Rent crunch to worsen

YOKO

Sun, November 4, 2007

Rent crunch to worsen
Vacancy rate forecasted to dip to under 1%
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By KEVIN CRUSH, SUN MEDIA
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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.
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"It's just getting retarded," said Jasmine, who asked her last name not be printed.
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' @" o! a4 d9 }" Z. d6 r8 h0 w2 JSIX MONTHS LOOKING

, l$ Q9 b: C  C5 V! hJasmine 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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" V" S) {4 m! d7 e! N0 ^For 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.
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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.

- P" E# f4 C" WAccording to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%.

% h  g4 O2 S  c9 h; n( ZThe rent crunch isn't expected to get any better with the agency pegging the rate next October at just 0.8%.

2 G% ?( R4 q! S( |/ TA 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.

" G$ B) F- O1 X$ s6 Z* @: w"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.

3 v, u4 v) S1 F! c"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."

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.

% D& ]! y$ y* E8 u6 JSchulte bought the house for $165,000 less than five years ago.

. O2 i. ?7 Z! T7 aHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.
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INVESTORS A HUGE FACTOR
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5 Q+ G( G, p" _2 C9 e3 T"The investors were causing the market to spiral."
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$ y/ G0 l- `" L6 ?9 tThose investors have left the market, leaving mostly people looking for a home to live in.
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Hering 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:
& K. N3 z6 O2 q9 g% B) v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
6 b2 X7 E$ @, \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.

$ ~# S. `2 o' F' M# s3 m% H
0 f' q! Y4 e: a% t) b待不住了，还有一个字“走”。

YOKO

Don't be sad!