Vacancy rate has tripled in one year FOR THE FIRST time in 10 years it’s a renter’s market. Terrace’s apartment vacancy rate jumped to 5.7 per cent Jast month, up from two per cent a year ago, Says the Can- ada Mortgage and Housing Corporation (CMHC). Although only apartments were included, amounting to 29 vacancies of the 512 units surveyed, other indications point to an increased vacancy rate. Last week’s The Terrace Standard had 41 rental units listed in the classifieds section. Of those, five were apart- ments. The majority of units for rent were homes, duplexes and townhouses and basement suites. City building inspector Paul Gipps estimates apartments make up about 40 per cent of the rental market in Terrace. He says a lot of the growth in rental units over the last few years has been in townhouses and duplexes, giving the people the option of grass and larger living quarters. Gloria Kirkpatrick of Remax’s Property Management Services, says she’s seen an increase in the vacancy rates in everything from apartments to houses and townhouses. CMHC considers a vacancy rate of three per cent to be a balanced rental market, where neither tenants nor landlords lose, The last time renters had such a good choice was back in 1987, according to the CMHC. Then the apartment vacan- cy rate was eight per cent. The rate fell sharply in 1988 to three to four per cent. From 1989-96 the rental market has had vacancy rates of around two percent, sometimes dip- ping below one per cent. CMHC analyst Joel Baltzer attributes the change in rent- al conditions to continued long term low morigage rates which attract renters to home ownership. Helga Kenny of the Terrace Anti-Poverty Group Society thinks there are more rental units on the market because people are moving out of town duc to the Skeena Cellulose crisis. “Our economy has not been all that chipper lately,” says ‘Kenny. ’ Terrace Anti-Poverty runs a housing registry to match up tenants and landlords. The amount of would-be tenants registering has dropped off lately. Only eight people regis- tered this month, compared to 30 during the prior two months. , Yet Kenny said a recent move of her office means people ‘might not know of the new location. : Even though vacancy rates have jumped, as of October ‘that wasn’t reflected ina reduction of apartment rents. Ac- ‘cording Baltzer, the average rent in 1996 for a two- ‘bedroom apartment was $572 a month. That increased ‘slightly to $583 a month in October this year. There’s usually a lag between rental prices and an in- ‘crease in the market supply, said Baltzer. But he predicts if ‘the current conditions of oversupply continuc, Terrace ‘should see a drop in its rental rates. ‘The increase in vacant apartments reflects an upsurge in ‘vacancy rates around the north. : «Ror the most part, a continuation of favourable ‘mort- :gage rates in 1997 has lured renters into the home owner- ‘ship market,’’ said Balizer. The Terrace Standard, Wednesday, December 3, 1997 - Ad bers of ads in the classifieds section of the paper. Canada Mortgage and Housing puts ihe vacancy rate for apartments at 5.7 per cent, up from two per cent last year. That means there's a slight oversupply of places to rent in Terrace. If vacan- cy rates stay high, people can expect to see rents drop. Rupert leads the north for vacant apartmenis APARTMENT vacancy rates are up ail over the north, with Prince Rupert suffering the worst blows. The city’s vacancy rate rose to 18.5 per cent this year, up from 8.6 per cent last year. That’s the highest in the province. Joel Baltzer, a senior market analyst at the Canada Mortgage and Housing Corpo- ration, collected the numbers for the sur- vey. He says the weak fishing industry and Skeena Cellulose crisis in Prince Rupert have resulted in an exodus of people leav- ing to search for employment. Our neighbours to the south in Kitimat managed to buck the trend in rising vacan- “cent; down from 11.4 pet cent in October last year. The affordable rents in Kitimat have attracted increasing numbers of lake Your Sled As Unique As The Person Riding Ht! The most unique thing about every Arctic Gat? Snowmobile is its rider, That's why Aretic Cat offers a wide variety of custom parts and accessories, Deep Lug Tracks Available in 2 sizes 2x 136" Running Boards Grip Pads absorop shock and provide awesome footing. Several colors. to choose from. Check out all our accessories in our show room and catalogue! Light up your Cat with a custom look that's attractive night or day, Out windshield light works on either an AC power plug or 12V D/C battery, Easy to install kit includes all parts, What Snowmobiling’ All About” cy rales. The city's rate dropped to 8.3 per tenters, said Baltzer. Prince George recorded a rate of 5.2 per cent, up 4.1 percent from a year ago. Dawson Creek experienced a big jump, from 6.7 per cent to 11.4 per cent vacancy this year. Baltzer attributed the numbers partially to a downturn in the agriculture sector — resulting in diminished need for seasonal workers. Growth in the oil and gas industry in Fort St. John caused that city to experience a big drop in vacancy rates — 1.8 per cent this year, compared to 5.4 per cent a year ago. Quesnel is experiencing its highest vacan- cy rate in over six years at 10.2 per cent, up from 7.4 per cent. ; And in Williams Lake, vacancy rates - jumped from 2.8 per cent to 7.9 per cent this year. Your Christmas donation guide HERE ARE some ways to help out this Christmas. Kk tk The Salvation Army hands out hampers containing all the fixings for a Christmas dinner and toys. Donations of non-perishable goodies for hampers are always appreciated. If the food isn’t used at Christmas, it will be handed out at the January food bank. kkkkk If you'd Iike to contribute a gift to those Salvation Asmy hampers, you can drop one off at the Skeena Broadcasters office, the corner of Lazelle and Emerson. The Salvation Army is looking for gifts for chil- dren ranging from newborn to about 16 years old, Toys and gifts should be new and unwrapped, Particularly in demand are gifls for teenagers. Some ideas for tecns are games, thick sweatshirts, bath gift sets for girls, fleece outerwear like gloves and vests. kkk kk The Terrace Anti-Poverty Group is delivering toys for children again this year. Anti-Poverty has teamed up with KMart and the Ter- race Co-op. Both stores put up trees decorated with tags thal list a child’s age, first name and gender. Terrace Anti-Poverty will accept applications from -needy families for gifts for children until Dee. 15, For people who'd like to buy gifts, Dec. 19 is the cut- _off date to get those gifts back to the trees. Or they can be dropped off at the group’s new offices, at #6, 4717 ‘Lakelse, next to Video Update, in the Gobind Mall. The staff at Terrace Anti-Poverty is also tying to make this Christmas a bit of a cheericr one for parents by including small gifts for adults, wakakKK Other local organizations are looking for donations. The Terrace Child Development Centre's Tree of Lights is now lighting up the Skeena Mall. This is the centre’s 11th Tree of Lights, The money goes to help the centre deliver programs for special needs children, The centre offers therapy, education and support. It also sponsors prenatal programs to ¢x- pectant mothers. Costs are from $2-850 for individuals and $10-$100 for businesses. ak ak The voluntecr bureau is also asking the community for donations. It provides help for seniors and people with disabilities. The bureau also offers tutors for those wanting to improve their reading skills, Donations are tax deductible. For information call Pat at 638-1330. Kak kk Local charities also appreciate donations of time. Terrace Anti-Poverty is looking for voluntcers to help wrap donations of Christmas gifts and to deliver them. The Salvation Army is looking for people to help out with its Red Kettle appeal. All that’s required is the ability to ring a bell and to thank people, To volunteer call the volunteer bureau, or Christine at the Salvation Army thrift store. The volunteer bureau is looking for people to help older people and disabled persons with minor winteriz- ing projects such as sealing windows against winter drafis, Volunteer snow shovelers are also needed to clear snow for seniors. 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