Rent crunch to worsen

YOKO

Sun, November 4, 2007

% u! `% l" ^4 b) v- ZRent crunch to worsen
3 a; f8 L# A; I# ^% ^Vacancy rate forecasted to dip to under 1%
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By KEVIN CRUSH, SUN MEDIA

Think the rental market is tight now? Just wait until next year.
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That's when the apartment vacancy rate in Edmonton is forecasted to dip below the current 1% - making it that much harder for already frustrated renters to find a place to live.
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" }; W7 Z- w& U$ j- P2 `"It's just getting retarded," said Jasmine, who asked her last name not be printed.

SIX MONTHS LOOKING
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& {2 L$ l) _7 N, A$ _Jasmine said she's already spent more than six months trying to find a decent place for her and her fiance to rent with no luck.

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2 ?2 R; ^# x# z5 ]" |For now, the couple has been living with her brother and mother in a three-bedroom government-subsidized housing unit.

' O& j+ j( M  T6 lThey have been scouring the city for anything - but have found nothing in their price range, around $1,100.
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"I graduated from college, but I'm still working two to three jobs just to supplement the rent payments," she said.

3 d- ]. K3 g4 ~" z! F5 iAccording to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%.
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; N" a( L  t( g& w4 F* JThe rent crunch isn't expected to get any better with the agency pegging the rate next October at just 0.8%.
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0 x8 f: V& x- ^; N1 oA limited supply of new rental buildings is keeping the market tight, according to the CMHC's outlook for Edmonton, released this week. Apartments being converted into condos is further keeping a stranglehold on renters.

Rates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.
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"With the rental rates being so high, you can only do so much," said Jasmine.
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Making it worse, she has pets, and few places accept animals.
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- g0 G: \% @5 E7 [4 @5 U( xMeanwhile, house sellers are facing a crunch of their own.
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With a growing inventory, high prices, and wary buyers, houses can be on the market for months. The CMHC predicts listing periods will get even longer in the new year.

# r1 }7 I$ Z2 D$ s! }) ]/ x"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June.

"Shoppers are shopping around a lot more now. They're taking their time. I have had one couple who have come in four times now, but they're not in any rush to make an offer."
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, p- _6 T4 o7 Z  u3 `6 \# WOriginally listed at $450,000, in late August, she dropped her price to $400,000 to entice buyers. So far, there have been only lookers.

: Z) A7 x# e# k+ NSchulte bought the house for $165,000 less than five years ago.

Home prices skyrocketed because of investors buying up properties, said realtor Abe Hering.

" f2 w, d' V9 s: d$ mINVESTORS A HUGE FACTOR

3 C% i+ p" Q& k5 J: f"The investors were causing the market to spiral."

" l9 z: E$ H) U, i" aThose investors have left the market, leaving mostly people looking for a home to live in.

; P2 t3 G6 M; [- o- u6 UHering said there's just not enough of them to cause a real frenzy and they're often nervous about the high prices.
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The Edmonton Real Estate Board recently reported the average single-family home in Edmonton sold for $399,555 in September, down 1% from the previous month.

水管工

现在是大家的日子都不好过:
: F% ]0 F+ x: N9 N  j) @有房的, 房子在贬值.
- H( H3 I+ V9 U0 b+ R- }没房的, 房租在上涨.

YOKO

I wondered that how much the rental would be going up for just two bedroom apartment next year???

人生几何

原帖由 水管工 于 2007-11-5 09:42 发表
% [! C: I3 O* Y2 q$ k- X" W现在是大家的日子都不好过:
( `; |& s( X8 j( O) O$ X9 }有房的, 房子在贬值.
  O6 a: c+ y/ a( n6 A* e没房的, 房租在上涨.

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3 f: {  R( g* u$ _  w  y! Q待不住了，还有一个字“走”。

YOKO

Don't be sad!