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

3 t: R& d/ {  @7 C" ?Think the rental market is tight now? Just wait until next year.

# {  I+ X) r1 `! E2 TThat'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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5 {. r( d$ R% b: K+ t"It's just getting retarded," said Jasmine, who asked her last name not be printed.

0 y) T' n7 E% q, zSIX MONTHS LOOKING

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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For 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 $1,100.
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- w' y4 s& {* U+ b9 \7 T) ]; c"I graduated from college, but I'm still working two to three jobs just to supplement the rent payments," she said.
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According to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%.
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, T# j' V( q0 V1 g$ ]$ w, y2 pThe rent crunch isn't expected to get any better with the agency pegging the rate next October at just 0.8%.

A 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.

) W" Z6 O7 M$ M% fRates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.
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  O# y/ q, S5 U$ c% o$ v( e"With the rental rates being so high, you can only do so much," said Jasmine.

; {8 q# E5 T! qMaking it worse, she has pets, and few places accept animals.

% T3 X! ~, c) S7 M# j. N$ i5 BMeanwhile, 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.
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"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June.

+ q% J7 I; M2 {# @( D8 [& O- K"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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) T: F  i1 b6 K6 |/ XSchulte bought the house for $165,000 less than five years ago.

. L5 \" D  H1 u% P( T( B- dHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.
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) k3 ?) E; O6 `5 H/ VINVESTORS A HUGE FACTOR

/ \( D1 y  }6 k8 y/ z  K5 j"The investors were causing the market to spiral."

9 s. A% I2 A4 P6 b; v. L* vThose investors have left the market, leaving mostly people looking for a home to live in.

- L/ f( U& c- Q2 t" Y/ E: mHering 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:
! B* {+ M: i& X. P# H有房的, 房子在贬值.
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
2 K/ _% S3 [# p# i现在是大家的日子都不好过:
: b7 u: i+ `. z$ ^% Z. g' ^/ }有房的, 房子在贬值.
没房的, 房租在上涨.

待不住了，还有一个字“走”。

YOKO

Don't be sad!