Seller’s market to prevail in 2020, prices to rise 9%
The 2020 Windsor housing market outlook from RE/MAX is calling for a seller’s market to continue in the year ahead – conditions which also characterized market activity throughout 2019. The RE/MAX average residential sale price expectation for Windsor in 2020 is an increase of nine per cent. The trend is attributed to a rise in sales and fewer listings.
Housing affordability in the region is a concern to some homebuyers, as the average home price continues to rise thanks to multiple offer scenarios.
Move-over buyers from the Greater Toronto Area were a prevalent force impacting the Windsor housing market over the course of 2019. The region was and continues to be an attractive option for retirees and young professionals seeking affordability relative to the high prices in the GTA. Move-up buyers will continue to drive demand in the region in 2020.
The LaSalle neighbourhood will be one of the hottest communities to watch next year, attracting homebuyers thanks to its proximity to the U.S. border and the new border crossing at the Gordie Howe Bridge.
At the upper end of the price spectrum, Windsor’s luxury housing market has experienced immense growth over the last couple of years, however the number of luxury properties sold is expected to decrease through 2020.
Currently, Windsor has one month of inventory. This measure represents how long it will take to liquidate the properties that are currently listed for sale under existing market conditions. The busy 2020 spring season will likely see the number of days on market increase, as home sellers list their properties at higher prices.
From a national perspective, RE/MAX anticipates a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Healthy price increases are expected, with an estimated 3.7-per-cent increase in the average national residential sales price, according to the RE/MAX 2020 Housing Market Outlook Report.
Most individual markets surveyed across Canada experienced moderate price increases year-over-year from 2018 to 2019. However, some regions in Ontario continue to experience higher-than-normal gains, including London (+10.7 per cent), Windsor (+11 per cent), Ottawa (+11.7 per cent) and Niagara (+12.9 per cent).
“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.”
Lydia McNutt is an award-winning journalist and editor, with almost two decades of experience in the real estate sector. At RE/MAX, Lydia is responsible for developing consumer-facing content while promoting the RE/MAX brand. This includes housing market reports and RE/MAX network news featured on the RE/MAX Canada blog and social media channels. Lydia has been published nationally on topics ranging from real estate, architecture, decor and design, to finance, business, technology, entertainment and lifestyle. When she’s not head-down at her writing desk, Lydia is busy “momming” in Oakville, Ontario, where she lives with her husband, two kids and their chocolate lab, Betty. Email Lydia at email@example.com