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Sun, November 4, 2007
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Rent crunch to worsen+ T* t. Y- E% y) E; G! D6 B
Vacancy rate forecasted to dip to under 1%
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By KEVIN CRUSH, SUN MEDIA
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0 J! n# v% q# vThink the rental market is tight now? Just wait until next year.
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1 T; y( y" u5 L3 ^; y! a$ l VThat'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. , [: \# P% f) X4 r B* I
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"It's just getting retarded," said Jasmine, who asked her last name not be printed. * a5 G6 z- y7 n+ W* d9 ]0 ^
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SIX MONTHS LOOKING 1 `! @+ H: r3 L" L6 b. ~0 h3 x0 e
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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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For now, the couple has been living with her brother and mother in a three-bedroom government-subsidized housing unit.
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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. ' Z# e, O0 G8 U+ W8 v
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According to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%. 2 c1 D2 H M/ S, H
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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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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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1 e1 z8 a: _/ U! e* n1 NRates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.
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6 e& t8 o) h1 y3 o5 I9 q"With the rental rates being so high, you can only do so much," said Jasmine.
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2 h' N% I) w2 {) i0 [5 [3 jMaking it worse, she has pets, and few places accept animals.
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+ A7 x1 b5 ~2 j! L# J0 S6 nMeanwhile, house sellers are facing a crunch of their own. 6 ] g% L) [. L4 X
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With a growing inventory, high prices, and wary buyers, houses can be on the market for months. The CMHC predicts listing periods will get even longer in the new year. ! J6 F* Z5 l0 i6 @7 }
/ U g' v# y5 |, C"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June. / J! z$ x! t, \: \6 A. U: Q
$ O1 T! {# r7 C2 P3 C* z# Y"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. - ]# C6 p! N! ]: b- n( j8 p
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Schulte bought the house for $165,000 less than five years ago. - g0 I+ U. p( `
6 i# _% a/ z5 l7 I: ZHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering. 0 b3 m. T* ]0 A* x; D1 t5 u6 z
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INVESTORS A HUGE FACTOR
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"The investors were causing the market to spiral." 3 C M5 E: k) g: k! L; I
7 ^: }3 q2 K+ f1 D& ~. D' ]Those investors have left the market, leaving mostly people looking for a home to live in.
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$ C' H/ q4 C% G9 J+ J* X4 eHering 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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9 X4 E" U M6 j0 \% @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 2007-11-4 20:11
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