The Prohibition on the Purchase of Residential Property by Non-Canadians Act was passed in June. As of January 1st 2023, this act will be instated and is an an Act to prohibit the purchase of residential property by non-Canadians.

See further details below.

We met with the director of the RTB this month and they reported the following statistics: 

Claims: 67 business days (down from last July’s timelines of 75 days)

Order of Possession for non-payment of rent: 19 business days (up from July’s timelines of 13 days)

Order of Possession “other”: 25 business days (up from July’s timeline of 19 days - this has been a climb since this spring - showing not great progress)

- Provided by Garret Wong, Upper Edge Property Manager

Detached home sales for August 2022 were 1,003 which is down 11.4% over 2021 and down 7.8% over the 5-year average. The average price for a detached home in August was $389,592, which is down 2.6% from last month when the average price was $399,780.

Condominium sales for August 2022 were 193 which is down 9% over 2021 and makes no change on the 5-year average. The average price for a condominium in August was $266,893 which is down 1.8% from last month when the average price was $271,900

Attached home sales for August 2022 were 270 which is down 48% from 2021. The average price for an attached home this month was $325,569 which is down 0.6% from last month when the average price was $323,478

There was a total of 23 commercial sales in August 2022 compared to 31 sold last year this month.

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

Absorption rate in August 2022 was 2.74 months of inventory

COMMENTS

Similar to last month the numbers are heading in the same downward trend because of yet another interest hike paired with cooling temperatures as we reach closer and closer to winter. Yet we still remain in a seller's market. We are only going to see buying opportunities get better and better as the months go on.

- Provided Nigel Nolin & Chaymaine Roberts

Nolin Group at 3 Percent Realty Solution