April Market Update (2022)

  • RTB Update:

    We met with the director of the RTB this month and they reported the following statistics:

    Claims: 69 business days

    Order of Possession for nonpayment of rent: 26 business days

    Order of Possession “other”: 18 business days.

    They also advised the RTB office is open for walk-up traffic and they are once again conducting in-person hearings. Virtual hearings (where a landlord can call in and present their case) are still available by request. Simply let them know at the time you are scheduling the hearing and they will accommodate.

    A reminder to all landlords that the deadline to submit evidence before a hearing is still 2 business days.

    - Provided by Garret Wong, Upper Edge Property Manager

  • The Impact Of Inflation On Interest Rates

    The impact of inflation on interest rates https://www.canadianmortgagetrends.com/2022/04/march-inflation-of-6-7-sends-boc-rate-hike-expectations-higher/

    Inflation was expected to hit a rate of 6.1%

    It came in at 6.7% (the highest it’s been since 1991)

    This is an indicator that the Bank of Canada will most likely continue to raise variable rates

    The stress test HAS NOT changed…..yet. Even though we’ve seen a significant rise in fixed rates in the last two months, the stress test has stayed at 5.25%

    OSFI (Office of the Superintendent of Financial Services) has said that they are reviewing how income is calculated for rental properties and people who are self-employed. They are looking to make it more difficult for investors to purchase rental properties in the future. What will those new policies be? Nothing has been solidified yet…

    - Provided by Mike Schroeder, Mortgage Architects

  • Local Market (MB) Updates:

    Year to date appreciation over last year: 17.3%

    Average Home Price (February 2022): Detached: $439,535 (Up from last month, 429,019)
    Attached: $349,074 (Up from last month, $342,25)
    Condominiums: $260,731 (Down from last month, $265,682)

    Top five areas in Winnipeg from an activity (listings and sales) position:

    1. 1R (south of the city)

    2. 3M (East Transcona, Canterbury Park)

    3. 4A (North End/Point Douglas)

    4. 5A (West End/West Broadway)

    5. 4C (North End/Sinclair Park)

    - Provided by Nigel Nolin, 3% realty

  • New List Item

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