March Market Update (2022)

  • RTB Update:

    At our monthly meeting with the director, she reported the following statistics (in business days) for a landlord to be granted a hearing:

    Claims – 57 days

    OP rent – 30 days

    OP other – 25 days

    As you can imagine, these time periods are extremely long – 30 business days for a landlord to take their tenant to a hearing for non payment of rent is 6 weeks! We asked them why this is happening, in addition to the extreme wait times on hold when phoning into the Branch. They indicated that on March 15, 2022, the Branch opened its doors to walk-in traffic. Previously, only appointments were being honored and this has resulted in an extraordinary backlog. Having said that, they indicated “we are also monitoring the system continues to develop more effective ways to respond to our clients in a timely fashion.

    - Provided by Garret Wong, Upper Edge Property Manager

  • Olympia Trust Policy Changes:

    Olympia Trust is implementing changes in how they fund mortgages with two or more investors. Going forward, if you have two or more investors using funds with Olympia Trust, that will be registered as a mortgage, then the transaction must be administered by a registered mortgage broker. A restricted broker will not suffice. To find out if someone is a registered broker or not, please click on the following link. https://rols.mb.ca/aspx/pubinquiry. Then, click city, and search . Under category, on the right hand side, it will say either restricted mortgage, or mortgage. Mortgage is for registered brokers.

    If you need a registered broker to administer an Olympia Trust mortgage for you, please discuss with Mike Schroeder.

    - Provided by Mike Schroeder, Mortgage Architects

  • Local Market (MB) Updates:

    Year to date appreciation over last year: 17.3%

    Average Home Price (February 2022): Detached: $429,019
    Attached: $342,254
    Condominiums: $265,682

    Top five areas in Winnipeg from an activity (listings and sales) position:

    1. 1R (south of the city)

    2. 3M (East Transcona, Canterbury Park)

    3. 4A (North End/Point Douhlas)

    4. 5A (West End/West Broadway)

    5. 4C (North End/Sinclair Park)

    - Provided by Nigel Nolin, 3% realty