The Windsor area housing market remains strong even though large markets like Toronto are seeing declines.
The Canadian Real Estate Association says home sales in June posted their largest monthly drop since 2010, with the Greater Toronto Area market leading the decline.
Compared with a year ago, Canadian national sales in June were down 11.4% while Windsor area sales increased somewhat compared to June of last year, up 1.53%.
Windsor-Essex County Association of Realtors president Kim Gazo believes the local market will continue to make modest gains.
She says the softening Toronto market is the result of provincial legislation to cool the larger markets.
"Not something that would be quite as dramatic here in Windsor, we don't have as many foreign investors as they do with the additional taxes put on it," says Gazo. "Our lower inventory is keeping things at the same pace. If we had more houses it might cool it off a little bit more but it's kind of the same out there the last couple of months."
Windsor-Essex County Association of Realtors 2017 President Kim Gazo (image via Deerbrook Realty website)
Gazo says the drop in the Toronto market could boost the Windsor area market.
"You might see some of those investors bringing their money further down [Hwy.] 401 to our area especially with Windsor getting more notoriety in terms of how affordable it is.," says Gazo. "I've even seen an uptick in in different investors through my open houses and calls from other areas for the listing I currently have. I think it will benefit that way."
She says Windsor is starting to catch up with other markets in home values.
"I've always said it's the prices finally caught up down [Hwy. 401] we're finally getting a little bit more for our houses compared to other areas even when you look at London or Kitchener the difference in the average sale price I wouldn't say is incredibly dramatic like you see in Toronto or Vancouver but we've always been kind of below," says Gazo.
In Windsor, listings are up almost 8% over June 2016, with year to date listings about equal to last year. Home prices continue to increase strongly over last year with the June to June hike more than 18 % higher and the year-to-date prices up nearly 20%.
The largest single price range was from $300,00 to $360,000 with 125 units sold in June.