Rent crunch to worsen

YOKO

Sun, November 4, 2007
& d, F  R" d& I6 ]% ]3 X
Rent crunch to worsen
) R8 j% J- x* M  YVacancy rate forecasted to dip to under 1%
& @) b. e! I: u3 h# I
1 T; t& f: N$ k0 Z* NBy KEVIN CRUSH, SUN MEDIA
: F) M3 h$ U$ ~
+ y3 X" c* X% ?Think the rental market is tight now? Just wait until next year.
* ^; _. u  Z5 [, B, X2 r
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.

"It's just getting retarded," said Jasmine, who asked her last name not be printed.

5 b' D" x) ~( T6 ~) j. {2 jSIX MONTHS LOOKING
$ ?- t3 H' o. O* a( O
2 L( w8 q# h3 _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.

  S- Z( V8 C" q# Z0 F% v  
5 x7 r7 w7 V- B. x
" n& c* B; k  s% H# f4 fFor now, the couple has been living with her brother and mother in a three-bedroom government-subsidized housing unit.

2 R4 G6 Y3 f, U$ Z- {They have been scouring the city for anything - but have found nothing in their price range, around $1,100.
  |5 n- T9 |4 t
"I graduated from college, but I'm still working two to three jobs just to supplement the rent payments," she said.
" ]1 J: v( u. H
According to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%.
. G4 T8 A4 k+ ~# `0 }* h3 \
, y* [+ k, s- {- T$ RThe rent crunch isn't expected to get any better with the agency pegging the rate next October at just 0.8%.

6 A% B2 C% ]; X) rA 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.
$ n6 |* z: M- ~6 X# F+ d) z
Rates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.
! z3 e2 F6 b' S$ Q3 Q# U. B9 Q( D
"With the rental rates being so high, you can only do so much," said Jasmine.
! v+ [+ Q* H9 m7 x
( T. p, o4 r, v8 E0 n: NMaking it worse, she has pets, and few places accept animals.

8 t* c$ K4 N0 @: XMeanwhile, house sellers are facing a crunch of their own.

$ H# N( {; A, Z- \9 S4 ~( 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.
; x6 Q; w, r" w& A
$ G; L* Q' z0 P$ g3 n( H& e8 ?"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."

' p" e1 |1 M* R$ `$ k! d; [2 `* [Originally listed at $450,000, in late August, she dropped her price to $400,000 to entice buyers. So far, there have been only lookers.
; K; c3 V( j- q' [; z: ]' `
7 J6 F: p: C$ x; }( D" nSchulte bought the house for $165,000 less than five years ago.

& ]6 @2 n, g5 L4 \$ DHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.
( B) a; K8 m1 ^7 a' U$ E
INVESTORS A HUGE FACTOR
$ r) l- m5 \+ M3 M6 G* @
"The investors were causing the market to spiral."
2 e9 }/ d& M! ~- X3 I) G
( L6 }& @1 P' AThose investors have left the market, leaving mostly people looking for a home to live in.
) E1 s' I; h% w- l6 p' Q  C
6 g2 S& Q, ?+ z/ e* y2 M3 NHering said there's just not enough of them to cause a real frenzy and they're often nervous about the high prices.
, }+ I0 o7 A. R. g: \* N3 D* r& C
( I+ Q) }1 l, ?# l/ s3 sThe 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:
$ N# c, C3 @0 Z+ T( W4 H5 ~- K有房的, 房子在贬值.
' ^: y' k6 A1 n& n3 I/ f1 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
/ @% y! f9 e; q( @4 G; I) w现在是大家的日子都不好过:
有房的, 房子在贬值.
没房的, 房租在上涨.

6 M$ c/ O0 _8 P0 u1 ]3 s1 A
) k- q2 S2 G$ f6 N待不住了，还有一个字“走”。

YOKO

Don't be sad!