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Sun, November 4, 2007( D- e* P; M" A. Q* Y+ ^" k
8 Q0 G+ @) Q6 L: q$ A" VRent crunch to worsen' A U! s O- E" k/ \1 _
Vacancy rate forecasted to dip to under 1%
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By KEVIN CRUSH, SUN MEDIA) P% l- t3 n; |
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Think the rental market is tight now? Just wait until next year.
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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. ) W- ^% L' O* b( H, k3 s6 a
& `2 `% {6 q) }; A4 ^* b"It's just getting retarded," said Jasmine, who asked her last name not be printed.
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8 h" u3 }* ]# t( DSIX MONTHS LOOKING 7 B5 ` P) U: N1 U& \
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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. * W1 F: N! h. r4 |) z; ^) J
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They have been scouring the city for anything - but have found nothing in their price range, around $1,100. . z9 m5 ~8 A P) ^: K2 ] o
3 j$ v3 @% h/ I4 q; B9 @"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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( y" R+ W3 E: A8 r" b# F, rAccording to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%. , k9 _4 Y2 W8 C7 ^% M
3 Q: K' z7 I) E9 Q6 nThe 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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2 i8 {6 x1 R! l* S) Y5 ZA 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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/ o" f; R4 q( S' C, ERates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006. % r( i, Y+ k8 R, k6 b
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"With the rental rates being so high, you can only do so much," said Jasmine.
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2 T) t2 r8 A$ X1 Q) dMaking it worse, she has pets, and few places accept animals.
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Meanwhile, house sellers are facing a crunch of their own. 1 e( `$ W* p4 B: y
; t' W3 Q# i. ZWith 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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0 S9 e. S/ w, N/ `"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June. * y, A y6 U& |* }/ {* y, U
- c/ k$ v, Y* p7 e# Q3 e% C9 Y"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." : i( V- ]1 O, B4 Z
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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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7 T( T3 v9 K/ b: PSchulte bought the house for $165,000 less than five years ago.
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Home prices skyrocketed because of investors buying up properties, said realtor Abe Hering.
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INVESTORS A HUGE FACTOR W/ L6 c4 U: ?+ ~0 R* p( g! }
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"The investors were causing the market to spiral."
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Those investors have left the market, leaving mostly people looking for a home to live in.
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( M5 F1 j0 w# \+ FHering said there's just not enough of them to cause a real frenzy and they're often nervous about the high prices.
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# _. ]$ }- w [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. |
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发表于 2007-11-4 20:11
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