Windsor Ontario and  Essex County Real Estate Market Update: October 1-18- 2024

Get the latest real estate market update for Windsor Ontario and  Essex County  in October 2024. Learn about current trends, home prices, and my prediction for the upcoming Bank of Canada interest rate decision. Brought to you by Kris Ramotar, your trusted realtor in Windsor Ontario and  Essex County 

Windsor Ontario and  Essex County Real Estate Market Update for October 2024

Are you thinking about buying or selling a home in Windsor Ontario and  Essex County ? This is your go-to market update for October, packed with the latest stats and trends you need to know. Whether you're relocating, upgrading, or selling your current home, understanding the market is key to making informed decisions. Let’s dive in.

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Current Real Estate Market Stats for Windsor Ontario and  Essex County 

As of October, here’s where the Windsor Ontario and  Essex County real estate market stands:

- Homes Listed: 611  
- Homes Sold: 253  
- Expired Listings: 56  
- Cancelled Listings: 277  
- Average Sale Price: 577,000 dollars  
- Median Sale Price: 530,000 dollars  
- Average Days on Market: 26 days  

Condo Market:

- Condos Listed: 54  
- Condos Sold: 19  
- Expired Listings: 9  
- Cancelled Listings: 25  
- Average Condo Sale Price: 461,000 dollars  
- Median Condo Sale Price: 405,000 dollars  
- Average Days on Market for Condos: 25 days  

Buyer and Seller Market Conditions

What’s happening in the market right now?  
We’re still seeing competitive conditions, with many homes receiving multiple offers. Some buyers are submitting unconditional offers, skipping home inspections and mortgage clauses, thanks to pre-inspections and firm commitments from lenders. Other homes are accepting conditional offers, with clauses for home inspections, financing, or selling an existing property.

Prices vary depending on the location, property condition, and seller motivation. Some homes are still selling above asking price, while others may need to lower expectations, especially if the price doesn’t reflect market conditions. Patience is key, as some properties are taking longer to sell due to pricing and condition issues.

Thinking About Selling Your Home Here’s What to Expect

If you're a homeowner considering selling your property in Windsor Ontario and  Essex County , here's what you should know. Your home may sell quickly, or it could take longer depending on several factors:

- Pricing: How realistic are you about your home’s value  
- Condition: Is your home ready for the market, or does it need repairs  
- Location: Where is your property located Is it in a desirable area  
- Buyer Interest: How many buyers are actively looking in your neighborhood

You may receive a conditional offer with clauses for inspections or financing, or you may get a firm offer with the price and terms you're happy with. It’s all about understanding the current market and being flexible.

Bank of Canada Interest Rate Prediction

As a potential buyer or seller, you may be wondering how the upcoming Bank of Canada interest rate decision could impact you. Here's my prediction for the October 23rd meeting:

I believe the Bank of Canada will cut interest rates by 0.5 percent, bringing the rate down to 3.75 percent. This will be the biggest reduction in over 15 years outside of the pandemic, aimed at boosting the economy as inflation slows and spending drops.

How does this benefit you  
- Lower borrowing costs: Cheaper loans mean lower interest rates on mortgages, personal loans, and credit cards  
- More affordable homes: With lower interest rates, your mortgage payments may decrease, making homeownership more accessible  
- Increased competition: As more people enter the housing market, demand for homes may increase, potentially pushing prices up slightly but don’t worry, it’s likely to remain manageable

If you're thinking of buying, now could be the perfect time to take advantage of lower borrowing costs and lock in a favorable mortgage rate.

Ready to Make a Move Contact Kris Ramotar, Your Trusted Windsor Realtor

If you're planning to buy or sell in Windsor Ontario and  Essex County , having the right real estate partner makes all the difference. With years of experience in this market, I’m here to help you make informed decisions every step of the way. Let’s create a strategy tailored to your goals, so you can navigate the real estate market with confidence.

Call me today 1.519.259.9310  
Email krisramotar@gmail.com 

Let’s get started on your real estate journey.

Do not forget to check out my other videos for more tips and market insights

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