MB May Market Update (2023)

  • RTB Update

    Designates from the PPMA Political Action Committee met for their monthly meeting with the Director of the RTB.

    The normal reporting for the amount of business days it would take to schedule a hearing is as follows:

    Claims – 55 business days from the date of filing to the date of the hearing (down from 59 days last month)

    Order of Possession rent – 11 business days from the date of filing to the date of the hearing (down from 15 business days last month)

    Order of Possession other* – 17 business days from the date of filing to the date of the hearing (up from 16 days last month)

    - Provided by Garret Wong, Upper Edge Property Management

  • Inflation is on the rise...

    Canadian Mortgage Trends releases important article.

    Highlights:

    -inflation ROSE month over month in April over March

    -due in part to rising fuel costs, rising rent, rising mortgage costs

    -all things the government could do something about

    -also fueled by strong job growth

    IMPORTANT!

    -Next Bank of Canada rate announcement is June 7

    -A rate increase IS NOT off the table

    Provided by Mike Schroeder, Mortgage Professional

    Article

  • Local Market (MB) Updates (April Stats)

    The total number of active MLS listings in April 2023 was 3,584 which is up 70% from last year and up 1% over the 5-year average.

    The total number of MLS sales in April 2023 was 1,103 which is down 24% from last year and down 17% over the 5-year average.

    Detached home sales in April were 763, which is down 25% from last year and down 19% over the 5-year average. The average sales price in April was $409,286 which is up 5.5% from last month when the average price was $386,800.

    - 29.75% Sold over listing

    - 9.57% Sold at listing price

    - 60.68% Sold under listing price

    Condominium Sales in April were 171 which is down 24% from last year and down 5% over the 5-year average. The average price in April was $258,500 which is up 5.3% from last month when the average price was $245,000.

    - 16.96% Sold over listing price

    -13.45% Sold at listing price

    - 69.59% Sold under listing 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 April 2023 was 3.3 months of inventory pushing us just into a seller’s market. We are full swing into the busy season as the weather warms up and we are seeing lots of healthy activity.

    --Provided Nigel Nolin & Chaymaine Roberts

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