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
'Nonsense:' Doug Ford slams lawsuits filed by Ontario school boards against social media platforms
Premier Doug Ford says that lawsuits launched by four Ontario school boards against a trio of social media platforms are “nonsense” and risk becoming a distraction to the work that really matters.
Several flight attendants from Pakistan have gone missing after landing in Canada
Multiple flight attendants from Pakistan International Airlines have abandoned their jobs and are believed to have sought asylum in Canada in the past year and a half, a spokesperson for the government-owned airline says.
Tipping is off the table at this Toronto restaurant
A Toronto restaurant introduced a surprising new rule that reduced the cost of a meal and raised the salaries of staff.
Rainfall warnings of up to 90 mm among weather alerts in effect for 7 provinces
Rainfall warnings of up to 90 millimetres, air quality advisories and other alerts have been issued for seven Canadian provinces, according to the latest forecasts.
Canada Post’s newest stamp features special cookies for Islamic holiday
Canada Post’s newest specialty stamps feature “melt-in-your-mouth” desserts to mark two Islamic festivals, the crown corporation announced Thursday.
King Charles calls for acts of friendship in first public remarks since Kate's cancer diagnosis
King Charles III gave public remarks for Maundy Thursday, addressing the importance of acts of friendship, following his and Catherine, Princess of Wales’ cancer diagnoses.
A dog and a bird formed an unlikely friendship. Their separation has infuriated followers
Peggy is a stout and muscular Staffordshire bull terrier, and Molly is a magpie, an Australian bird best known for swooping on humans during breeding season, not for befriending dogs. But in an emotional video posted online, Peggy’s owners announced that the animals had been separated.
Statistics Canada reports real GDP up 0.6 per cent in January as Quebec strikes end
Canada's real gross domestic product grew 0.6 per cent in January, helped by the end of public sector strikes in Quebec in November and December, Statistics Canada said Thursday.
Ukrainian child asylum seekers in St. John’s get class of their own
Roughly 50 children will gathered in a St. John’s classroom for the first time on Saturday for unique lessons on Ukrainian language, culture and history.