Here’s the Windsor-Essex fall real estate market outlook

For sale sign in Windsor, Ont., on Tuesday, June 1, 2021. (Melanie Borrelli / CTV Windsor)

The Windsor-Essex County Association of Realtors says the housing market is expected to be active this fall, driven by new investments and immigration.

WECAR released the fall 2023 Windsor-Essex County real estate market outlook on Monday.

Last week, the Conference Board of Canada predicted that Windsor will be the “exception” to a potential downturn in the broader Canadian economy. Similarly, Windsor realtors are predicting the local real estate market will outperform other parts of the province.

“Windsor and Essex County are experiencing an economic resurgence and that will contribute to a busy housing market this fall,” says WECAR president Mark Lalovich. “We expect demand to increase again driven in part by investments in the Gordie Howe International Bridge and NextStar Energy EV battery plant. These investments are attracting hundreds of workers and new Canadians to our region.”

WECAR says the real estate market activity in Windsor-Essex has been picking up momentum as the year has gone on. Year-over-year sales activity was well below record levels in 2022 through January, February, and March. That changed with the spring market as sales activity increased and July 2023 saw 438 MLS home sales, 1.4% better than 2022 sales activity.WECAR housing stats for Windsor-Essex in 2023. (Source: WECAR)

The number of new listings on the market, however, continues to be challenge. New listings were down 13% year-over-year in July 2023.

“Our biggest challenge heading into the fall continues to be a lack of housing supply on the market. That means fewer options for first-time buyers and baby boomers looking to downsize,” says Krista Gionet, Executive Officer at WECAR. “Windsor is struggling to meet the housing supply targets set by the province. We have to create the conditions to get more homes built so we can welcome the thousands of new workers and jobs coming to our region over the next five years.”

One of the variables impacting the real estate market are interest rates. Interest rates have increased steadily in 2023. The Bank of Canada is scheduled to make an interest rate announcement on September 7th, 2023. The Bank increased its overnight lending rate by 0.25% in July 2023.

“Interest rate increases will have an impact on our market and some buyers and sellers may sit on the sidelines until they know the results of the next rate increase,” said Lalovich. “If you’re looking for information and guidance about how the market is changing or to buy or sell a property this fall, contact a local realtor to get the best advice.”

This fall, WECAR is promoting the importance of working with a local realtor through its "We Bring You Home" campaign.