Here are my RTB updates for the month:

The following are the statistics for October 2022 from the Director of RTB:

Claims – 69 business days from the date of filing to the date of the hearing (down from last month at 73 days)

Order of Possession for non-payment of rent – 19 business days from the date of filing to the date of the hearing (up from 10 business days)

Order of Possession, other* – 21 business days from the date of filing to the date of the hearing (up from 20 days in October)

RTB also reports they have a new phone system in place which tracks the amount of callers, time on hold, etc which they are optimistic will help them react to peak times and result in better service overall.

* 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 October was 1,730 which is down 2.8% over 2021 and down 5% over the 5-year average.

The total number of MLS listings in October was 3,687 which is up 41.6% over 2021 and down 7.2% over the 5-year average.

The total number of MLS sales in October was 1,063 which is down 29.5% over 2021 and down 17.5% over the 5-year average.

The total number of sales to date was 13,212 which is down 19.5% over 2021 and down 1.3% over the 5-year average.

Detached home sales for October 2022 were 744 which is down 28.6% and down 18.8% over the 5-year average. The average price in October was $377,165 which is down 1.8% from last month when the average price was $384,000.

Condominium sales for October 2022 were 145 which is down 36.4% from last year and down 16% over the 5-year average. The average price was $260,900 which is down 1.8% from last month when the average price was $265,671

Attached home sales for October 2022 were 78 which is down 27% over 2022 and down 7.4% over the 5-year average. The average price was $316,254 which is up 0.6% from last month when the average price was $314,176

There was a total of 20 commercial sales compared to 32 sales last year around this time.

Absorption Rate:

Seller's 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 October 2022 was 3.47 months of inventory

COMMENTS:
Once again this month we are seeing mild price reductions as we are in the slower months of the year for real estate and still in a balanced market according to the absorption rate chart.

- Provided Nigel Nolin & Chaymaine Roberts

Nolin Group at 3 Percent Realty Solution