Rent crunch to worsen

YOKO

Sun, November 4, 2007

Rent crunch to worsen
Vacancy rate forecasted to dip to under 1%
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By KEVIN CRUSH, SUN MEDIA
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( }+ C2 U% g6 vThink 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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. K2 D3 b: F- b"It's just getting retarded," said Jasmine, who asked her last name not be printed.
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SIX MONTHS LOOKING

( e# S6 B9 |( b  C, O! a3 FJasmine 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 }( i& R) j) Z  Y5 \0 I  oFor now, the couple has been living with her brother and mother in a three-bedroom government-subsidized housing unit.
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They have been scouring the city for anything - but have found nothing in their price range, around $1,100.

/ F+ q* Q! v; d" N/ A"I graduated from college, but I'm still working two to three jobs just to supplement the rent payments," she said.
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# \# _  Z5 g8 `) K  WAccording to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%.

4 O  K% @' N; w, _The rent crunch isn't expected to get any better with the agency pegging the rate next October at just 0.8%.

. \, E4 f5 O& x; A, u( VA 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.
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Rates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.

: S- ]8 d7 P  n( d"With the rental rates being so high, you can only do so much," said Jasmine.
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: O+ k. M' D, W: c4 wMaking it worse, she has pets, and few places accept animals.
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Meanwhile, house sellers are facing a crunch of their own.

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.
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"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June.
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"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."

Originally listed at $450,000, in late August, she dropped her price to $400,000 to entice buyers. So far, there have been only lookers.
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Schulte bought the house for $165,000 less than five years ago.

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

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9 I$ o, l# U" s/ F"The investors were causing the market to spiral."

+ y$ V" s. R/ a8 _3 d7 mThose investors have left the market, leaving mostly people looking for a home to live in.

% w9 _4 C3 j" ^! u  O% NHering said there's just not enough of them to cause a real frenzy and they're often nervous about the high prices.

4 G6 W3 |, m. V# b% k0 S' h7 KThe 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:
! R& G! O0 t4 y" o5 `% E' H4 k有房的, 房子在贬值.
9 k1 {' c" Z0 M8 `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
: w) ^* Q* \( Z# J9 \. b( f现在是大家的日子都不好过:
7 B8 }; M; ~+ f" k( V% V有房的, 房子在贬值.
6 Y" {7 b. T9 @. p5 d$ m+ z% O没房的, 房租在上涨.

待不住了，还有一个字“走”。

YOKO

Don't be sad!