What’s Happening in the Windsor Real Estate Market? – RE/MAX News

Following the initial wave of the coronavirus pandemic, one of the biggest stories in the Ontario real estate market was Windsor. After years of seemingly uneventful existence in the broader Canadian housing sector, the Windsor real estate market blossomed to levels unseen in years.

However, now that the Bank of Canada (BoC) is raising interest rates, multiple housing markets across the country are seeing slowing sales activity and tepid price growth.

So, what is happening in Southern Ontario anyway? Let’s take a look at the latest developments.

What’s Happening in the Windsor Real Estate Market?

In October, residential property sales plummeted at an annualized rate of more than 44 per cent, totalling just 407 units, according to new data from the Windsor-Essex County Association of Realtors. In the first ten months of 2022, Windsor real estate market sales tumbled more than 20 per cent year-over-year, with just 5,588 units.

The current state of the Windsor housing market is below historical averages: 37.1 per cent below the five-year average and 30.8 per cent below the ten-year average.

Home prices remained steady to kick off the fourth quarter of 2022, as the MLS® Home Price Index (HPI) rose 6.3 per cent from a year ago to $590,700. The HPI is considered a far more reliable measurement than average or median price gauges. That said, the average price of homes sold tumbled 1.7 per cent year-over-year to $535,628. The year-to-date average price surged 15.5 per cent to $616,643.

Here is a look at how the different residential properties performed in October:

Single-Family: +5.1 per cent to $636,000 Townhome: +27.2 per cent to $453,600 Apartment: +18.4 per cent to $404,200

“Sales activity will be running below typical levels for some time yet as the market continues to play catch-up with a rapidly changing interest rate

The original article can be found here