Rent crunch to worsen

YOKO

Sun, November 4, 2007
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Rent crunch to worsen
9 c6 b; C, T* D, [) I. n. X7 PVacancy rate forecasted to dip to under 1%
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By KEVIN CRUSH, SUN MEDIA

& ]3 p2 L" b9 OThink 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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' O. z$ \/ }$ \"It's just getting retarded," said Jasmine, who asked her last name not be printed.
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SIX MONTHS LOOKING

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.

2 o" ^& D( V+ y/ P7 J3 u! LThey have been scouring the city for anything - but have found nothing in their price range, around $1,100.
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8 G6 r& K  j7 R% I/ S1 @, }"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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Rates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.

& ^3 w$ R6 {4 L$ s" T"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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# K# v' y, }# j3 t/ f( V9 }Meanwhile, 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.

4 W& f3 k1 E9 u"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June.
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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."
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Originally listed at $450,000, in late August, she dropped her price to $400,000 to entice buyers. So far, there have been only lookers.
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7 w, l( V" W$ C& bSchulte bought the house for $165,000 less than five years ago.

# {3 z- J1 k; X* @$ S$ a) rHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.

INVESTORS A HUGE FACTOR

( q( R+ ]" N* ?. G0 Q/ A: w"The investors were causing the market to spiral."

Those investors have left the market, leaving mostly people looking for a home to live in.

) T1 ]! ?* W/ _4 B5 b1 ~& lHering 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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3 a& W3 _2 b3 ?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:
有房的, 房子在贬值.
6 q3 K2 |9 M! ^" b" E0 f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
现在是大家的日子都不好过:
, g- J5 _2 r- k有房的, 房子在贬值.
/ l/ h# o+ i3 ^* X没房的, 房租在上涨.

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待不住了，还有一个字“走”。

YOKO

Don't be sad!