Rent crunch to worsen

YOKO

Sun, November 4, 2007
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+ y  m5 e5 [1 ~# vRent crunch to worsen
+ L- E5 s4 @3 K0 gVacancy rate forecasted to dip to under 1%
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6 r* j4 ?# S# ~' N0 UBy KEVIN CRUSH, SUN MEDIA

' d* b, b) o5 L- ~Think the rental market is tight now? Just wait until next year.

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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/ v0 t3 [5 P" J1 t"It's just getting retarded," said Jasmine, who asked her last name not be printed.

SIX 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.

  

2 w7 D) j, a+ v+ b" E1 OFor now, the couple has been living with her brother and mother in a three-bedroom government-subsidized housing unit.
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0 |( q; I2 ]3 b- ?They 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.
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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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4 b/ F/ F# v: k. A0 `The 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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& w% F' g' Q% N  J% t, kA 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.
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) v2 M: |+ Z. U2 K2 m"With the rental rates being so high, you can only do so much," said Jasmine.

Making it worse, she has pets, and few places accept animals.
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Meanwhile, 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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6 M$ z5 d4 a% k( o"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."

4 H! F8 V' s. z) {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.

3 U! ]! s# G" ]4 G7 e( JSchulte bought the house for $165,000 less than five years ago.
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! i: \( A( W+ V- FHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.

! z0 G2 }' @7 T$ {1 g# [INVESTORS A HUGE FACTOR

/ \8 ?% s# @  T3 G$ ?: t: d"The investors were causing the market to spiral."

Those investors have left the market, leaving mostly people looking for a home to live in.

1 W  M5 h2 ?! t  V. SHering 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:
3 Q& P* O9 a4 Q4 W9 \有房的, 房子在贬值.
9 H1 d/ @0 _! C/ i8 Q/ g, u  \0 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
现在是大家的日子都不好过:
  [  m  P" s! P5 d, N: K5 i: P有房的, 房子在贬值.
没房的, 房租在上涨.

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+ s* d1 d1 W0 [1 r% }( r待不住了，还有一个字“走”。

YOKO

Don't be sad!