The statistics are now in from WECAR (The Windsor Essex County Association of REALTORS ®) for March 2023. Pronounced: IN-VEN-TO-RY SHORT-AGE.
The new average sale price for March 2023 was $568,204. That’s a -21.14% decrease from this time a year ago and an increase of 6.65% from the previous month (February 2023 average price was $532,777). *(The Median sale price for March 2023 was $515,000).
There were 859 new listings in March 2023 compared to 621 new listings in February 2023. This was a decrease of 19.64% from the same time last year and an increase of 38.33% from the previous month.
There were 417 sales in March 2023 compared with 281 sales in February 2023 which was a 41.84% decrease compared to a year ago and an increase of 48.40% from the previous month.
The most popular home styles in March 2023 were:
1st – Bungalow (106) avg price $468,534
2nd – Ranch (64) avg price $661,815
3rd – 2 Storey (56) avg price $736,664
4th – Raised Ranch (38) avg price $647,789
5th – 1.5 Storey (35) avg price $422,047
Wondering what sales activity in your price category looked like in March 2023? here’s the breakdown:
Sales by Price Category
$0 – $159,900 (3) $160,000 – $299,999 (30)
$300,000 – $449,999 (138)
$450,000 – $599,999 (126)
$600,000 – $749,999 (86)
$750,000 – $899,999 (37)
$900,000 – $1,199,999 (24)
$1,200,000 – 1,399,999 (5)
$1,400,000 + (6)
If you’re wondering what the March 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 509 – Sold 265)
10 – Amherstburg – (List 65 – Sold 27)
20 – Colchester / Harrow – (List 22 – Sold 8)
30 – Kingsville- (List 46 – Sold 23)
40 – Leamington – (List 45 – Sold 26)
50 – Wheatley – (List 15 – Sold 1)
60 – Lakeshore West – (List 44 – Sold 20)
70 – Essex – (List 27 – Sold 15)
80 – Lakeshore East – (List 26 – Sold 17)
90 – Tilbury – (List 28 – Sold 8)
Here’s what the average price has looked like for the month of March historically:
2023 – $568,204
2022 – $723,739
2021 – $531,805
2020 – $357,874
2019 – $333,566
2018 – $280,386
2017 – $261,286
2016 – $216,860
Bank of Canada Interest Rate Announcements
2023
March 8, 2023 (Target 4.50%) (no change)
February 2023 (no announcement)
January 25, 2023 (Target 4.50%) (+0.25%)
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
February 2023 (5.2%)
January 2023 (5.9%)
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?
Low inventory levels (supply) are considerably lower than expected for the beginning of our spring market. Sales are outpacing new listings month over month. March 2023 saw 2.1 Months of Inventory compared with the apprx. 3.0 – 3.3 we’ve seen over the past 6 months. Using this metric, we are currently in a Seller’s market. Sales to New Listings Ratio for March 2023 was 52.8% compared to 48.4% last month. So, while technically we are still in a Balanced market, we are inching our way back towards a Seller’s market using this metric. We simply need more listings to meet current demand and meet earlier predictions of a balanced market by mid-2023.
The Forecast?
At the beginning of the year RE/MAX Canada along with other Canadian real estate companies and economists painted 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. However, Windsor/Essex, in similar fashion to many other areas of Canada, are currently experiencing high demand and low inventory levels which may point some areas towards a Seller’s market overall in 2023 if this trend continues.
With so many wonderful new projects in Windsor/Essex including the new Gordie Howe International Bridge, the EV Battery plant, the Mega Hospital and more, Windsor is certainly earning its position as one of the most attractive locations for investment in the Nation. This will bring many jobs to the region as well as all 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 continue to slowly inch towards the goal. The feds still expect that we will reach that target by the end of 2023 which may result in no further interest rate hikes by the BoC.
Is it a good time to sell?
Inventory continues to be very low. Especially in lower price points the number of multiple offers continues to increase. Demand is increasing but unfortunately, you can’t sell what you don’t have, and listings are scarce. Given that we are now entering our typical spring market, inventory remains a challenge and average prices are rising, so if you’re thinking of selling, now may be a very good time to list.
Is it a good time to buy?
This is a tough one for Buyers. Should you wait for interest rates to come down? (Variable rates aren’t expected to drop until late this year, however fixed rates have seen some drops very recently) – so one could argue that waiting for rates to decrease further would increase buying power. The problem is that the lack of inventory is sending prices on an upward trajectory, so what you may save in lower rate costs, you will likely make up with a higher purchase price. If you’re living at home with parents, it would be debateable which direction to go with, however if you are currently renting and do qualify to buy, you may want to pull the trigger. Upwards pressure on rents will continue as more people move to this region. Put your monthly payments towards YOUR equity. Everyone has a different situation – needs, savings, tolerance for risk, etc., so discuss with your REALTOR and find out what the right move for you may be.
What about new homes?
By looking at sales per price category you’ll see a definite increase in the number of sales for over $1 million properties. Many new projects are underway, and demand is increasing overall for new homes. Some additional exceptions for the foreign Buyer ban have been announced and many builders are heading into the 2023 building season with renewed optimism. Many upcoming projects are not yet on realtor.ca so if you’re thinking new, contact your REALTOR to learn more about these exciting new projects across Essex County!
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 Representative and Team General Manager
Team 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.
