Housing market predictions for Windsor-Essex in 2023: Re/Max report
Re/Max sale sign in Windsor, Ont. on Thursday, Oct. 15 2020. (Rich Garton/CTV News Windsor)
Windsor-Essex is expected to be a 'balanced market' next year, according to the Re/Max 2023 Canadian Housing Market Outlook Report.
The average residential sales price in Windsor-Essex is anticipated to be 3 per cent higher in 2023 at $649,278.
That’s compared to an average price of $630,367 between Jan. 1 and Oct. 31, 2022.
Glen Muir, a Re/Max agent in Windsor, says there was a 15 per cent average price increase between 2021 to 2022.
Muir tells AM800 News the change to a balanced market in 2023 will make it easier as more inventory is coming on the market, giving first-time home buyers and those looking to trade up a chance to get into the market because they no longer have to go in with cash offers with no conditions and taking risks.
"People aren't going to have to make snap decisions every time. Granted the home that has been well cared for and priced well will still see lots of action," he says. "We're still seeing the odd multiple offer but not like we used to. But those are the homes that are priced right, in good areas and taken care of."
The report says 57 per cent of regions in Ontario are considered balanced markets, including London, Kitchener-Waterloo, Oakville, Barrie, GTA, Mississauga, Windsor, Lakelands West and Kingston.
On a national level, Remax Canada is predicting a decline of 3.3 per cent in average residential sales prices in 2023.
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