MB July Market Update (2023)

  • RTB Update

    The Guideline for 2024 has been announced. The 2024 rent increase guideline is three percent effective January 1, 2024. Units renting for $1,615.00 or more as of December 31, 2023, are exempt from Part 9 of the RTA.

    Section 4.1 of the Residential Rent Regulation details the calculation of the rent increase guideline. The guideline is determined based on the percent change in the average annual “All-Items” Consumer Price Index (Manitoba only) data, which is published by Statistics Canada.

    Please note: As the percentage amount calculated is above the percentage amounts permitted by the Residential Rent Regulation, the annual rent increase guideline for 2024 is set at three percent.

    The economic adjustment factor for 2024 is 1.9 percent.

    The RTB website has been updated with this information.


    - Provided by Garret Wong, Upper Edge Property Management

  • Local Market (MB) Updates (June Stats)

    The total number of active MLS listings in June  was 4,164 which is up 20% over last

    year and down 1% over the 5-year average.

    The total number of sales in June was 1,614 which is down 10% over last year and

    down 8% over the 5-year average.

    Detached home sales in June were 1,133 which is down 15% over last year and down

    11% over the 5-year average. The average price this month was $418,158 which is up

    2.5% from last month when the average price was $407,982.

    - 33.3% over asking price

    - 8.56% at listing price

    - 58.01% under listing price 

    Condominium sales in June were 251 which is up 10% over last year and up 16% over

    the 5-year average. The average price this month was $258,170 which is down 3% from

    last month when the average sale price was $266,845. 

    - 16.73% over asking price 

    - 13.94% at asking price

    - 69.32% 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 June was 2.58 months of inventory which is slightly lower than

    last month! Overall it is a pretty healthy market right now.

    --Provided Nigel Nolin & Chaymaine Roberts

    Top Agents™️ | Real Broker