Rent crunch to worsen

YOKO

Sun, November 4, 2007
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- Q3 O" t- _; v  u8 O0 GRent crunch to worsen
; ^0 W8 \+ `) J' ~& Z8 `* c. G  yVacancy rate forecasted to dip to under 1%

, u* p/ [* I$ U7 O. \4 uBy 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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& e# t' [/ S" u( {$ ["It's just getting retarded," said Jasmine, who asked her last name not be printed.
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SIX MONTHS LOOKING

2 \/ X) V, ^; B' NJasmine 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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* T2 }6 Y5 U9 d2 J* z" m4 HFor now, the couple has been living with her brother and mother in a three-bedroom government-subsidized housing unit.
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2 m* r3 i: n" U9 ]5 D8 cThey 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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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 $877 a month in October 2006.
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"With the rental rates being so high, you can only do so much," said Jasmine.
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# l5 ~) w" f. I. ]* a' G$ }3 }" A7 `Making it worse, she has pets, and few places accept animals.

6 `' `( e' k. s$ V  h1 y$ |$ w2 ~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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, f! `# L; c  F"It's been slow," said Alana Schulte, whose Goldbar home has been up for sale since June.
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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.

. j$ G0 Q) ]" t; n5 F& hSchulte bought the house for $165,000 less than five years ago.
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+ U% f. G3 ?: c; XHome prices skyrocketed because of investors buying up properties, said realtor Abe Hering.

INVESTORS A HUGE FACTOR

"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.

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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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:
" v! b7 u+ y2 y# G) n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
* {. k6 T  F; x' J现在是大家的日子都不好过:
* q7 E# q: q' X  h# |+ \7 o有房的, 房子在贬值.
$ B8 J" n- W' M$ x# S没房的, 房租在上涨.

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待不住了，还有一个字“走”。

YOKO

Don't be sad!