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
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Broadcaster and commentator Rex Murphy dead at 77: National Post
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Millions of cyberattacks per hour as B.C. government investigates multiple breaches
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
New 'Lord of the Rings' film coming in 2026
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.