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
'A beautiful soul': Funeral held for baby boy killed in wrong-way crash on Highway 401
A funeral was held on Wednesday for a three-month-old boy who died after being involved in a wrong-way crash on Highway 401 in Whitby last week.
'Sophisticated' cyberattacks detected on B.C. government networks, premier says
There has been a "sophisticated" cybersecurity breach detected on B.C. government networks, Premier David Eby confirmed Wednesday evening.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
Biden says he will stop sending bombs and artillery shells to Israel if they launch major invasion of Rafah
U.S. President Joe Biden said for the first time Wednesday he would halt shipments of American weapons to Israel, which he acknowledged have been used to kill civilians in Gaza, if Prime Minister Benjamin Netanyahu orders a major invasion of the city of Rafah.
Rookie goalie Arturs Silovs to start for Canucks in Game 1 vs. Oilers
Rookie goalie Arturs Silovs will start in net for the Canucks as Vancouver kicks off a second-round series against the Edmonton Oilers Wednesday night.
Nijjar murder suspect says he had Canadian study permit in immigration firm's video
One of the Indian nationals accused of murdering British Columbia Sikh activist Hardeep Singh Nijjar says in a social media video that he received a Canadian study permit with the help of an Indian immigration consultancy.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Quebec premier defends new museum on Quebecois nation after Indigenous criticism
Quebec Premier Francois Legault is defending his comments about a new history museum after he was accused by a prominent First Nations group of trying to erase their history.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.