Rent crunch to worsen

YOKO

Sun, November 4, 2007
  f+ F2 b3 `2 O7 G& E5 Y% [& J
, `1 U% x# R( w, rRent crunch to worsen
9 B% g0 ^, i# |# c5 ]# }Vacancy rate forecasted to dip to under 1%

3 s6 c, D5 v) ~5 w9 J1 qBy KEVIN CRUSH, SUN MEDIA
/ T0 I; h! E& S% V
Think the rental market is tight now? Just wait until next year.
$ I  b- j  k5 p, K1 I/ F$ E6 ]
3 r2 ]( p2 f6 _. d& i! X2 i( q1 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.
/ b& j1 m/ K+ D, J: z' C" z
8 b$ v9 |& u. ?5 T" J, j# v) C2 q"It's just getting retarded," said Jasmine, who asked her last name not be printed.

3 f$ @6 w# m' o1 t: dSIX MONTHS LOOKING
; r- p: ], ]2 y, [0 G% M+ r0 |
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.
6 I7 L6 a+ D! R$ ]" `
  

For now, the couple has been living with her brother and mother in a three-bedroom government-subsidized housing unit.

) K2 A, R7 [7 D5 o: eThey have been scouring the city for anything - but have found nothing in their price range, around $1,100.
8 H3 T$ k3 R) I0 A4 G" Z- H
"I graduated from college, but I'm still working two to three jobs just to supplement the rent payments," she said.
1 ?; w$ o/ q1 e9 ~6 j2 T
According to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%.
, v% x9 u) U7 v
The rent crunch isn't expected to get any better with the agency pegging the rate next October at just 0.8%.

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.

Rates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.
  n6 f! ^1 J/ `5 f# ]& Q/ v5 N5 K
"With the rental rates being so high, you can only do so much," said Jasmine.

Making it worse, she has pets, and few places accept animals.
6 I2 M6 ?  f* a3 D% t1 K  T9 o4 V
& a# o+ [; Q+ O+ Z, c$ \! k. ^Meanwhile, house sellers are facing a crunch of their own.
1 Q  ^9 s  }% n5 ^; z+ q- h5 \2 \
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.

9 d% x; f0 i5 F% r# g"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."

1 v! j. ~9 E* \) c' R( m0 eOriginally listed at $450,000, in late August, she dropped her price to $400,000 to entice buyers. So far, there have been only lookers.

2 }3 K+ v; ]6 oSchulte bought the house for $165,000 less than five years ago.
0 q# t) f) ]: b/ O
* L# m* Z3 `( |+ nHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.

INVESTORS A HUGE FACTOR

"The investors were causing the market to spiral."
1 q  G# `/ Q8 c6 W! D
3 D( E' p( D; V0 lThose investors have left the market, leaving mostly people looking for a home to live in.

% `! |) B( R: l  m' XHering 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:
3 S! Q1 |2 G( d) ~" K6 y. f' s4 ?有房的, 房子在贬值.
/ X, a6 {1 g* `8 n4 N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
- y) T! _# M  |4 u现在是大家的日子都不好过:
) d. S3 h1 e, Z2 k" ~& W有房的, 房子在贬值.
没房的, 房租在上涨.

: M9 _+ }3 F/ u; j
- F+ W3 p/ _, M0 q0 J待不住了，还有一个字“走”。

YOKO

Don't be sad!