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: 62 business days (down from 65 days last month)

2. Order of Possession, Rent Owing: 28 business days (up from 26 days last month)

3. Order of Possession, Other Issues: 11 business days (up from 9 days last month)

The RTB is also pleased to report they have hired many new staff members in various roles and after a suitable training period, will expect their wait times to decrease.

- Provided by Garret Wong, Upper Edge Property Management

The total number of new MLS listings in January 2023 was 1,441 which is up 29% over last year and down almost 8% over the 5-year average.

The total number of active listings in January was 2,811 which is up 69% from last year and down 4% over the 5-year average.

The total number of MLS sales in January was 582 which is down 15.7% from last year and down 18.6% over the 5-year average.

Detached home sales for January were 392, which is down 3.7% over 2022 and down 17.2% over the 5-year average. The average sales price in January was $368,000 which is down just under 3% from last month when the average price was $379,000.

Condominium sales for January were 90, which is down 27.5% over last year and down 9% over the 5-year average. The average sales price in January was $231,500 which is down about 5.3% from last month when the average sales price was $243,750.

Attached home sales for January were 36, which is down 35.7% over last year and down 35% over the 5-year average. The average sales price in January was $331,000 which is up 5.2% from last month when the average sales price was $314,500

There was a total of 77 new listings in January compared to 48 around the same time last year.

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 January 2023 was 4.83

Comments:
This is the first month in a while where we are officially in a buyer's market. Increasing inventory paired with the latest interest rate increase on January 25th suggests we are likely to see another month of lowering prices before prices stabilize or trend upward, going into spring.

- Provided Nigel Nolin & Chaymaine Roberts

Nolin Group at 3 Percent Realty Solution