Here are my RTB updates for the month:

The following are the statistics for November 2022 from the Director of RTB:

Claims – 67 business days from the date of filing to the date of the hearing (down from last month at 69 days)

Order of Possession for non-payment of rent – 27 business days from the date of filing to the date of the hearing (up from 19 business days in October)

Order of Possession, other* – 20 business days from the date of filing to the date of the hearing (down from 21 days in October)

- Provided by Garret Wong, Upper Edge Property Manager

Much has been written about what factors to consider when purchasing a rental property. Much LESS has been written about what to do when your mortgage is up for renewal. Here are four questions to ask that will help to keep money in your pocket.

1. How much longer do you plan on holding the property for? I’ve seen many investors lock in to a five-year fixed rate mortgage on renewal, but intend to sell the property in one to two years. Why? The five-year fixed rate is the default mortgage that most brokers and lenders offer. Penalties vary from lender to lender, but I’ve seen penalties as high as 7% of the mortgage balance! Instead, it may be wiser to look into a 2–3-year fixed rate, variable, or adjustable

2. Are you currently cash flowing on the property? Most people don’t realize that they can extend their amortization at renewal. So, if your goal is to maximize cash flow, then it may make sense to extend the amortization. Some alternate lenders will go as high as 40 years!

3. Do you need money for renovations, to pay for business taxes, or for a down payment on your next investment? Even if you don’t want to borrow against your property today, it may make sense to add on a HELOC (Home Equity Line of Credit) to your property now to give you the option to borrow against it in the future.

4. Do you have a co-signer you’d like to remove? If you required a co-signer when you purchased the property, renewal is a good time to see if you can remove them and qualify on your own,

At the end of the day, over 60% of property owners simply sign the renewal offer put in front of them by the lender, without researching what their options are. Ask more questions. Get informed. And set yourself up for success.

-Mike Schroeder, Mortgage Architects

The total number of new MLS listings in November was 1,426 which is up 4.6% from last year and even with the 5-year average.

The total number of active listings in November was 3,455 which is up 53.4% from last year and down 4% from the 5-year average.

The total number of MLS sales in November was 870 which is down 30% from last year and down 14.3% over the 5-year average.

The total number of sales to date was 14,072 which is down 20.3% from last year and down 2.3% over the 5-year average.

Detached home sales for November 2022 were 606 which is down 25.6% from last year and down 12.8% over the 5-year average. The average sales price in November was $378,905 which is up very slightly from last month at $377,165.

Condominium sales for November 2022 were 139 which is down 26.5% from last year and down 4.3% over the 5-year average. The average sales price in November for condominiums was $267,620 which is up about 2.5% when the average price last month was $260,900.

Attached home sales for November 2022 were 50 which is down 57.6% from last year and down 37% over the 5-year average. The average sales price in November was $316,102 which is down very slightly from last month when the average price was $316,254.

There was a total of 21 commercial sales in November compared to 31 last year at this time.

Absorption Rate:

Seller's Market = 0 - 3.5 months of inventory

Balanced Market = 3.5 - 4.5 months of inventory

Buyer's Market = 4.5+ months of inventory

The absorption rate in November 2022 was 3.97

COMMENTS: Prices this month have remained stable from last month's numbers, which is nice to see. As noted above, the absorption rate indicates we are in a very balanced market again. Still a great time to buy as prices are down and there will be more deals with the increased amount of inventory.

- Provided Nigel Nolin & Chaymaine Roberts

Nolin Group at 3 Percent Realty Solution