Rent crunch to worsen

YOKO

Sun, November 4, 2007

( Q; V2 K( _0 M9 U  j" O) }; E6 Y9 sRent crunch to worsen
Vacancy rate forecasted to dip to under 1%

By KEVIN CRUSH, SUN MEDIA

0 N- B/ H/ _( r4 X! U& HThink the rental market is tight now? Just wait until next year.
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) c7 T! V; ]3 U( \5 QThat'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.

; J6 }" I3 u# m6 D9 z6 J. B"It's just getting retarded," said Jasmine, who asked her last name not be printed.
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SIX MONTHS LOOKING

5 G/ h$ }! y% d- ?' 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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For now, the couple has been living with her brother and mother in a three-bedroom government-subsidized housing unit.

They have been scouring the city for anything - but have found nothing in their price range, around $1,100.
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"I graduated from college, but I'm still working two to three jobs just to supplement the rent payments," she said.
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According to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%.
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The rent crunch isn't expected to get any better with the agency pegging the rate next October at just 0.8%.
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A limited supply of new rental buildings is keeping the market tight, according to the CMHC's outlook for Edmonton, released this week. Apartments being converted into condos is further keeping a stranglehold on renters.
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$ v  z0 ^+ C6 C; G+ JRates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.
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"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.
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Meanwhile, house sellers are facing a crunch of their own.
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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.

0 w2 K" J7 y, O. u"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June.

2 Y8 q2 \( v3 W8 G; t  m"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."
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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.

; P7 ], `% |# C* hSchulte 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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) ?" h' e+ i) C& B  c+ A+ k0 d  A% XINVESTORS A HUGE FACTOR

"The investors were causing the market to spiral."

6 D7 R/ u: L% J4 l% c+ s% C9 n9 nThose investors have left the market, leaving mostly people looking for a home to live in.

+ m8 j* H  r7 L: U/ iHering said there's just not enough of them to cause a real frenzy and they're often nervous about the high prices.

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:
0 ]3 t; z4 v+ X( k有房的, 房子在贬值.
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
5 U9 p. b9 m. ~3 X5 J/ x. ^现在是大家的日子都不好过:
* i- j2 c1 q, i5 I$ U有房的, 房子在贬值.
没房的, 房租在上涨.

: u, B, v( J$ z$ E  h1 }0 o待不住了，还有一个字“走”。

YOKO

Don't be sad!