Home sales down 47 per cent in Windsor-Essex
Real estate in Windsor-Essex has been a rollercoaster ride over the past few years and in January, the wild ride continued.
From January 2022 to January 2023, the number of homes sold dropped by nearly 47 per cent, marking the 11th straight month the region has reported a drop in sales, according to WECAR.
The average sale price was also down nearly 20 per cent to $516,117, down from $636,422 just a year prior.
“Early ‘22, that was not normal pricing,” said Dan Gemus, a Windsor-Essex Realtor. “That was the peak and it was crazy. It was getting a little out of hand.”
Gemus points to many factors which have contributed to the cooling market, including many listings, a stereotypically slow Winter and climbing interest rates.
“We've had, what, eight rate hikes now?” said Gemus. “And people, as the rates have gone up, have said wait a second. Before I buy a house, should I wait to see if these rates are going to go any higher?”
But now that interest rates seem to have peaked for now, Gemus predicts prices will hold steady or mildly increase throughout the year. But he’s not quite ready to declare this a buyer’s market.
“We're just going back to those normal times, which is not a bad thing,” he said. “It's good for buyers and quite frankly, for sellers. Prices have gone up so much in Windsor Essex over the last four or five years that unless you purchased in the last year, you're still gonna make a return on your investment.”
After a recent uptick in buyer action, Gemus expects the spring to bring out even more buyers and sellers.
Agents are now listing homes close to what they hope to sell them for and Gemus predicts you aren’t likely to see many bidding wars like you did a year ago.
The bigger challenge, Gemus said, will be managing seller expectations when they choose to list.
“They're still hoping to get you know, the spring 2022 prices, when that's not happening,” said Gemus. “They're getting discouraged. So I think it's up to us as an industry in real estate to educate our sellers on what they can expect in a market like this.”
CTVNews.ca Top Stories
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
Full parole granted to man convicted in notorious 'McDonald's murders' in Cape Breton
The Parole Board of Canada has granted full parole to one of three men convicted in the brutal murders of three McDonald's restaurant workers in Cape Breton more than 30 years ago.
Incident on Calgary's Reconciliation Bridge comes to safe resolution
Nearly 20 hours after a man climbed and remained perched on top of the Reconciliation Bridge in downtown Calgary, the situation came to a peaceful resolution.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
George Washington family secrets revealed by DNA from unmarked 19th century graves
Genetic analysis has shed light on a long-standing mystery surrounding the fates of U.S. President George Washington's younger brother Samuel and his kin.
'We won't forget': How some Muslims view Poilievre's stance on Israel-Hamas war
A spokesman for a regional Muslim advocacy group says Conservative Leader Pierre Poilievre's stance on the Israel-Hamas war could complicate his party's relationship with Muslim Canadians.
Why some Christians are angry about Trump's 'God Bless the USA' Bible
Former U.S. President Donald Trump is officially selling a copy of the Bible themed to Lee Greenwood’s famous song, 'God Bless the USA.' But the concept of a Bible covered in the American flag has raised concern among religious circles.