Rent crunch to worsen

YOKO

Sun, November 4, 2007
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( Y! _  I2 l+ i$ ZRent crunch to worsen
& O3 Y  a# e2 j- _7 u- ^Vacancy rate forecasted to dip to under 1%

7 `7 X0 D/ Z) f- a7 A/ i  Y& K# [By KEVIN CRUSH, SUN MEDIA
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Think the rental market is tight now? Just wait until next year.

+ S) ]: r! t1 i" _4 R6 VThat'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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"It's just getting retarded," said Jasmine, who asked her last name not be printed.

1 g+ l5 h7 Y6 w2 jSIX MONTHS LOOKING

7 ]! c# T& L: b2 e5 z0 S0 dJasmine 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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6 }7 N) `/ l/ ]6 |/ [& TFor 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.

"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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, o* c( Y0 U, fAccording 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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/ N: A% O# p: H: `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.

Rates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.

* k9 O# e7 a7 v6 _( z% O"With the rental rates being so high, you can only do so much," said Jasmine.
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Making it worse, she has pets, and few places accept animals.

Meanwhile, house sellers are facing a crunch of their own.

' w9 z+ V5 G* ^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.

" W$ N1 S" _' K, t" U: M# J0 A  @"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."

: u( k6 a% |" _' cOriginally 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.

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

INVESTORS A HUGE FACTOR

7 S- X* L5 V; Y1 W/ Z) \0 ^( w"The investors were causing the market to spiral."

. D: X9 }$ M' R& p' fThose investors have left the market, leaving mostly people looking for a home to live in.

5 ]6 }* a0 R2 V# f7 ~3 h5 qHering 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:
有房的, 房子在贬值.
; {) E4 b4 P2 e9 E- |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
: j9 j; g! c# C4 g; q& e$ t# {( ~现在是大家的日子都不好过:
有房的, 房子在贬值.
没房的, 房租在上涨.

, \. Y1 ]" O8 e5 C+ D3 M* {待不住了，还有一个字“走”。

YOKO

Don't be sad!