Housing market continues cool down in March

The slowdown in the Windsor-Essex property market continued in March as fewer homeowners listed their properties for sale and potential buyers became even more scarce.

this Windsor Essex County Association of Realtors 417 homes changed hands last month, compared to 717 in March 2022. That’s down 41% from a year ago and down 44.1% so far this year.

Not only are sales plummeting for the 13th straight month, but real estate agents are also having a harder time convincing homeowners to list their properties. Market activity is down 19.6% from a year ago. The “for sale” flag increased to 859 properties compared to 1,069 in March 2022.

Those who braved the market got more on average for their properties than they did in February. The average home price rose 6.6% month-over-month, but fell 21.4% to $568,204 from $720,567 12 months ago. Prices have fallen 22.6% over the past year.

The Bank of Canada has sharply raised its key lending rate over the past year. It’s now 4.5%, making mortgages more expensive.

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