Windsor Residential Prices Down 10% Since April

Most Inventory For Month Of June Since 2016 | Buyers Market Looming On Horizon

Canadian real estate overall is in a downturn, with some areas more greatly impacted than others. Areas of the GTA are down more than 30% in price from their peak. Windsor has been doing comparatively well so far. The price up to now, had been waffling near its peak. However, with the statistics from June it is clear that the downward trajectory on price is here to stay for a while. 

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.

Recession Looms On The Horizon For The Canadian Economy

We talked last month about market corrections, recessions, and other concepts important in this changing real estate environment. 

It is still technically too early to call, but the smart money has already made their bets. There is still more downside left before things get better for the economy overall. 

How long and how far this slide will continue is anyone’s guess. What is clear, is that we are inching closer and closer to a technical recession. Some people are already calling for a depression, which is years of negative growth. These extreme calls happens every time we enter a correction or recession, but rarely actually come to fruition in North America.

Is Now The Right Time To Buy Or Sell My Residential Property In Windsor Ontario?

When talking about your primary residence you shouldn’t make decisions based entirely on what the marketplace is doing. It is your home, the place where your family finds comfort and safety- or at least it should be. 

If your home isn’t living up to your expectations or families needs, that is a great reason to think about selling. You will never time your sale perfectly to the market’s peak, and you shouldn’t try to. Even professional traders can’t do it reliably. Instead you should focus on selling at a time that is good for you, and still gives you some profit. Don’t be greedy, take profit when the taking is good.

Prices today are around 10% below their all time highs in Windsor. That is still a 2-5 x return on investment for people who bought their home several years ago. If you are one of those people who are deep in the profit, and you feel like you need to move, list now because prices are decreasing for the foreseeable short term outlook. 

If you are a family who needs a place to live, buying now, or in the next few months is a great idea. It is getting easier and cheaper to buy a house in Windsor. It also means that if you buy some time soon, over the long term you should see your value revisit the all time high, and even make gains above that. 

If you are happy in your current home, have no need for cash on hand, and are able to hold the property long term through any recession, now may not be the time to sell. In that case you may be better off waiting to sell in a few years when we revisit all time highs. 

To get expert advice when considering real estate, give me a call, 519-300-6464