Rent crunch to worsen

YOKO

Sun, November 4, 2007

& n# u) t1 O  `0 n' f6 IRent crunch to worsen
# E: S5 f" @. \8 m2 {# \Vacancy 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.
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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.
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% U0 v5 W" }# n, s0 Y/ I5 ^"It's just getting retarded," said Jasmine, who asked her last name not be printed.
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  Z0 @) f* a) Z% USIX MONTHS LOOKING

* n( m/ D1 |* J% x! ?; w7 G: {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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0 w3 n1 R5 f! Q) f5 c( ?& GFor 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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"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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/ t! y# j- E- [' v5 W8 ?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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) ]% A, i8 a9 ~0 S6 D" UThe rent crunch isn't expected to get any better with the agency pegging the rate next October at just 0.8%.

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

: N+ {" T7 C4 C7 t5 o"With the rental rates being so high, you can only do so much," said Jasmine.
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  ?, ~: S5 W1 M0 u2 T% T. gMaking it worse, she has pets, and few places accept animals.

; I6 g8 u4 ~3 d, W' VMeanwhile, house sellers are facing a crunch of their own.
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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.
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"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."
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* h9 m  u7 U" X( @. A7 u# yOriginally listed at $450,000, in late August, she dropped her price to $400,000 to entice buyers. So far, there have been only lookers.

! z: H* z3 P: R6 t5 \Schulte bought the house for $165,000 less than five years ago.

- O' F+ A  U. L2 p0 K' i: k. NHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.
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$ ]' u2 n8 I# z. h  RINVESTORS A HUGE FACTOR
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"The investors were causing the market to spiral."
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4 H. B" G) L  KThose investors have left the market, leaving mostly people looking for a home to live in.

0 u3 A/ ~6 \: G) a$ o" N- X6 |Hering said there's just not enough of them to cause a real frenzy and they're often nervous about the high prices.

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:
; k5 G# i3 U9 F有房的, 房子在贬值.
  \8 E* _: W# x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:
有房的, 房子在贬值.
没房的, 房租在上涨.

待不住了，还有一个字“走”。

YOKO

Don't be sad!