The statistics are now in from WECAR (The Windsor Essex County Association of REALTORS ®) for February 2023. Let’s see how 2023 is shaping up so far!
The new average sale price for February 2023 was $532,777. That’s a -25.64% decrease from this time a year ago and an increase of 3.23% from the previous month (January 2023 avg price was $516,117). *(The Median sale price for February 2023 was $492,000).
There were 621 new listings in February 2023 compared to 598 new listings in January 2023. This was a decrease of 10.26% from the same time last year and an increase of 3.85% from the previous month.
There were 281 sales in February 2023 compared with 244 sales in January 2023 which was a 52.61% decrease compared to a year ago and an increase of 15.17% from the previous month.
The most popular home styles in February 2023 were:
1st – Bungalow (61) avg price $425,148
2nd – 2 Storey (45) avg price $753,689
3rd – 1.5 Storey (39) avg price $438,945
4th – Raised Ranch (34) avg price $573,000
5th – Ranch (34) avg price $577,117
Wondering what sales activity in your price category looked like in February 2023? here’s the breakdown:
Sales by Price Category
$0 – $159,900 (3)
$160,000 – $299,999 (34)
$300,000 – $449,999 (97)
$450,000 – $599,999 (93)
$600,000 – $749,999 (49)
$750,000 – $899,999 (15)
$900,000 – $1,199,999 (15)
$1,200,000 – 1,399,999 (2)
$1,400,000 + (3)
If you’re wondering what the February 2023 listings/sales looked like where you live in Essex County, here’s the breakdown:|
Listings vs Sales by Area
00 – Windsor, LaSalle, Tecumseh – (List 348 – Sold 173)
10 – Amherstburg – (List 52 – Sold 25)
20 – Colchester / Harrow – (List 19 – Sold 9)
30 – Kingsville- (List 39 – Sold 10)
40 – Leamington – (List 36 – Sold 12)
50 – Wheatley – (List 14 – Sold 0)
60 – Lakeshore West – (List 29 – Sold 18)
70 – Essex – (List 31 – Sold 11)
80 – Lakeshore East – (List 21 – Sold 9)
90 – Tilbury – (List 9 – Sold 6)
Here’s what the average price has looked like for the month of February historically:
2023 – $532,777
2022 – $677,270
2021 – $481,221
2020 – $386,265
2019 – $322,109
2018 – $267,848
2017 – $246,935
2016 – $208,984
Bank of Canada Interest Rate Announcements
2023
February 2023 (Announcement March 21, 2023)
January 2023 (5.9%)
2022
December 7, 2022 (Target 4.25%) (+0.50%)
October 26, 2022 (Target 3.75%) (+0.50%)
September 7, 2022 (Target 3.25%) (+0.75%)
July 13, 2022 (Target 2.50%) (+1.00%)
June 1, 2022 (Target 1.50%) (+0.50%)
April 13, 2022 (Target 1.00%) (+0.50%)
March 2, 2022 (Target 0.50%) (+0.25%)
January 26, 2022 (Target 0.25%) (no change)
Canadian Inflation
2023
March 8, 2023 not yet announced
January 25, 2023 (Target 4.50%) (+0.25%)
2022
December 2022 (6.3%)
November 2022 (6.8%)
October 2022 (6.9%)
September 2022 (6.9%)
August 2022 (7.0%)
July 2022 (7.6%)
June 2022 (8.1%)
May 2022 (7.7%)
April 2022 (6.8%)
March 2022 (6.7%)
February 2022 (5.7%)
January 2022 (5.1%)
Is it a Buyer’s or Seller’s Market?
We are still experiencing very low inventory levels with February 2023 sitting at 3.0 months of inventory (January was 3.1 months) and the Sales to New Listings ratio at 48.4%. The months of inventory metric indicates that we are still in a Seller’s Market based on our still low inventory levels. However, the Sales to New Listing Ratio indicates that we are in a Balanced Market given the lower sales numbers when compared to those listings. So let’s call this a transitional market as we work our way towards a balanced market perhaps by mid-2023.
The Forecast?
Relatively unchanged from last month – RE/MAX Canada along with other Canadian real estate companies and economists paint an optimistic picture for Windsor/Essex in 2023, especially compared to other Canadian cities such as Toronto, Vancouver, Barrie etc. The forecast is for the Windsor area to be in a balanced market for most of 2023.
The expectation for the first half of 2023 is a potential for a short, continued decline in sales/price before plateauing and then climbing slightly starting in the third quarter ultimately increasing both average price and sales by approximately 3% compared to 2022. We have so many wonderful new projects in Windsor/Essex including the new Gordie Howe International Bridge, the EV Battery plant, the Mega Hospital and more! This will bring a large number of jobs to the region as well as all of the spin-off jobs that support these and other projects. Combine that with an increased rate of immigration to Southwestern Ontario including Windsor/Essex County and we have a recipe for an increase in demand for housing.
With the BoC Target inflation rate at 2-3%, we are slowly creeping towards the goal. Some speculation is that the BoC may raise interests slightly at the next rate announcement on March 21st, however last month the BoC did indicate that they were pausing additional rate increases for the time being, so hopefully the adjustments they’ve made so far will have the appropriate effect on inflation.
Is it a good time to sell?
Inventory is very low. Especially in lower price points the number of multiple offers is increasing. Demand is increasing but unfortunately, you can’t sell what you don’t have, and listings are scarce. It may be the best time to sell this year if you are thinking of selling. The big question is will we see more inventory that generally comes in the Spring market? I guess we’ll soon see.
Is it a good time to buy?
It’s a catch 22 for Buyers. Do you wait for rates to come down before buying? (But wait when rates come down we will likely have more inventory, driving up prices). Really, we’re trading one objection for another … interest rates or inventory/higher home prices. If you’re renting – the best move for you may be to buy as soon as possible. With rental vacancy rates in Windsor at a historic low and rent prices at all time high’s, every month you write the landlord a rent cheque earns you no equity. Everyone has a different unique situation and
What about new homes?
We’re seeing some developers and builders regain confidence and are moving forward with projects. There are several exciting projects across the county in the works in many stages of approval and servicing. Choose a REALTOR who knows the new construction segment well and can get you the info you need before pre-sales begin.
Does all this information apply to everyone?
Real Estate is very difficult to generalize. While averages are great for painting a picture of the general health of the marketplace, many factors are present that determine market value including location, timing/season, pandemic status, condition of home, neighbourhood etc. I would be happy to sit down with you for a free, no obligation consultation and discuss your specific, unique situation.
Call me at 226-347-6945 or email: steve@steveblais.com
Steve Blais, Sales rep.
Team Manager, Angie Goulet and Associates,
RE/MAX Preferred Realty Ltd. – Brokerage
*Median Sales Price is when you take all of the sale prices listed in numerical order and pick the price in the exact middle of the list, if there is an even number of sales, it is the average of the two middle prices.
