Rent crunch to worsen

YOKO

Sun, November 4, 2007

Rent crunch to worsen
0 G: w$ O3 w) v. I! KVacancy rate forecasted to dip to under 1%

1 i3 }2 _: e1 YBy KEVIN CRUSH, SUN MEDIA
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Think the rental market is tight now? Just wait until next year.
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7 Y, p. R. G* ]# C( u, o7 }9 ]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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& J' K6 ]  N( Y, N- ^; n- Q/ k"It's just getting retarded," said Jasmine, who asked her last name not be printed.
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  p, T# F. }6 o+ v% `9 VSIX MONTHS LOOKING
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% z4 D+ s# z* L$ qJasmine 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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$ ~+ k8 M2 p" ]/ i- ]For now, the couple has been living with her brother and mother in a three-bedroom government-subsidized housing unit.

" K* F. L9 C) Y) J; z2 ?. ?( OThey have been scouring the city for anything - but have found nothing in their price range, around $1,100.

- V: P) T0 h, z" F# d) V"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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According to new numbers from the Canada Mortgage and Housing Corporation (CMHC), the apartment vacancy rate for Edmonton is a minuscule 1%.

The 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.

Rates 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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3 j. @; s0 A: pMaking it worse, she has pets, and few places accept animals.
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- E5 N) p: ~  W5 A  n# C1 j7 z( @, S; _9 zMeanwhile, house sellers are facing a crunch of their own.

4 `2 k, {  ?0 }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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- x( n  [7 p! R8 c1 }6 f"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June.

; C# {/ a* `+ v: m* U1 c; ]. \) w"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."

Originally listed at $450,000, in late August, she dropped her price to $400,000 to entice buyers. So far, there have been only lookers.
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; n2 s/ r" X6 H. b7 Y& u$ m7 ]Schulte bought the house for $165,000 less than five years ago.
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% V1 N/ Y6 @; GHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.
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INVESTORS A HUGE FACTOR

"The investors were causing the market to spiral."

Those investors have left the market, leaving mostly people looking for a home to live in.

Hering said there's just not enough of them to cause a real frenzy and they're often nervous about the high prices.

% M8 p; W' z2 V; [" P, ]. V+ _  c' JThe 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:
有房的, 房子在贬值.
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.
) m+ k8 \# H% u, k. ^* w没房的, 房租在上涨.

待不住了，还有一个字“走”。

YOKO

Don't be sad!