June makes at least 3 months of decreasing residential values, amounting to a total of more than 10% loss since April. The median home price in June was $555,000, down from $625,000 in April.

Windsor also has 2.2 months of inventory for the month of June 2022. This is the most inventory on hand in June since 2016. Comparing the same month in different years helps to account for seasonal issues that may otherwise influence the comparison in an unfair way.

With Another Rate Hike in June, Expect June To Be Month 4

The Windsor region experienced the 3rd month in a row of lower sales and higher new listings in May. The average house price is still at all time highs in most of the Windsor Essex region of Ontario, but price gains have certainly slowed.

The economic factors that caused these changes to the real estate market have not let up. If anything they are still gaining momentum. At the start of the month of June there was another interest rate hike impacting home buyers. Next month’s statistical releases will probably state June was month 4 of this trend.

The idea that there is an economic downturn coming has gained popular appeal. That means that now is the time to research and understand what may be coming.