housing
Canada is not alone. House prices also look high relative to rents in Australia, where a few cities, notably Sydney and Melbourne, are booming. Prices in some American cities, such as Seattle and San Francisco, have been rising much faster than the national market, which looks reasonably priced.
出现这种问题的不止是加拿大。澳大利亚的房价租金比看起来也很高，有几个城市（特别是悉尼和墨尔本）楼市火爆。美国全国楼市的总体定价看起来还算合理，但一些城市（如西雅图和旧金山）的房价涨幅远高于全国整体水平。
Common to all these cities are buyers from emerging markets, notably China, who have helped to drive a wedge between the price of homes and the local fundamentals of incomes and rental payments. They are willing to pay above the odds to secure a safe place for their savings. Though fairly small in number, their presence is enough to inflate bubbles. Canada’s housing market thus opens a window on a tragic flaw in the global economy. In only a few decades China has mastered the manufacture of high-quality goods. But it takes far longer to be able to manufacture safe stores of value. Instead, their affluent citizens seek out rich-country assets, including houses. This fundamental mismatch limits the ability of policymakers to stop bubbles from inflating.
这些城市都有一个共同点，那就是来自新兴市场的买家，特别是中国买家，拉大了房价和收入与租金支出这两个当地市场基本面之间的差距。这些买家愿意支付高价，为他们的储蓄找到安全的去处。虽然这些买家数量很少，但他们的存在足以吹大泡沫。加拿大的住房市场因而打开了一扇窗，让人们一窥全球经济中一个悲剧性的缺陷。短短几十年里，中国已然精于制造高质量的商品，但要打造出安全储存财富的渠道，需要的时间要长得多。中国的富裕公民转而寻求投资富裕国家的资产，房产正在其中。这种根本上的错配限制了政策制定者阻止泡沫膨胀的能力。
閱讀更多 小皇皇的教育故事 的文章
