Rent crunch to worsen

YOKO

Sun, November 4, 2007

. S# x' m/ B$ F; NRent crunch to worsen
3 S$ z" @2 y8 k* w3 zVacancy rate forecasted to dip to under 1%

By KEVIN CRUSH, SUN MEDIA

" d4 p3 r4 U. ]Think the rental market is tight now? Just wait until next year.
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4 T1 A4 \! _, j% n4 M9 LThat'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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0 E6 ]( W5 F+ r/ S! s- ?"It's just getting retarded," said Jasmine, who asked her last name not be printed.
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SIX MONTHS LOOKING
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, P0 b* u: Z, o& O1 |7 `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.

8 g0 X% _' V: P- x' f- x% C7 _, TThey have been scouring the city for anything - but have found nothing in their price range, around $1,100.
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"I graduated from college, but I'm still working two to three jobs just to supplement the rent payments," she said.
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4 G0 r# N/ F$ j, U2 MAccording 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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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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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.
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1 d5 |- [/ @. |& WRates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.

7 U3 s) S, [( [8 e1 E"With the rental rates being so high, you can only do so much," said Jasmine.

  q7 @5 y4 @1 LMaking it worse, she has pets, and few places accept animals.

$ N. L* B: Y% u5 j8 H* Z9 W9 jMeanwhile, house sellers are facing a crunch of their own.
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% e% V* W4 o9 D: [: z/ fWith 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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& |7 Y; ~! S$ `/ X; Z"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.

Schulte bought the house for $165,000 less than five years ago.
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Home prices skyrocketed because of investors buying up properties, said realtor Abe Hering.

  I: ~/ f9 i- U. e6 OINVESTORS A HUGE FACTOR
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/ Z! a7 ?+ b5 ~5 T. n7 v"The investors were causing the market to spiral."
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) z3 s! G3 A4 j' J% FThose investors have left the market, leaving mostly people looking for a home to live in.
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Hering 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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# |% R( V; T. a3 J" WThe 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:
有房的, 房子在贬值.
% E6 f# I: M4 P5 o/ a4 G! Q- Q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:
有房的, 房子在贬值.
# y# Y: T$ M" {; C. x9 J5 a7 T7 N没房的, 房租在上涨.

2 h, s8 I: @* M" t1 H, V待不住了，还有一个字“走”。

YOKO

Don't be sad!