Market News: Reaction to Desjardins Market Forecast

Recently people looking for Windsor homes for sale have had some better luck in the marketplace. With the market coming back into a balance those searching for houses for sale in Windsor are met with more supply and less competition at the offer table. It has provided great opportunities for those shutout in the past to have success. So when the Desjardins Group forecast a 44 percent decrease in home prices through 2023 in their recent report, some people may think they should hold off. Real estate experts say not so fast and that buyers in the Windsor real estate market should take a step back and consider the region’s prospects before going all in on the report.

The report from Desjardins ranked Windsor 3rd, behind Bancroft and neighbouring Chatham-Kent, as the most vulnerable markets in Canada. They cited rising interest rates and housing prices that increased too sharply during the COVID-19 pandemic. However, Jump Realty Broker of Record and past President of the Windsor Essex County Association of REALTORS Damon Winney says he sees no panic in the market to back-up the projection.

“You’re talking about over a $300,000 decline on a $700,000-plus home. The level of confidence in that report would be hard to find in a local economy with our employment data and investments being made that will create more jobs and grow the population. I’d have to question this 44 per cent.”

Windsor reached its peak average monthly sales price in March at $723,739. In May, that average price dropped for the second consecutive month to an average of $647,331. However, that price remains 14.37 per cent (approx. $117,000) higher than this time one year ago.

Winney continued on saying interest rates aren’t the only factor impacting prices. We must also look at the sharp increase in the number of homes available for sale. In May there were 1,438 homes for sale, an increase of almost 400 versus April and 38 per cent more than May of 2021. Digging deeper, when comparing the first five months of 2022 versus the first 5 months of 2021, listings have increased about 1,000.

Photo credit Dan Janisse/Windsor Star

Quotes and story credit Dave Waddell/Windsor Star: https://windsorstar.com/news/local-news/local-officials-call-housing-report-overly-pessimistic-unreflective-of-areas-economic-fundamentals

Here at Jump Realty our agents will give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, LaSalle, and Chatham, no matter where you are, a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!