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记者的观察
The realities of real estate
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% L4 |0 U) v( v+ x% j! c5 kPublished: Friday, October 06, 2006 / m3 n" `: M% \9 ?
EDMONTON - With her toolbox in hand and overalls on, newcomer Lisa Laas feels she can conquer the plumbing world in Edmonton.
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The 29-year-old plumber from Vancouver had no problem finding work in Edmonton with trades people high in demand in Alberta.* G+ Q9 _4 C- Y
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She moved here in December with dreams of being a homeowner, something she could never afford in Vancouver despite four years of saving her money for a down payment.' u+ s! k8 {5 \. I3 M
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But she didn't expect Edmonton's world of hot housing where the law of successful buying seems to consist of three elements: speed, cash and no conditions.
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"It absolutely scared me," she says. "I moved here for a house, and all of a sudden a townhouse went from $105,000 to $155,000 and I'm going, 'Oh my gosh. I have to buy really quick.' I've seen it in Vancouver and now I'm starting to see it here and it's frustrating."
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! F7 G! N' j! [5 g. bLaas started looking in February. She had hoped to buy a house for $160,000, but soon realized she had to change her plans. A townhouse would have to do.
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But she has lost out on four places since beginning her search for a house.
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1 g* u- w/ p% X; TShe's been outbidded, "out-offered" and "outconditioned."' [% Y0 O% P' G
, \6 v! y2 i5 dOne house, the one she really wanted in the northwest neighbourhood of Calder, went on the market at 4 p.m. and had multiple offers by 6 p.m. so Laas walked away. In two other instances, other buyers had fewer conditions on their bid to purchase a townhouse, so her offer was dismissed.2 P8 b* n" N8 N# Y
5 c/ g, y( p7 B% f! j( ]# X' fLaas says she was in tears because of the experience. She has given up working with a real estate agent to look for a home. She says she's backed off the whole thing, but she keeps her eye open every now and then.4 k& ?* {9 g7 G; B7 @
: w8 t: I$ B: k7 `2 GForty-five-year-old Cheryl Daly is also having a tough time finding an affordable home for her 12-year-old son and a 16-year-old daughter.
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She left a 23-marriage and a 1,700-square-foot home last year. She works as an administrator and now rents a three-bedroom townhouse., \# f6 Y% G# j& B
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Back in April, she started looking for a home, something in the $170,000 range. "I would like to have a half duplex even, but with the prices and with my status, I know that's not realistic," she says.
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/ m) b7 N8 a/ o& JSo Daly has been checking out townhouses, but even that has been difficult for her.4 f# R: {( t3 s, L5 p
6 }2 k" ~$ P/ A"The places, when they come up, if they're at a decent price, they're gone really quickly," she says, "so it's a matter of timing."
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( r k* v& E3 ~& lTime has not been her friend. Every month the prices of homes in Edmonton climb higher.9 i; M9 n4 ^$ k$ @& f' }; m+ A
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An average single dwelling unit in Edmonton sold for $316, 480 in August this year. An average townhouse, which includes the price of duplexes, sold for $262,327 in the same month. Last year in August an average townhouse sold for $175,922.
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' J$ r( m2 |& b/ XThe president of the Edmonton Real Estate Board, Madeline Sarafinchan, says the hot market is tough for first-time homeowners and single people.: n& L/ s$ G1 b$ m
% a5 A/ |9 F$ I- v"It's definitely making people think about what their options are," Sarafinchan says. "They're having to look at things that maybe are not as what they would have termed as desirable."# I' j( |" K5 g; L% ^0 z8 G7 p
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That may mean sellers are not as open to "conditions" on offers as they used to be -- such as a house inspection before the deal is finalized. |
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