Windsor, Ontario real estate market outlook 2023
We sat down with our realtor partner Sarah Renaud to give us an outlook on the Hamilton real estate market for 2023 and answer the burning questions we have on the market.
Sarah is our go-to realtor for the Windsor-Essex area and has confidence in her knowledge of the market saying: “Born and raised in Windsor-Essex and working for the #1 Broker owned Team in Canada and #8 RE/MAX Team worldwide, I strongly believe myself and the team are among the top, if not the top team agents in the field when it comes to real estate in Windsor-Essex.”
You can reach Sarah here:
(226) 605-6629, Sarah@TeamGoran.com
How has the Windsor real estate market done in 2022?
According to the Windsor-Essex County Association of Realtors, Windsor has experienced a decrease across the board in terms of the numbers of new listings, units sold and average sale price when comparing April 2022 to April 2023.
Windsor experienced a decrease of 20.66% in the number of listings with 860 listings in April 2023 compared to the 1,084 listings in April of last year. A 24.13% decrease in the number of units sold with 459 units sold this April compared to the 605 sold units in April 2022. Lastly, the average sale price for April 2022 was $687,352 compared to the average sale price of $576,654 this year resulting in a 16.10% decrease.
How has the market responded to the rate hikes from the Bank of Canada?
I believe the Windsor real estate market has responded relatively well to the rate hikes from the Bank of Canada given the circumstance as people are still buying property.
The Bank of Canada has provided some clarification with recent rate announcements, I strongly believe this was the push that many buyers needed to come off the sidelines and enter the market. Many of my own clients who decided to wait it out are now ready to get back out there and are extremely motivated.
Every week our team is being educated on mortgage rates, our Broker of Record always says, “Knowledge is Power,” and that couldn’t be more true. As an agent in an ever changing market you not only need to be on the MLS daily watching the number of new listings and recently sold properties/prices, you also need to be monitoring and informed from a finance aspect. You also need to be in constant communication with clients to let them know what we are seeing both in the market and in the mortgage world.
What factors do you see impacting the Windsor real estate market in 2023?
The future looks extremely bright for Windsor-Essex County as we prepare for the new EV Battery Production Plant, new mega hospital and Gordie Howe Bridge to name a few of Windsor's new developments creating thousands of direct and indirect jobs making it one of the region's ideal places to invest. Windsor is already among the top places to invest in Ontario and we are seeing more and more people coming to Windsor every day and this is only going to continue to rise. A majority of my clients are out of town buyers and not just clients looking for an investment property, but also to purchase for themselves and their families as Windsor is at the end of the day also among the most affordable places in the province.
Where do you see the market going in the future?
As previously mentioned, the future is bright for Windsor. I may be a bit biased, because I live and work here, but I strongly believe Windsor has so much to offer and having an international border is an added bonus. I always say, “We don’t have a crystal ball and cannot project the future.” However, we have continued to see positives in the Windsor real estate market and at the end of the day someone is always going to benefit from the market whether we are experiencing a Buyers or Sellers market. It just depends which market we are experiencing whether that is a buyers or sellers market and whether you're a buyer or seller client.
What advice would you give to someone thinking about buying in Windsor?
Don’t wait. I’m not here to sell anyone on Windsor, I think Windsor sells itself. Yes, being a real estate agent I sell property. However, I think of my job as more of a customer service agent and what I mean by that is my job is to provide exceptional customer service to assist my clients and help negotiate the best deal whether that is buying or selling property. Every client is different. Whether you’re an investor or home buyer yourself, everyone's situation and goals are different and my job is to help my clients achieve those goals.
The bottom line:
Work with an agent who cares enough to educate you. I speak with clients all the time who, although they may have been in touch with an agent, aren’t being provided education they need to properly understand and navigate Windsor's market. Yes, it is our job as agents to assist with these transactions but to better service our clients, it is important we are given them both guidance and education. You hear all the time, “I have an agent who’s sending me a listing,” and although that is one step in the right direction, are they educating you at all? Are they explaining what we are experiencing between the list price vs the sale price and why this is happening? Are they providing you with factual evidence or are they just telling you what you want to hear? Work with someone who is educated and someone who not only will provide you guidance during possibly one of the largest financial transactions of your life but someone who will also educate you to help you make an informed decision when it comes to buying and/or selling.
Thanks to Sarah for answering these questions and giving us insight into the Windsor market.
Check out our interest rate forecast for an up to date outlook on the mortgage market, including where our analysts predict rates will go over the next 5 years.