We met with the RTB in June, and have the following to report:

Claims – 75 days (up from last months timelines of 68 days - seeing further delays with the recent changes of opening up to the public)

Order Of Possession For Rent Owing – 13 days (down from last month’s timelines of 19 days - good progress)

Order Of Possession For Other – 19 days (up from last month’s timeline of 15 days - not good progress)

They also report, now that the RTB offices have been open to the public, demand initially went up, combined with many of their CSO’s (Client Services Officers) retiring, but they feel they are back to acceptable levels, phone hold wait times, etc. They also report there is an even split between in person hearings and virtual phone hearings.

- Provided by Garret Wong, Upper Edge Property Manager

Demographic projections are an important first step in determining future housing requirements.

Following the release of our 2021 national/provincial projections, we’re now presenting our projections for Canada’s major urban centres. These were chosen for their demographic weight and regional features. The projections extend to 2042.

Main Urban Centres are:
Winnipeg, Calgary, Halifax, Montreal, Saskatoon, St John’s, Toronto, Vancouver.

Some of the main findings include:

Canada’s main urban centres will have between 1.7 million and 3.1 new households between now and 2042.

Urban centres in Western Canada are projected to grow slightly faster.

All urban centres are projected to post an increase in the number of older households.

When reviewing the WRREB* written by Peter Squire,

This past May — with the exception of the over 2,000 sales transacted in May 2021 — was an outstanding month as it outperformed every other May previously. The 1,723 sales were a decrease of 14% from the same month in 2021 but are up 4% over the 5-year average.

May’s dollar volume of $690.4 million is another story as this total even held its own against May 2021 which was the highest dollar volume month on record at $692.6 million. This development alone shows the ascendancy of prices from a year ago, with the average price for all MLS® sales now being $400,707 versus $345,269 in 2021

In May, active listings of 2,747 are down less than 1% from last year, while the 2,658 new listings are an increase of 5%. Early June shows active listings total over 3,000 — a number that may rise even higher than June 2021 if it remains above this threshold level. Showing a rise in available inventory.

In May, the real estate markets in Toronto, Vancouver, and Calgary all experienced decreases of around 10% from April 2022, whereas our local market was up 18%.

Year-to-date appreciation over last year: 18%

Average Home Price (May 2022): Detached: $454,832 (Up from last month, $447,421)

Condominiums: $261,910

- Provided by Nigel Nolin, 3% realty