Windsor housing prices rise for first half of 2022, but decrease predicted: Remax report
Windsor experienced some of the highest year-over-year price increases in the first half of 2022, according to the Remax 2022 Housing Affordability Report.
Windsor showed an increase of 24.42 per cent. The average house price is $674,637 in 2022, compared to $542,225.
The report says it’s due to rising demand and limited supply.
It predicts the market is shifting. The estimate for the remainder of the year is a five per cent decrease.
The affordability report is a nationwide analysis of local market activity and housing affordability trends for the first half of 2022.
On a national level, the report revealed that 68 per cent of Canadians are willing to make at least one sacrifice to buy a home they can afford, with the most common concession being relocation (64 per cent)– a trend that continues to reign as a primary influence in local housing markets across the country, say Remax brokers.
Alternatives to traditional home ownership have seen an uptick in some Ontario regions, as identified by Remax brokers in Hamilton and Windsor.
Some of the most significant factors impacting housing affordability in Ontario, highlighted by brokers in Windsor, Sudbury and Ottawa among others, include low or diminishing housing supply, rising interest rates, cost of living and inflation, out-of-province/out-of-region buyers, economic and employment conditions