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CBC
2 days ago
- Business
- CBC
July home sales in Windsor-Essex climb to highest level so far in 2025
A more balanced housing market and a growing acceptance of economic uncertainty have helped drive home sales in Windsor-Essex to their highest levels yet in 2025, according to two real estate experts. Home sales hit 504 in July, up from 471 in June and 491 in May, according to numbers from the Windsor Essex County Association of Realtors (WECAR). The average home price was just over $592,000, up $10,000 from June. Spring market activity was delayed by about three months due to federal and provincial elections and uncertainty caused by U.S. trade policy, according to Julianna Biondo, the president of WECAR. But it's now returning to normal. "Even though we still have a lot of uncertainty in regards to tariffs and things of that nature, I think everybody is still realizing, 'Well, I guess this is the new norm,'" Biondo said. 'Why not take the opportunity now?' "And so they've been sitting on the fence long enough, and they're like, 'Well, you know, interest rates are still pretty good right now. And I still have a job. Things are stable enough. Why not take the opportunity now?' because you're seeing a lot of good opportunity in prices." People looking to buy houses worth less than $600,000 are still having to compete with multiple offers and pay more than the asking price, she said. But the market is more balanced when it comes to homes worth between $600,000 and $1 million, and it's a buyer's market for homes worth more than $1 million. That creates a great opportunity for owners of entry-level homes to upgrade, Biondo said. "You're going to be able to reap the most benefit from selling your entry-level homes, selling below $600,000 and being able to negotiate and get a great property at a great price in that $600 [thousand] to $1 million [range]." Listings stayed stable and prices increased in July, suggesting that buyers are coming back to the market, said real estate agent Kareem Adeptu. "They feel a little bit more confident, and sellers are also now realizing that they're not going to get the crazy prices that you would have gotten a few years ago," he said. "So their expectations are dropping down a little bit, and buyers coming back to the market has now added a little bit more fuel to the markets." The number of listings has climbed above 1,300 for the past three months, and more inventory has given buyers more negotiating power and the option to put more conditions on their offers, Adeptu said. Adeptu echoed Biondo's assertion that buyers have acclimatized to the uncertainty wrought by the Trump administration, but he said asking prices have also come down from their pandemic-era highs — creating more consistency between buyers' and sellers' expectations. Asked what people can expect from the market over the coming months, Adeptu said he expects to see an overall increase in activity with more listings and more buyers, while prices remain relatively flat. He also expects to see more sales in what he described as the "luxury segment." Biondo said the market typically experiences a lull in the summer before picking back up in the fall. It's difficult to predict what will happen this winter, she said.
CTV News
26-07-2025
- Business
- CTV News
‘We're a little bit more unique': CMHC predicts housing dip, but Windsor-Essex staying resilient
Take a look at Windsor's updated housing outlook for July. CTV Windsor's Ricardo Veneza has more. Take a look at Windsor's updated housing outlook for July. CTV Windsor's Ricardo Veneza has more. The latest forecast for the housing market from the Canada Mortgage and Housing Corporation (CMHC), particularly for Ontario, is a dour one — but Windsor-Essex seems to be somewhat of an outlier. On Thursday, the CMHC released its 2025 Housing Market Outlook summer update forecasting price drops of 2 per cent across the country and expecting even larger drops in Ontario and B.C. 'Vancouver and Toronto seem to always skew some of our statistics,' said Julianna Biondo, president of the Windsor-Essex County Association of Realtors (WECAR). 'I'm not saying that Windsor is immune to any of that for sure but, definitely we're a little bit more unique and niche in our market.' The report points to its new scenario based on Canada-U.S. trade tariff information as of June 26 and predicts tariffs will peak in the second half of the year. That will continue to impact the Canadian economy, producing a mild recession, and contributing to three key factors leading to the housing market slowdown: price pressures, lower demand, and uncertainty. 'I haven't experienced any get out of dodge, you know, everybody [saying] 'Oh, my gosh the sky is falling' I haven't experienced that. But I think there is some hesitancy,' said Biondo. 'We do have a drop in sales for sure.' Windsor is taking the brunt of the trade war, evidenced by Statistics Canada's June jobs report putting the city firmly at the top of the unemployment pile with a jobless rate of 11.2 per cent. But it seems the real estate market in Windsor-Essex is proving resilient — at least in the more competitive sub-$600,000 price bracket where most homes are bought and sold. 'Buyers are just being a little bit more choosy,' said Biondo. 'They're being a little bit more particular and they're getting the opportunity to get their conditions met, which is wonderful. And that is a key element to having a stable environment for a market.' WECAR's June report showed an increase in the average sale price of 2.97 per cent even as home sales dipped again 5.23 per cent and new listings climbed by 11.86 per cent. The CMHC forecast indicates an expected recovery in 2026, even as unemployment is expected to continue to climb come the fall of 2025 and inflation is predicted to crest 3 per cent by mid-2026 due to the trade environment and connected geopolitical events. Come next year, Biondo expects that will mean steadier price increases in the Windsor-Essex market as the broader real estate landscape recovers from a tariff-induced downturn. 'We're still very much in a seller's market in this area,' said Biondo of the sub-$600,000 category. 'Let's let this trade war play out. Everybody knows that this will come to terms at some point.' The other drag on the market, according to the report, is the sluggish home construction much of the country is seeing, particularly in Ontario and British Columbia, where starts are predicted to see even further declines. In those provinces, CMHC points to high housing prices, rising construction costs, and lower investor confidence as factors weighing down the sector with some developers delaying or cancelling projects and missing presale targets as unsold inventory rises — all challenges expected to persist for the rest of 2025.
