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.

This may be the early stages of a change to a buyers market. At the least, it has been a little easier to get your offer accepted lately as a buyer. That is something we can all be grateful for as participants in this industry.

Justin Trudeau has introduced a new tax free real estate investment vehicle for families looking to buy their first home. Budget 2022 unveiled A Plan to Grow Our Economy and Make Life More Affordable, including a Tax-Free First Home Savings Account (TFFHSA).

This account will allow families to save up to $40,000 to use as a down payment with a mortgage. Money put in this account will not accrue income taxes, and any capital gains made through investment of the money will also be tax free.

The budget also doubles the First Time Home Buyers Tax Credit to $10,000 and aims to make rent to own homes more available. All of these factors make it the perfect time to save for, or purchase a new home.

Did You Know? If you have owned a home in the past, but not for the last 3 years, you also qualify for the First Time Home Buyer Tax Credit.

Did you know Windsor is at the same latitude as Northern California and Southern Italy, with average temperatures above freezing for three quarters of the year? That means we get long, warm summers.