Rent crunch to worsen

YOKO

Sun, November 4, 2007

Rent crunch to worsen
! I6 n) Z( |, u) |) ?! yVacancy rate forecasted to dip to under 1%

0 M0 j  O. n( L. R: _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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! d0 Z- a/ D- D) HThat'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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: S4 U, C+ A9 T4 ]2 ^! f& \3 ~  n"It's just getting retarded," said Jasmine, who asked her last name not be printed.

/ v$ h8 C2 H& _& o# {! KSIX MONTHS LOOKING
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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.

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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According to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%.

The rent crunch isn't expected to get any better with the agency pegging the rate next October at just 0.8%.

  g6 E7 Z) D1 A- Y/ hA 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 $877 a month in October 2006.
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"With the rental rates being so high, you can only do so much," said Jasmine.
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4 x- h  L1 Z% c0 bMaking it worse, she has pets, and few places accept animals.
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: x* ]+ [$ r3 |# x" T) u7 R+ E9 @& nMeanwhile, house sellers are facing a crunch of their own.

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.
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6 A- T: C! A9 d) Q1 c"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June.
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9 W' U& K7 G+ n9 r2 Z"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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6 B6 |8 b& q6 qOriginally 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 $165,000 less than five years ago.
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4 }2 v% k1 W* e+ ~$ w2 z. }: sHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.

: z( P, e6 }8 eINVESTORS A HUGE FACTOR

"The investors were causing the market to spiral."

$ H4 x3 P. R/ m) S1 T8 XThose investors have left the market, leaving mostly people looking for a home to live in.

Hering 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:
* y% _" [) ~6 N! O  y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
/ g0 ]* j$ B* Q# W  _' `( y现在是大家的日子都不好过:
有房的, 房子在贬值.
  D- L- l$ L2 V9 `) @没房的, 房租在上涨.

# Z* N- S9 A; c" W6 L9 @
/ A& T# {1 F4 i- S待不住了，还有一个字“走”。

YOKO

Don't be sad!