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记者的观察
The realities of real estate
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Published: Friday, October 06, 2006
2 P& ]. `! z' y0 `/ u! H6 dEDMONTON - With her toolbox in hand and overalls on, newcomer Lisa Laas feels she can conquer the plumbing world in Edmonton.' @7 X" ]3 J n1 u! r/ W
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The 29-year-old plumber from Vancouver had no problem finding work in Edmonton with trades people high in demand in Alberta.% K* ]9 X5 T- X1 z( o
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She moved here in December with dreams of being a homeowner, something she could never afford in Vancouver despite four years of saving her money for a down payment.
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But she didn't expect Edmonton's world of hot housing where the law of successful buying seems to consist of three elements: speed, cash and no conditions.
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"It absolutely scared me," she says. "I moved here for a house, and all of a sudden a townhouse went from $105,000 to $155,000 and I'm going, 'Oh my gosh. I have to buy really quick.' I've seen it in Vancouver and now I'm starting to see it here and it's frustrating."
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: ~; ]- |; G/ P" e; PLaas started looking in February. She had hoped to buy a house for $160,000, but soon realized she had to change her plans. A townhouse would have to do.. H* u8 t9 x1 B9 {4 l+ y% b8 S5 N
8 l; h* F5 p& ?. R. |* D% vBut she has lost out on four places since beginning her search for a house.: b$ t) d" M6 I3 M
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She's been outbidded, "out-offered" and "outconditioned."
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5 K- |6 o4 K/ @" P. i2 `5 SOne house, the one she really wanted in the northwest neighbourhood of Calder, went on the market at 4 p.m. and had multiple offers by 6 p.m. so Laas walked away. In two other instances, other buyers had fewer conditions on their bid to purchase a townhouse, so her offer was dismissed.- c3 D; z4 M2 V2 a/ ^
9 L1 |: G; \$ H6 S9 u9 }Laas says she was in tears because of the experience. She has given up working with a real estate agent to look for a home. She says she's backed off the whole thing, but she keeps her eye open every now and then.$ Q/ ~; F. I, {( I& o
& O9 U+ K2 o0 b- |% z# yForty-five-year-old Cheryl Daly is also having a tough time finding an affordable home for her 12-year-old son and a 16-year-old daughter.6 T5 V- k; Z( R
{) k* f$ C3 O8 WShe left a 23-marriage and a 1,700-square-foot home last year. She works as an administrator and now rents a three-bedroom townhouse.* L. V( A; }3 r# P- [6 y8 i) W
" o+ Q5 g {4 e- U" L9 ?/ sBack in April, she started looking for a home, something in the $170,000 range. "I would like to have a half duplex even, but with the prices and with my status, I know that's not realistic," she says.- K# Q1 g* W+ v" L5 Z$ s
) K% e/ ^& T2 L# F2 X" X% F* R. F6 l7 eSo Daly has been checking out townhouses, but even that has been difficult for her.
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"The places, when they come up, if they're at a decent price, they're gone really quickly," she says, "so it's a matter of timing."
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Time has not been her friend. Every month the prices of homes in Edmonton climb higher.9 V( I0 l7 q+ H8 o, ] v; D
# l. \+ k& N! T, MAn average single dwelling unit in Edmonton sold for $316, 480 in August this year. An average townhouse, which includes the price of duplexes, sold for $262,327 in the same month. Last year in August an average townhouse sold for $175,922.
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The president of the Edmonton Real Estate Board, Madeline Sarafinchan, says the hot market is tough for first-time homeowners and single people.6 K2 }7 D I) m# J( W; p$ S6 }
% R$ U! f( s: n* Z: f" m# d5 t9 {"It's definitely making people think about what their options are," Sarafinchan says. "They're having to look at things that maybe are not as what they would have termed as desirable."1 [3 ~* c( H8 \9 D5 t8 {& N
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That may mean sellers are not as open to "conditions" on offers as they used to be -- such as a house inspection before the deal is finalized. |
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