The bank of Canada increased it’s policy interest rate would increase by 50 basis points on October 26th, 2022.

See further details below.

The following are the statistics for September 2022 from the Director Of RTB:

Claims – 73 business days from the date of filing to the date of the hearing (up from last September’s timelines of 67 days)

Order of Possession for non-payment of rent – 10 business days from the date of filing to the date of the hearing (down from last September’s timelines of 19 days)

Order Of Possession “Other”* – 20 business days from the date of filing to the date of the hearing (down from last September’s timelines of 25 days) 

* Hearings involving immediate risk to safety are accommodated within five to 10 business days from the date of filing to the date of the hearing.

- Provided by Garret Wong, Upper Edge Property Manager

The total number of new MLS listings in September 2022 was 2,154 which is up 12% over 2021 but down 1% over the 5-year average.

The total number of active MLS listings in September 2022 was 3,897 which is up 37% from 2021 but down 10.7% over the 5-year average.

The number of total MLS sales in September was 1,205 which is down 19.7% from 2021 and down 10.6% over the 5-year average.

The total number of sales year to date is 12,156 which is down 18.5% over 2021 and up 0.5% over the 5 year average.

Detached home sales for September 2022 were 855 which is down 17.5% over 2021 and 10.2% over the 5-year average. The average price for a detached home September was $384,000, which is down 1.3% from last month when the average price was $389,592.

Condominium sales for September 2022 were 170 which is down 18% over 2021 and down 0.8% over the 5-year average. The average price for a condominium in September was $265,671 which is a relatively small percentage change from last month when the average price was $266,893.

Attatched home sales for September 2022 were 66 which is 39.5% over 2021 and down 22% over the 5-year average. The average price for an attached home in September was $314,176 which down 3.6% from last month when the average price was $325,569.

There was a total of 20 commercial sales in September 2022 compared to 36 sales last year around this 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 Septmember 2022 was 3.23 months of inventory

COMMENTS:

We are officially entering a balanced market according to the absorption chart. We saw declines this month again but they were smaller declines then what we experienced in the last couple 2-3 months!

- Provided Nigel Nolin & Chaymaine Roberts

Nolin Group at 3 Percent Realty Solution