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:

Landlord claims: 65 business days (down from 69 days last month)

Order of Possession, Rent Owing: 26 business days (down from 27 days last month)

Order of Possession, Other Issues: 9 business days (down significantly from 20 days last month)

Additionally, the PPMA initiated a discussion regarding the recent and proposed increases in minimum wage, the resulting domino effect of all wages increasing, and how the RTB still has a static hourly rate they are allowing for cleaning and other labour. There is clearly a discrepancy, as the current labour rate was set decades ago.

The RTB indicated they only meet annually to discuss the hourly wage allowances and will not be reviewing at this time. However, they recommended for all landlords to present evidence during their hearings, justifying increased labour amounts (example: through invoices) and their hearing officers have been advised to allow increased hourly rates, if the landlord has sufficiently justified it through their presentation.

- Provided by Garret Wong, Upper Edge Property Management

The total number of new MLS listings in December was 736 which is down 2.8% from last year and down 10% from the 5-year average.

The total number of active listings in December was 2,634, which is up 55% from last year and down 3.2% over the 5-year average.

The total number of MLS sales in December was 591 which is down 36% from last year and down 20% over the 5-year average.

The total number of sales to date was 14,660 to the end of the year, which was down 21% from last year and down 3.2% over the 5-year average.

Detached home sales for December were 397, which is down 32% over last year and down 18.3% over the 5-year average. The average sale price in December was $379,000 which is pretty much even with was it was last month at $378,900.

Condominium sales for December were 84 which is down 41.3% over last year and down 22% over the 5-year average. The average sale price in December was $243,750 which is down about 9% from last month when it was $267,600.

Attached home sales for December were 45, which is down 49.5% from last year and down 25.7% over the 5-year average. The average sale price in December was $314,500 which is down very slightly from $316,250 last month.

There was a total of 61 new commercial listings compared to 52 around this 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 December 2022 was 4.46

Comments: Overall this month prices have remained pretty stable from what they were last month with the exception of the 9% drop in the condominium sale prices. If you want to get a better idea of how the condo market is affected, you can contact an agent to get area specific condo comps to see a more accurate picture of the price drop. When there are fewer sales, average sales prices can fluctuate more heavily month to month because they are being compared across the city and not in specific areas.

- Provided Nigel Nolin & Chaymaine Roberts

Nolin Group at 3 Percent Realty Solution