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Sun, November 4, 20070 d! z7 [/ e5 ?# ]) R( _
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Rent crunch to worsen
5 E+ ~1 d3 o: P X0 i( aVacancy rate forecasted to dip to under 1%
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By KEVIN CRUSH, SUN MEDIA ^0 B- h: j& ^5 c* h
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Think the rental market is tight now? Just wait until next year. 9 Z: o7 e! o6 d) A7 E, I
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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. . o, y. y% T5 D* y
; H/ ^7 H1 |* X% b& G0 J"It's just getting retarded," said Jasmine, who asked her last name not be printed.
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7 V+ g' f: {: U* U. OSIX MONTHS LOOKING 5 F' [3 m+ N7 g) d& X s
. J2 u: P: m* c/ v% |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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; ^$ i, @% o ^6 z7 i, @+ p; pFor 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 $1,100. & r0 A/ U/ w* Q% K, i- D4 Z
: @7 N( V( `6 L$ U' S5 f- M"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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% @$ w1 z- e' j4 S" w& k" uThe 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 _% {( {2 r; Z# g0 _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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* R G- {0 c4 t2 z+ ?' v/ T# y' pRates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006. ! b J" H p) |$ L( A0 z D$ T
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"With the rental rates being so high, you can only do so much," said Jasmine. ) ^! z* s8 Q+ y) E( z/ f' M
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Making it worse, she has pets, and few places accept animals.
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Meanwhile, house sellers are facing a crunch of their own.
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8 A5 g+ q/ F( W- nWith 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. 2 J4 A* K' L$ b) H5 N, Z/ I) [
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"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June. $ Z, V# k' l l
7 A0 L& A; R/ r8 a"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." " i; |$ O+ K1 \; q8 ^7 M, l5 E& g9 o
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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. $ [4 w( g9 w3 t. d3 g7 ?
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Schulte bought the house for $165,000 less than five years ago.
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Home prices skyrocketed because of investors buying up properties, said realtor Abe Hering. & d! r! z3 Y8 M* K" q! I7 m
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INVESTORS A HUGE FACTOR
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& w( J; F7 j7 q"The investors were causing the market to spiral." ' I- d* ^% k6 x) U0 a! l$ Z ~
+ L: K9 b! `; _' [, X, I: d/ GThose investors have left the market, leaving mostly people looking for a home to live in. 1 H$ v0 C5 ?% k4 C- K% H2 H( z
1 L9 f6 a/ ^1 Z- n! Y3 C) U4 P6 pHering said there's just not enough of them to cause a real frenzy and they're often nervous about the high prices. # Q, K( h& y8 q% i5 T) ^
( q$ s$ d x7 f: AThe 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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