RE/MAX CANADA PROJECTING SOFTENING HOUSING MARKET FOR WINDSOR-ESSEX


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RE/MAX Canada is anticipating a softening housing market for most regions across Canada including Windsor-Essex.

According to the 2023 Fall Housing Market Outlook Report, the RE/MAX network expects the national average residential sale price across all home types to remain flat, with no change anticipated between now and the end of the year.

A lack of inventory and interest rates are the biggest factors.

The report says Ontario is a diverse mix of average residential sale price estimates heading into the fall, with seven regions reporting a decrease expected including Windsor, projecting a two per cent drop.

Glen Muir, Broker of Record RE/MAX Preferred Realty Limited in Windsor told AM800\’s The Shift with Patty Handysides that it\’s a seller\’s market in Windsor-Essex for homes in the $300,000 to $700,000 range.

\”A lot of people had to rollback their expectations due to interest rates. At the same time, the increase in interest rates have also brought values down some,\” he says. \”From Jan. 1 to July 31, the average sale price was just over $660,000. Where as now it is around $567,000. So there\’s almost been a $100,000 drop in average price.\”

Muir sayst that the person looking to sell needs take the advice of their realtor and don\’t think of what the prices were back in January.

\”The upper market has kind of maintained that value but they\’re not getting the absorbent number of offer they used to. Take the time, do it right. People looking to buy their first time home, reset your goals and do some investigation.\” he says.

 According to a Leger survey commissioned by RE/MAX Canada as part of the report, the interest rate environment is still on the minds of Canadians, especially ahead of the Bank of Canada\’s next announcement on Sept. 6. 

According to the Leger survey, 33 per cent of Canadians who are interested in buying and/or selling a home in the next 12 months will wait and see how interest rate changes play out before buying. 

On the other hand, over half of Canadians, 51 per cent, say further interest rate increases this year will not change their financial situation or impact their plans to buy or sell a home. 


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