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.”
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.
Multiple bridges in Calgary shut down for police incident
Calgary police have shut down a number of bridges into and out of the downtown core as officers deal with a distraught individual.
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.
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.
Record-breaking N.B. lottery winner kept winning ticket on dresser for nearly a year
A New Brunswicker will go to bed Thursday night much richer than he was Wednesday after collecting on a winning lottery ticket he let sit on his bedroom dresser for nearly a year.
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.
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.
Gangs netting up to US$3 trillion a year as Southeast Asia human trafficking becomes a global crisis, Interpol says
Human trafficking-fuelled fraud is exploding in Southeast Asia with organized crime rings raking in close to US$3 trillion in illicit revenue annually, the head of Interpol has said in comments that reveal the huge profits being earned by cartels.