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记者的观察
The realities of real estate
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Published: Friday, October 06, 2006
5 g, B8 R# E, O7 s1 \EDMONTON - With her toolbox in hand and overalls on, newcomer Lisa Laas feels she can conquer the plumbing world in Edmonton.
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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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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.
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But 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.* `1 q0 X0 d' b
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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."! ^- B# X, h+ y8 R& L
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Laas started looking in February. She had hoped to buy a house for $160,000, but soon realized she had to change her plans. A townhouse would have to do.
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1 s: o5 Z, Q; f4 i/ f' \But she has lost out on four places since beginning her search for a house.' Y% a- t( a7 D
; @9 C) O# M* v3 \3 sShe's been outbidded, "out-offered" and "outconditioned."" s* O5 C+ J6 y6 K9 B
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One house, the one she really wanted in the northwest neighbourhood of Calder, went on the market at 4 p.m. and had multiple offers by 6 p.m. so Laas walked away. In two other instances, other buyers had fewer conditions on their bid to purchase a townhouse, so her offer was dismissed.
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3 w( h9 Q* [) G$ k: D( ALaas 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.- k& _3 Z2 D. }+ N! G! f1 H3 i. Q
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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.8 N* U s; ]1 O" ~$ |: f
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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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3 U- Y2 h( r: I8 u T8 z+ qBack 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.9 K+ o3 |9 ^" J& z6 N" O. y1 V6 c
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So Daly has been checking out townhouses, but even that has been difficult for her.& V- P5 V+ V7 ]
. N+ k' Q2 {& W7 q" H"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."- O3 H+ E( e6 A3 g' Z) {( X6 W6 O
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Time has not been her friend. Every month the prices of homes in Edmonton climb higher.. n9 \+ E. o0 g
. [0 K9 ]& D& T4 }: S, aAn 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 $175,922.
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3 J" q. F8 X4 B. I: {- l1 y$ kThe president of the Edmonton Real Estate Board, Madeline Sarafinchan, says the hot market is tough for first-time homeowners and single people.
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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."
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/ r; v, [0 z: R1 k2 \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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