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Sun, November 4, 2007+ s" P/ M7 f+ R% G1 l- c( r- k
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Rent crunch to worsen
. ^4 q7 e7 k* }! K' S6 yVacancy rate forecasted to dip to under 1%$ M/ a6 a2 u* I7 o3 c
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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. 3 c/ `7 ^. U D5 P; d$ H
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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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% ?5 q W8 o7 c3 m2 T"It's just getting retarded," said Jasmine, who asked her last name not be printed. 1 V# i% \5 [3 }6 Q, W
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SIX MONTHS LOOKING 2 B* A- R) a) T5 g
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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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8 G3 A; R6 w( D' ~" o+ R) @% g$ rFor now, the couple has been living with her brother and mother in a three-bedroom government-subsidized housing unit.
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. M G. t% y; u7 F9 oThey have been scouring the city for anything - but have found nothing in their price range, around $1,100. - d: h! _7 D# [& x/ B) @6 M0 p
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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. 4 k* K6 Y* M+ b5 F- r; s
$ H9 Z( V+ l2 ?9 k- IAccording to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%. % f7 D2 k/ u2 w+ X1 k$ Q
! ?. X {+ E3 ?3 Y 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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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. + Q2 b9 L+ X" `4 Z
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Rates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.
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"With the rental rates being so high, you can only do so much," said Jasmine. / I! M8 Q5 t2 G2 U1 q$ ^. B
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Making it worse, she has pets, and few places accept animals.
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7 O7 x" n3 d9 S% hMeanwhile, house sellers are facing a crunch of their own.
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* N* P1 v# \' r6 S m' @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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"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June. 0 R6 v/ p8 {+ k' m, P5 x
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"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." ) H2 z% _; U H
6 s' A+ T+ n* Z# R' w$ y" |) \Originally listed at $450,000, in late August, she dropped her price to $400,000 to entice buyers. So far, there have been only lookers.
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: I1 {+ y+ e$ ^. n4 ?& ASchulte bought the house for $165,000 less than five years ago. 2 z7 |& S$ G+ M ^ Y P- ?
% r- r9 C, J0 U8 t( A: N. |3 N- p* zHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.
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INVESTORS A HUGE FACTOR - c, ]# x5 n% g; _# f* s% A2 L
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"The investors were causing the market to spiral."
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' e2 B4 Z3 I/ \7 |6 K( ^& KThose investors have left the market, leaving mostly people looking for a home to live in. 3 p6 ~. W D5 C& g3 P5 D5 g# O
$ u+ a6 a( Y. B, [7 ^Hering said there's just not enough of them to cause a real frenzy and they're often nervous about the high prices. ( L1 a, O, O% c* } O
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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. |
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发表于 2007-11-4 20:11
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