'More stable' fall 2024 real estate market predicted: WECAR

A "For Sale" sign is seen in front of a home in Windsor-Essex. (Sanjay Maru/CTV News Windsor)

The Windsor-Essex County Association of Realtors says the fall outlook is positive amid economic growth and interest rate reductions.

WECAR released its Fall 2024 Real Estate Market Outlook on Tuesday, forecasting a more stable market driven by the Bank of Canada's recent interest rate cuts and new business investment.

The central bank's decision to lower its benchmark interest rate to 4.25 per cent last week is expected to make mortgages more accessible, encouraging both buyers and sellers to engage in the market.

"Windsor-Essex is positioned for a stable fall market," said WECAR president Maggie Chen. "While our local market had a slow start this year, it has remained steady since spring, and we expect it to continue that way through year-end. The reduction in interest rates will offer a much-needed boost to affordability, especially for first-time homebuyers and investors looking to benefit from Windsor’s economic growth.”

The average home price in Windsor-Essex in August was $561,916, which is up 4.5 per cent from the previous month.

According to Invest Windsor, the labour force, employment and population all saw significant increases in Q2 2024 demonstrating strong economic fundamentals. The Windsor-Essex region is benefiting from increasing business investment including the near completion of the Gordie Howe International Bridge and the new NextStar Energy EV battery plant.

WECAR says these developments are drawing hundreds of new residents to the area, further stimulating demand for housing.

"When it comes to the economy and jobs, Windsor and Essex County are back in a big way and that is having a positive effect on our local housing market,” said Krista Gionet, CEO at WECAR. “Consumers are heading into a more balanced market this fall, with increased demand due to lower rates and a solid number of homes on the market for buyers to choose from.”

WECAR’s message to local policymakers is to continue to get more homes built.

“We need to continue to create the conditions to get more housing built in particular in our downtown core,” said Chen. “Mayor Dilkens has championed more housing in our downtown and WECAR has been proud to support his work. We encourage all councillors to rally around policy that will boost local housing supply.”