Housing market in Windsor-Essex 'normalizing,' real estate insiders say
Damon Winney, broker of record at Jump Realty, says more listings are hitting the market which is helping to turn the table against what once was a heavy sellers’ market.
“There's been a shift in the market from what we've been used to the past I'll say two-three years,” Winney said.
The housing market seems to be cooling off across the country, and in Windsor-Essex.
Home sales in April dropped 18.9 percent compared to the same month last year.
“There seems to be more supply and there seems to be a little bit less buyers than there were in the past,” said Peter Valente, president of Valente Development.
Nationally, home sales dropped 12.6 percent in April of 2022 compared to April 2021. Sale prices are also decreasing nationally, but not locally.
A market slowdown can lead to buyer’s remorse. If you’re in the market for the minute you’re not going to win it, Winney says.
“When there's a large number on the line and if you are playing it by the minute and the market changes one percent or two percent against your favour it's not good,” he said.
In Windsor-Essex, the average price rose to over $692,000 compared to $594,000 last April.
“If you are a homeowner you've got a tremendous amount of equity that you didn't have at this time last year and ever from 2020 to 2021,” said Winney.
The housing market looks vulnerable at the national level, but Windsor-Essex may be standing on an island of sorts.
“CMHC (Canada Mortgage and Housing Corporation) certainly seems to think that 2022 and 2023 we will see price appreciations,” Winney said. “Lower volume but better prices.”
Valente says multiple offers are still happening.
“The really desirable properties are getting multiple offers,” he said. “They're still selling over their list price.”
He feels real estate in this area has never been this promising.
“I wouldn't sell Windsor real estate cheap now like just dumping it and say ‘oh my god it's coming to an end.’ Uh Uh, Windsor is good.”
Winney adds, “The bridge, the hospital, the battery plant, hydro lines etc. that are proposed. I think we have a really good story here in Windsor in regards to future success.”
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