier. It’s also freeing up land owned by the Canadian government.
迄今为止，该机构已承诺为约1.9万套经济适用房提供资金，其中约2300套正在建设中。（“加拿大建房”将住房定义为经济适用房的标准是，住房总成本不超过家庭总收入的30%。）相比之下，加拿大抵押贷款和住房公司估计，要在未来十年内将可负担性恢复到疫情前的水平，需要额外建造约190万至240万套住房。
It has committed funding to about 19,000 affordable units so far, with about 2,300 of those under construction. (Build Canada Homes defines housing as affordable when total shelter costs require no more than 30% of a household’s gross income.) That compares with the roughly 1.9 million to 2.4 million additional homes that Canada Mortgage and Housing Corp. estimates need to be built over the next decade to restore affordability to pre-pandemic levels. Bailão acknowledged the market slump is affecting the entire construction business, her organization included.
Bailão 承认市场低迷正在影响整个建筑业务，包括她的组织在内。但她表示，仅在过去一年，该组织就收到了来自建筑商和其他提案人的 900 多份提案，并为若干原本无法获得资金的私营部门主导项目提供了融资，其中包括温哥华一个 600 套的租赁住房开发项目。
But she said it had drawn more than 900 proposals from builders and other proponents in the last year alone, and financed several private-sector-led projects that would not have received funding otherwise, including a development of 600 rental units in Vancouver. The housing correction “just reinforces the need for Build Canada Homes, to be honest,” she said.
她说：“坦白说，住房市场的回调‘更加凸显了 Build Canada Homes（建设加拿大住房计划）的必要性’。”
With thousands of newly built condos sitting unsold in Toronto and Vancouver, turning them into affordable housing might seem like an obvious solution.
在多伦多和温哥华有数千套新建公寓滞销的情况下，将其转化为经济适用房似乎是一个显而易见的解决方案。但不列颠哥伦比亚省政府和加拿大联邦政府 6 月提出的一项收购并转换约 2200 套公寓的提案，立即引发了强烈反弹，批评者称其为“开发商救助”。
But a June proposal by the British Columbia and Canadian governments to acquire and convert some 2,200 units sparked immediate backlash, with critics calling it a “developer bailout.”Bailão’s answer was brief when asked where that project stands today: “The partnership with the government of British Columbia continues to be developed and the details of that partnership will absolutely be unveiled at the appropriate time.”
当被问及该项目目前进展如何时，Bailão 的回答很简短：“与不列颠哥伦比亚省政府的合作伙伴关系仍在推进中，该合作伙伴关系的细节绝对会在适当的时候公布。”
The condo market’s collapse has given way to a new driver of housing starts.
公寓市场的崩盘催生了一个新的住房开工驱动力。据加拿大按揭及住房公司（CMHC）称，专门建造的租赁住房现在占主要市场所有公寓开工量的三分之二，这得益于包括融资计划、降低开发费用和分区改革在内的政府政策。
Purpose-built rental housing now accounts for two-thirds of all apartment starts in key markets, propelled by government policies including financing programs, lower development charges and zoning reforms. The shift is easing pressure in rental markets.
这种转变正在缓解租赁市场的压力。CMHC 指出，在经历了多年的严重短缺后，空置率正在上升，租金增速正在放缓。
Vacancy rates are rising and rent growth is slowing after years of severe shortages, according to CMHC. But construction of condos and “ground-oriented” homes — detached houses, multiplexes, townhomes — has weakened sharply.
但公寓和“地面导向型”住宅——独立住宅、多户住宅、排屋——的建设已大幅疲软。这些项目传统上既提供了置业机会，也是二手租赁住房的来源。
Those projects have traditionally provided both ownership opportunities and a source of secondary rental housing. As a result, Canada still faces acute affordability pressures in the ownership market.
因此，加拿大在自住房市场仍面临严重的可负担性压力。虽然“加拿大建房计划”侧重于扩大经济适用租赁住房供应，但许多年轻加拿大人购房仍可能面临高门槛。多伦多住宅基准价仍为92.46万加元。
While Build Canada Homes is focused on expanding affordable rentals, many younger Canadians may continue to face steep barriers to buying a home. The benchmark price of a Toronto home is still C$924,600. Benjamin Tal, deputy chief economist at Canadian Imperial Bank of Commerce, believes the adjustment in the condo market is necessary, even if it causes short-term pain.
加拿大帝国商业银行副首席经济学家本杰明·塔尔认为，公寓市场的调整是必要的，即使会造成短期阵痛。他预计这将淘汰那些资金不足却进入市场的“米老鼠开发商”，且大多数公寓买家将是家庭而非投资者。
He expects it will eradicate “Mickey Mouse developers” that entered the market despite being undercapitalized, and most condo buyers will be families, rather than investors. “Families mean larger units,” he said.
他说：“家庭意味着更大的户型。因此我们现在谈论的是更大的户型，而不是过去建造的那些‘鞋盒’公寓。”
“Therefore we are talking about larger units now, as opposed to those shoeboxes that we used to build.”