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Rent crunch to worsen

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发表于 2007-11-4 20:11 | 显示全部楼层 |阅读模式
老杨团队,追求完美;客户至上,服务到位!
Sun, November 4, 2007
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. S9 a- o4 O! @2 o! H( u0 RRent crunch to worsen
; U5 X  ~; e& p! R8 ?$ D# sVacancy rate forecasted to dip to under 1%
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By KEVIN CRUSH, SUN MEDIA
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) u; N1 o& f% f- t! a& p, hThink 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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0 g/ ^: v  n' l; j/ r, @"It's just getting retarded," said Jasmine, who asked her last name not be printed.
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SIX MONTHS LOOKING / i' A3 a1 I0 |, W% N

! P  P1 H" ^( u3 l: s# k. }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. 9 Y# B4 i% y1 v5 {; A2 n: Z( d
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For now, the couple has been living with her brother and mother in a three-bedroom government-subsidized housing unit. ! t& O& f& w% z1 ]4 {

3 D8 J7 ^9 r0 Z" s8 T) x4 XThey have been scouring the city for anything - but have found nothing in their price range, around $1,100.   j% \3 A" Q4 k# |6 Z: A
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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. & |1 W, b1 ^2 q* M: e! ~

' I: o2 w( M. m+ m# W9 l0 p8 FAccording to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%. / L9 N, p3 m' D% l

+ K2 P5 O" o# H. TThe 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.
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+ b4 I1 ?# |( ^8 N2 kRates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.
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"With the rental rates being so high, you can only do so much," said Jasmine.
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Making it worse, she has pets, and few places accept animals. . R- N% }9 A' N

( z4 z9 k9 D: k  N7 gMeanwhile, house sellers are facing a crunch of their own. 1 @4 }( \3 o' \1 E. J: }

4 g/ p* o3 @. Z1 w5 IWith 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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9 z( C; R$ j, y"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June. 5 k8 c3 |- w! d
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"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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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.
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Schulte bought the house for $165,000 less than five years ago. # t, \0 k; _* s, s) V6 r

/ e+ _( H- l: xHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.
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INVESTORS A HUGE FACTOR ! ^7 O+ G" v- G# M' n
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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.
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0 x- w* |1 T4 y0 AHering 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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. V& t& y1 `0 h, e7 ~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.
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发表于 2007-11-5 09:42 | 显示全部楼层
现在是大家的日子都不好过:) x0 O; W0 Z5 Q
有房的, 房子在贬值.
) i, j1 ^; w5 m8 d1 O没房的, 房租在上涨.
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 楼主| 发表于 2007-11-5 18:40 | 显示全部楼层
I wondered that how much the rental would be going up for just two bedroom apartment next year???
大型搬家
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发表于 2007-11-5 18:44 | 显示全部楼层
老杨团队 追求完美
原帖由 水管工 于 2007-11-5 09:42 发表
: Z5 M1 W2 u) c现在是大家的日子都不好过:
2 H5 [2 ]+ L) G7 O% J- K有房的, 房子在贬值.
6 T. \: d5 C; I; t没房的, 房租在上涨.

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待不住了,还有一个字“走”。
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 楼主| 发表于 2007-11-6 18:29 | 显示全部楼层

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