MB April Market Update (2023)

  • RTB Update

    Designates from the PPMA Political Action committee met for their monthly meeting with the Director of the RTB.

    First, their normal reporting for the amount of business days it would take to schedule a hearing, is as follows:

    1. Landlord claims: 59 business days (up from 58 days last month)

    2. Order of Possession, Rent Owing: 15 business days (Down from 25 days last month)

    3. Order of Possession, Other Issues: 16 business days (up from 12 days last month)

    - Provided by Garret Wong, Upper Edge Property Management

  • Local Market (MB) Updates

    March Market Recap NREIC

    The total number of active MLS listings in March 2023 was 3,368 which is up 78% from last year and up 1% over the 5-year average.

    The total number of MLS sales in March 2023 was 1,014 which is down 29% from last year and down 22% from the 5-year average.

    Detached home sales in March were 698, which is down 28% over last year and down 22% over the 5-year average. The average sales price in March was $386,800 which is up 3% from last month when the average price was $375,000.

    • 30.8% of listings sold over asking price

    • 7.6% sold at asking price

    • 61.6% sold under asking price

    Condominium sales for March were 149, which is down 35% over last year and down 20% over the 5-year average. The average sales price in March was $245,000 which is down 3.2% from last month when the average price was $253,000.

    • 10.7% of listings sold over asking

    • 11.4% sold at asking price

    • 77.8% sold under asking price

    Absorption Rate:

    Sellers Market = 0 - 3.5 months of inventory

    Balanced Market = 3.5 - 4.5 months of inventory

    Buyers Market = 4.5+ months of inventory

    The absorption rate in March 2023 was 3.32 months of inventory

    Comments: As expected the absorption rate still shows we are in a balanced market. The absorption rate has moved more than a full point in the last couple of months in the direction of a seller's market. We shall see exactly how much that will continue as the weather warms up and peak selling time approaches.

    - Provided Nigel Nolin & Chaymaine Roberts

    Nolin Group at 3 Percent Realty Solution