Edmonton’s Booming Real Estate Market Squeezing Renters
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As the real estate market continues to boom in central Canada, the rental market is being squeezed by properties being sold and developments going condo instead of rental.
While not surprising, it is putting pressure on long term renters as they have no leverage in the marketplace and are having to absorb severe rent hikes.
In the past year, average rents in this region have risen 13.4 per cent, according to a CB Richard Ellis realtor.
Ironically, apartment dwellers initially gained from the current real-estate boom. When some renters left their apartments to buy homes, vacancies rose from 1.7 per cent in 2002 to 5.3 per cent in 2004. Rents remained flat, and landlords even offered incentives such as moving allowances, free DVD players and no security deposit.
As the shift toward ownership continued, however, home prices soared. They were up 38.1 per cent in August from one year earlier.
This caused many first-timers to buy condominiums rather than detached homes — so builders have responded with more condos and fewer rental apartments.
During the first seven months of last year, 2,062 apartment-style units were built in greater Edmonton, of which 546 were rental units rather than condos. via Canada.com
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Comment by Delilah Boyd on 17 September 2006:
In Washington DC, frustrated sellers are becoming “accidental landlords,” who think people will rent their unsold houses & condos at or above the monthly carrying costs.
Not happening. But Wait! There’s worse news:
The house next door has been for sale since Feb., and now it’s for rent at $3200 per month, less than half of the monthly carrying cost.
I wonder what will happen next.
Pass the popcorn.
Comment by Snap Up Real Estate on 22 September 2006:
Edmonton and Calgary are going to have huge problems in the near future. Prices are rising fast and squeezing out any chance for middle income families to own homes. The rise in rent is also going to force low income individuals to find more money where there is none. Ralph Klein mismanaged billions in oil revenue and soon the consiquences will be evident.
Comment by Bill on 29 December 2006:
Ok,…. this last comment was made by a complete idiot! Ralph Klein has not mismanaged anything, this has to be an easterner making this comment out of jealousy or something…. Our house prices have lagged the rest of the country for years, and being the RICHEST province in Canada, I think it’s great that we are fianally catching up.! Take advantage of the situation, and leave the whining for idiots like this last person!