The housing market in Windsor-Essex is expected to be a 'balanced market' according to RE/MAX's 2023 Canadian Housing Market Outlook Report.
According to the report, amid rising interest rates and a looming recession, RE/MAX Canada is anticipating a modest decline of 3.3 per cent in average residential sales prices across the country in 2023.
In Windsor-Essex, the report projects the average residential sales price will be 3 per cent higher in 2023 at $649,278.
The figure compares to an average price of $630,367 between Jan. 1 and Oct. 31, 2022.
Glen Muir, Broker of Record RE/MAX Preferred Realty Limited in Windsor says we had a 15 per cent average price increase between 2021 to 2022 but he's not concerned about only a three per cent increase in values expected in 2023.
"We're strong than other parts of Ontario because of the plain fact of what's going on here," he says. "We have the battery plant being built, the bridge being built and the timeline for the hospital has been stepped up. With that comes the feeder plants and businesses. Jobs are going to be coming here and we're going to continue to have the stability."
Muir says the change to a balanced market is making it easier as more inventory is coming on the market, giving first-time home buyers and those looking to trade up a chance to get into the market because they no longer have to go in with cash offers with no conditions and taking risks.
He says now they can put in offers with a condition of financing and home inspections to protect themselves.
"People aren't going to have to make snap decisions everytime. Granted the home that has been well cared for and priced well will still see lots of action," he says. "We're still seeing the odd multiple offer but not like we used to. But those are the homes that are priced right, in good areas and taken care of."
RE/MAX brokers and agents in Canada were asked to provide an analysis of their local market in 2022 and share their estimated outlook for 2023. Based on their insights, 60 per cent of housing markets in Canada are expected to be balanced markets in 2023, impacted by modest price declines and less activity.
According to the report, 57 per cent of regions in Ontario are considered balanced markets, including London, Kitchener-Waterloo, Oakville, Barrie, GTA, Mississauga, Windsor, Lakelands West and Kingston.