The spring 2024 Windsor-Essex County real estate market is expected to rebound, according to an outlook released Monday from the Windsor-Essex County Association of Realtors.
WECAR says the prediction is driven by interest rate stability, a strong local economy and growing consumer confidence.
While some parts of the province may be headed for a recession in 2024, Windsor is predicted to buck this trend according to a report released earlier this year.
“We are already seeing a resurgence in buyer confidence heading into the first part of 2024,” said WECAR president Maggie Chen. “Thanks to good economic tailwinds, strong business investment, and stable interest rates buyers and sellers are more confident heading into the spring. That should create a more active spring market compared to last year.”
Real estate market activity in Windsor-Essex has been picking up momentum through the first part of 2024. Year-over-year sales activity and listings are up from 2023 to 2024.
One of the variables impacting the real estate market are interest rates. Interest rates have held steady in 2024. The Bank of Canada is scheduled to make an interest rate announcement on April 10th, 2024. The Bank held its overnight lending rate at 5 per cent in March 2024, marking the fifth consecutive announcement where no change was made.
“New listings are up heading into the spring market and that’s good news for buyers,” said Krista Gionet, executive officer at WECAR. “One important thing to watch is the next interest rate announcement coming from the Bank of Canada in April. While it’s not clear if rates are going down anytime soon, the Bank has signaled that rates are likely to be stable as they continue to monitor inflation and broader economic conditions.”
While new listings are up in February 2024, WECAR says Windsor-Essex continues to struggle with building new homes. According to the province, Windsor missed its housing supply target of 953 housing starts in 2023. That means the city missed out on badly needed funds from the province for housing-related infrastructure.
“In 2024, Windsor must commit to putting the policies in place to get more homes built,” said Chen. “Although the city has made good progress on housing permits, we’re just not getting shovels in the ground on new homes. Realtors are committed to working with the city and its leaders to solve the housing affordability challenge.”
As the spring market picks up, WECAR is promoting the importance of working with a local realtor through its “We Bring You Home” campaign.
