Rent crunch to worsen

YOKO

Sun, November 4, 2007

: A8 V3 Z4 P; f+ ZRent 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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6 g" i( F3 e/ V' [' J  W1 XThat'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.

9 }- }- k7 |* w" V"It's just getting retarded," said Jasmine, who asked her last name not be printed.

SIX MONTHS LOOKING

! A0 N. }# \5 M: X1 {; n2 zJasmine 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 B" J& D. E# T7 {  Z9 OFor 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.
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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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# K+ k) ^7 r2 m4 GThe 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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0 a# N/ t+ J& }( A5 R6 b6 nA 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.

# c- ?7 ]* `4 h, KRates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.
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$ ?4 [  s( m! Q6 |! S8 ]' b0 U"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.
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) C4 Z4 l( u+ f* ?1 P* T) DMeanwhile, house sellers are facing a crunch of their own.
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5 v; u* q2 k$ XWith 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.

' j6 T3 g) Y7 Y& J7 \"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."

9 b& g3 F. g, DOriginally 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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+ U+ Y0 t1 X. W+ dSchulte bought the house for $165,000 less than five years ago.
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) i1 A' R8 h- H; T2 eHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.
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  {4 P; i; `7 w! p5 KINVESTORS A HUGE FACTOR
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"The investors were causing the market to spiral."
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Those 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.

( X& o: h, z- B* `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.
* T+ |, D" B9 f: @; A0 L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:
有房的, 房子在贬值.
+ d( T$ J1 j. e2 q& u! `# N) g( X没房的, 房租在上涨.

4 ]7 E) q( d( D
待不住了，还有一个字“走”。

YOKO

Don't be sad!