As summer comes to an end, many are bracing for lower inventory and a more competitive market. Will Windsor and Essex County fall in line with this prediction?
Low residential home inventory happens when there are fewer houses on the market than people trying to buy homes. This often happens in the fall, as fewer families want to sell their homes and move during the school year. Low inventory can make home prices rise as buyers try to outbid each other to buy the same home.
The total number of homes sold in August 2023 was 497 – this is a gain of 7.6% compared to August 2022. The price of homes sold in August 2023 was $539,563, up 7.3% from August 2022. Inventory has stayed failry consistent, though there was a 4% drop in new listings compared to August 2022.
All of this is to say that it has been a pretty standard August when you compare current numbers to five- and ten-year averages. Will the market stay in equilibrium as we head into fall, or will low inventory push prices up? We will have to consider other variables before we can answer that.
While many are predicting an economic downturn for Canada, The Conference Board of Canada thinks Windsor may be an “exception” to this. WECAR has predicted that the housing market will be active this fall, in part due to local investments, like the Gordie Howie International Bridge and NextStart Energy EV battery plant. Other factors include an increased demand for housing due to immigration rates.
However, this predicted upturn and rise in prices could be mitigated if The Bank of Canada decides to continue to raise interest rates. There are so many factors to consider heading into autumn – we’ll have to wait and see how it all unfolds!
So – should you list your home this fall? Contact our team! We will give you a more nuanced and personal analysis of market conditions, and what they mean for your real estate goals.
