Rent crunch to worsen

YOKO

Sun, November 4, 2007
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$ h" Z( ?2 @( i6 rRent crunch to worsen
Vacancy rate forecasted to dip to under 1%
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6 Y/ d! \* [" |8 EBy KEVIN CRUSH, SUN MEDIA

Think the rental market is tight now? Just wait until next year.

# u9 q3 @% @# U. A' OThat'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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5 W  A5 P! [2 c# T. f"It's just getting retarded," said Jasmine, who asked her last name not be printed.

9 |4 _8 o" s; w, t# O! |SIX MONTHS LOOKING

( T; z  I: x! Y$ LJasmine 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.

. x4 k% y* _! o9 sThey 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.

3 `) {0 }3 @( Q+ LAccording 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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+ X+ J, f4 v6 f# _- w& T$ {5 SA 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.

"With the rental rates being so high, you can only do so much," said Jasmine.
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$ U; Y- L* `- s! ~Making it worse, she has pets, and few places accept animals.

' f6 @1 U# b5 U5 {, y% tMeanwhile, house sellers are facing a crunch of their own.
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4 x. V/ T) Q3 w! N' gWith 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.
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$ `" Y- c, O+ A% z* q"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June.
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3 x6 N3 U% n9 ^0 F"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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8 e+ Q+ A" B8 k9 n7 M6 U# JOriginally 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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Schulte bought the house for $165,000 less than five years ago.

5 b$ S. v2 l; `5 ~6 bHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.
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% B/ o6 d  r% d- O! b, QINVESTORS A HUGE FACTOR

  V" @. I0 n9 ~% n% D"The investors were causing the market to spiral."

- p% m4 P2 o2 r7 z! PThose investors have left the market, leaving mostly people looking for a home to live in.
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# e  C  i7 P# F9 h; z2 d6 t- t6 uHering said there's just not enough of them to cause a real frenzy and they're often nervous about the high prices.

: M8 E; c9 T# i9 ]6 _6 {8 _$ z+ eThe 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 N/ p- h) C5 Z4 t有房的, 房子在贬值.
" p- z8 F2 b- 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:
, h) ~' Q, Q% A" Y" c3 T有房的, 房子在贬值.
没房的, 房租在上涨.

+ `1 |9 S0 b& o3 Q/ I
待不住了，还有一个字“走”。

YOKO

Don't be sad!