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记者的观察
The realities of real estate
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Published: Friday, October 06, 2006 8 y" k6 v: x0 H5 k% O
EDMONTON - With her toolbox in hand and overalls on, newcomer Lisa Laas feels she can conquer the plumbing world in Edmonton./ l* Z$ B% _# q4 V* n! I! F( V9 D
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The 29-year-old plumber from Vancouver had no problem finding work in Edmonton with trades people high in demand in Alberta.
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1 u+ c4 O, p- ^! `/ ?She moved here in December with dreams of being a homeowner, something she could never afford in Vancouver despite four years of saving her money for a down payment., }8 E2 Y( {8 @
) p/ U b* k- N" y! TBut she didn't expect Edmonton's world of hot housing where the law of successful buying seems to consist of three elements: speed, cash and no conditions.( K/ p- x6 M: Q
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"It absolutely scared me," she says. "I moved here for a house, and all of a sudden a townhouse went from $105,000 to $155,000 and I'm going, 'Oh my gosh. I have to buy really quick.' I've seen it in Vancouver and now I'm starting to see it here and it's frustrating."( b7 L5 L# u! F
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Laas started looking in February. She had hoped to buy a house for $160,000, but soon realized she had to change her plans. A townhouse would have to do.8 w0 \% T$ B* W
" P& X% q1 \* eBut she has lost out on four places since beginning her search for a house.) z7 Z7 V1 X- A) v, [( Z0 ?
% [ b7 X1 T0 `, K! rShe's been outbidded, "out-offered" and "outconditioned."9 j! T+ O4 {4 K6 Y' c: n- w( |3 p4 K
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One house, the one she really wanted in the northwest neighbourhood of Calder, went on the market at 4 p.m. and had multiple offers by 6 p.m. so Laas walked away. In two other instances, other buyers had fewer conditions on their bid to purchase a townhouse, so her offer was dismissed.
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' ~% k5 n0 `! a5 I. a+ p' ELaas says she was in tears because of the experience. She has given up working with a real estate agent to look for a home. She says she's backed off the whole thing, but she keeps her eye open every now and then.9 b! l7 Y: J" c1 s9 `5 b
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Forty-five-year-old Cheryl Daly is also having a tough time finding an affordable home for her 12-year-old son and a 16-year-old daughter.
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She left a 23-marriage and a 1,700-square-foot home last year. She works as an administrator and now rents a three-bedroom townhouse.
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Back in April, she started looking for a home, something in the $170,000 range. "I would like to have a half duplex even, but with the prices and with my status, I know that's not realistic," she says.
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So Daly has been checking out townhouses, but even that has been difficult for her.
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"The places, when they come up, if they're at a decent price, they're gone really quickly," she says, "so it's a matter of timing."7 ^, N$ \; Q& Z8 d! ^: X; C9 L( s
/ P: K! j8 s: v5 FTime has not been her friend. Every month the prices of homes in Edmonton climb higher.
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An average single dwelling unit in Edmonton sold for $316, 480 in August this year. An average townhouse, which includes the price of duplexes, sold for $262,327 in the same month. Last year in August an average townhouse sold for $175,922.
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( ?# X# a& V! @9 t; Z* X: hThe president of the Edmonton Real Estate Board, Madeline Sarafinchan, says the hot market is tough for first-time homeowners and single people.- I: h0 C. M. K& @
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"It's definitely making people think about what their options are," Sarafinchan says. "They're having to look at things that maybe are not as what they would have termed as desirable."2 u+ w' o3 @$ I8 \
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That may mean sellers are not as open to "conditions" on offers as they used to be -- such as a house inspection before the deal is finalized. |
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