Rent crunch to worsen

YOKO

Sun, November 4, 2007
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Rent crunch to worsen
, a, r* n  ^! s; ]# F) AVacancy rate forecasted to dip to under 1%

By KEVIN CRUSH, SUN MEDIA
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Think the rental market is tight now? Just wait until next year.

% x8 d7 |' T$ z' tThat'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.

"It's just getting retarded," said Jasmine, who asked her last name not be printed.
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SIX MONTHS LOOKING

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 P% J8 [" V1 |, }3 S0 ?' uFor 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.

( |. @1 {) m  M( l- a/ O: D5 T% ?"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%.
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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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7 g6 z1 [3 d6 zRates are staying high with the average rent for two-bedroom apartments at $950 a month, up from $877 a month in October 2006.

3 R$ O3 C, C* g' U3 i( p( q5 s"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.

Meanwhile, 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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  n+ [) Q3 \. \# S& n0 t"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June.

5 s2 l$ ?' h. o* E"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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' E. K& f$ E7 P! i' w3 d8 FOriginally listed at $450,000, in late August, she dropped her price to $400,000 to entice buyers. So far, there have been only lookers.

( {' P. i  \; H0 ]" t# G) P6 KSchulte bought the house for $165,000 less than five years ago.
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, ^- W. w% ?. B1 @% Y1 hHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.

" v! @. {4 l8 s9 G& sINVESTORS A HUGE FACTOR

& i5 V6 ?/ k' k# B5 a' N"The investors were causing the market to spiral."
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( w6 ~% b% l( b) t, ^0 cThose 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.
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: b( K- P, @2 M) zThe 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:
3 X! r) I4 Z* T. C8 A( ~. c$ `) ?( d有房的, 房子在贬值.
7 d& f8 V% p2 _' W' u- B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
: m* y8 g6 a( k& F, H$ c9 M现在是大家的日子都不好过:
+ D5 m8 A0 ]' a( O0 A; w% P3 T有房的, 房子在贬值.
4 a; S' Q. v. c9 [; v) O6 R没房的, 房租在上涨.

& g! F+ }0 ^: v4 A待不住了，还有一个字“走”。

YOKO

Don't be sad!