Hello Again!

As we come to the end of another year for the Canadian Condominium Institute – Manitoba Chapter, it’s time to reflect on our accomplishments and disappointments and also on what we can look forward to in the coming year. While it certainly has been an interesting and eventful year, it was not without its share of ups and downs.

A View & A Voice

This article discusses two topics - the underused housing tax and noise pollution, along with general Q&A with our members.

We are seeing another year impacted by rising mortgage rates and in July the Bank of Canada increased the overnight rate for the 10th time since March 2022. At that time, rates were rock bottom at 0.25% but now they sit at 5%, the highest they have been in 22 years. Despite the rising interest rates, condominium activity in the local market is weathering the rapid rate hikes surprisingly well, based on June market results.

2023-2024 Education and Event Program Schedule

For up-to-date information about in-person and online events, please use https://cci-manitoba.ca/education-events/upcoming-course-events. Note that as the effects of the pandemic are fading, we are resuming in-person events and hope to include a live streaming option in the future.

With the reappearance in the City of Winnipeg Council Chamber of some condo related issues, we started to receive some letters to the editor from our members. If you would like to send in your own letter for possible publication in our newsletter, you can do so by sending it to us a cci.mb.news@gmail.com with a subject of “Letters to the Editor”.

List of Individual Members of CCI Manitoba

List of Condo Corporation Members of CCI Manitoba

For the first time we have had two consecutive sales years in which the condo market activity within the Winnipeg Regional Real Estate Board (WRREB) market region exceeded the 2,000 unit threshold.  It should not be all that surprising that we are unlikely to see a  repeat performance in 2023, given the interest rate environment we are in. Consider the effect of the eight Bank of Canada interest rate increases in 2022, followed by another one this year, resulting in the overnight lending rate of 4.5%. Other factors have contributed to the sentiment that we are unlikely to repeat the performance of the past two years. 

A View & A Voice

The conversation seems to be muted lately with no new submissions since the prior edition of the Condominium News and Views.  That said, two items from the prior edition, Mandatory Director Training and Benchmarking Data have updates. For the prior article https://cci-manitoba.ca/cci-manitoba-magazine/article/95.

We are continuing to receive suggestions to improve the Provincial condo Act (The Act) and we thank you wholeheartedly for your efforts.

Now that we are well into January, Valentine’s Day is nearly upon us.  No doubt many loved ones will be receiving cards and flowers as part of that special occasion.  2022 was a ‘special occasion’ with respect to condo sales, not that I am suggesting you send a card for this!  In 2022, condo was the one property type which proved to be the most resilient during a very challenging year, and while not as spectacular as the record shattering 2021, was still worthy of recognition (if not a card).

The conversation seems to be muted lately with no new submissions since the prior edition of the Condominium News and Views.  That said, two items from the prior edition, Mandatory Director Training and Benchmarking Data have updates. For the prior article https://cci-manitoba.ca/cci-manitoba-magazine/article/95. If you want to contribute to the discussion, you can make a submission to cci-manitoba.ca/resources/condo-conversation-corner.