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

2. Order of Possession, Rent Owing: 25 business days (down from 28 days last month)

3. Order of Possession, Other Issues: 12 business days (up from 11 days last month)

- Provided by Garret Wong, Upper Edge Property Management

The total number of new MLS listings in February 2023 was 1,429 which is up 6% over last year and down almost 1% over the 5-year average.

The total number of active listings in February was 3,045 which is up 67% over last year and down 1% over the 5-year average.

The total number of MLS sales in February was 657 which is down almost 32% from last year and down 25.7% over the 5-year average.

Detached home sales in February were 432, which is down 28.5% over last year and down 26% over the 5-year average. The average sales price in February was $375,000 which is up a mild 2% from last month when the average price was $368,000.

- 25% of listings sold over asking price

- 6.7% sold at asking price

- 68.3% sold under asking price

Condominium Sales for February were 111 which is down 37% over last year and down 18.5% over the 5-year average. The average sales price for condominiums this month was $253,000 which is up about 3.8% from last month when the average price was $243,750.

- 10.8% sold over asking price

- 9.9% sold at asking price

- 79.3% sold under asking price

Attached home sales for February was 47 which is down 42.7% over last year and down 31.7% over the 5-year average. The average sales price for attatched homes this month was $342,000 which is up 3.3% from last month when the average attatched home price was $331,000.

There was a total of 58 new commercial listings in February compared to 66 last year around the same time.

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 February 2023 was 4.63

Comments: Average home prices are going up slowly, as a result of relatively low supply, solid demand, and less harsh interest rate increases. Really looking forward to being active in a healthy spring/summer Market here in Winnipeg.

- Provided Nigel Nolin & Chaymaine Roberts

Nolin Group at 3 Percent Realty Solution