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
BREAKING King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
BREAKING Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
'Unacceptable': Trudeau reacts after AFN chief says headdress taken from plane cabin
After the Assembly of First Nations' national chief said her headdress was taken from an airplane cabin this week, Prime Minister Justin Trudeau called the incident 'unacceptable' and a 'mistake' on the part of Air Canada.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The current overall public health risk posed by the H5N1 bird flu virus is low, the World Health Organization said on Friday, but urged countries to stay alert for cases of animal-to-human transmission.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
Regina police officer injured after being accidentally shot by fellow officer's gun
An investigation is underway after a Regina police officer was accidentally shot by a fellow officer’s gun during the search of a house early Friday morning.
From faulty kids' cribs to flammable kids' bathrobes, here are the recalls of the week
Health Canada issued recalls for various items this week, including kids’ bathrobes, cribs and henna cones.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.
Island near Mull of Kintyre for sale for US$3.1 million
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.