Rent crunch to worsen

YOKO

Sun, November 4, 2007
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' `! D0 N; Y+ R' D, ?1 h5 e' a+ fRent crunch to worsen
. f7 I& J8 C6 LVacancy 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.

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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& F0 v9 {8 `, O  ~7 k2 ]"It's just getting retarded," said Jasmine, who asked her last name not be printed.

SIX MONTHS LOOKING

- {* }) u$ H2 |" z7 `8 hJasmine 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.

They have been scouring the city for anything - but have found nothing in their price range, around $1,100.
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/ c" _% _* O0 x; L& g"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.

Rates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.

+ Z4 v  [0 l$ F"With the rental rates being so high, you can only do so much," said Jasmine.

$ o0 k; N# C& ^/ v- Z) ?/ q3 UMaking it worse, she has pets, and few places accept animals.
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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.

( ^: O  {* D+ Q+ b4 S0 k. a* i; @"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June.

4 F1 Y' D2 L$ A& F* X"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."

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.

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.
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INVESTORS 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.

6 r: U  @, y# Y9 Q- _Hering 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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; q6 ?& l4 |7 ]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:
0 B+ d+ K/ R+ I) L+ C; g有房的, 房子在贬值.
0 A: W0 k& m, c; A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
% h$ L- w8 i# h/ n* J2 G现在是大家的日子都不好过:
# ~* s  U- T4 ~7 F3 _有房的, 房子在贬值.
$ |' s% w. ?. A" G0 A9 b没房的, 房租在上涨.

7 B) o% H4 L0 l3 ]% h& R: G  C待不住了，还有一个字“走”。

YOKO

Don't be sad!