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17
Feb

Windsor-Essex County Association of REALTORS® 2016 Economic Outlook.

by Norman Langlois, WECAR President

The last three (3) months data collected from the Windsor-Essex County Association of REALTORS® (WECAR) Residential Statistics showcase an average decline in listings of 5.68%, and an average increase in sales of 21.01%. This has made for a very tight market, which in turn has been driving the average sales price up, making it a good Sellers market.

Based on statistics, dating back to 2008, it’s looking like this upcoming year will be a good year for the housing Market in Windsor & Essex County. Total housing starts are expected to increase by 6%, MLS® Listings are expected to increase 1.5%, and the average vacancy rate is expected to decrease 3.8%. These are all optimistic figures.

Some things we can expect to see in Windsor-Essex in 2016:

  • A larger percentage of 25-34 year olds purchasing their first homes;
  • Job growth, as well as unemployment rates decreasing; and
  • Greater demand in the existing home market.

According to the Canada Mortgage and Housing Corporation (CMHC), the 2016 one-year mortgage rate is expected to be in the 3.00%-3.80% range, while the five-year rate is forecast to be within the 4.70%-6.00% range.

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Assistant Editor