Windsor-Essex Market Report
2024 Third Quarter Update
Despite rising inventory and selling times, Windsor prices are up 5% from a year ago, making it one of the best performing regions in the province
In 2023, Windsor & Essex County, like other real estate markets across the country, saw a continued slowdown in sales activity. Overall resale units sold were down 16% year-over-year and 36% from record levels set in 2021. Through the first nine months of 2024, unit sales are flat year-over-year with inventory increasing over the past six months. The Canadian Real Estate Association (CREA), through its various real estate boards and provincial associations, compiles transaction data for each of its major markets, with the CREA Stats Centre reporting sales data going as far back as 1980. While historical stats should never be the sole indicator of what’s to come, they are helpful to review and consider as part of the broader context. In this third-quarter update, we'll review transaction stats for each community comprising Windsor and Essex County as well as overall performance by property type.
An Introduction to Windsor & Essex County
Windsor, the start of the Quebec City-Windsor population corridor, is the seventh largest city in Ontario and the 15th largest metropolitan area in Canada. Directly across the river from Windsor is the American city of Detroit, with the two cities forming the largest and busiest trans-border urban area in North America. Windsor-Detroit experiences significant cross-border travel and tourism, as well as commerce, with the area well known for being the automotive capital of North America. Directly south of Lake St. Clair and 30 minutes north of the banks of Lake Erie, Windsor locals are a short drive from miles of beautiful waterfront and surrounding nature. However, despite close proximity to Detroit and a large economy of its own, homes in Windsor are significantly more affordable than other cities in Southern Ontario, with an average price in the third quarter of $577K.
45 minutes south-east of Windsor lies the town of Leamington and Point Pelee National Park, the southernmost point in mainland Canada. From there, driving up the peninsula along the shores of Lake Erie you will find the picturesque towns of Kingsville and Amherstburg, along with some of the most fertile and tropical landscapes in our country. For anyone who has spent time in Windsor and surrounding Essex County, they will be familiar with greenhouses and fruit stands, breathtaking escarpment views along the lakefront, and a growing number of wineries. The area is experiencing significant growth in recent years, with prominent new investment into the region from Canadian cannabis producers, the broader agricultural sector, as well as residential home builders. To the north and running along Lake St. Clair, the growing sub-market of Lakeshore rounds out the region, with the combined Windsor-Essex area recording 6% growth in population between 2016 and 2021.
Market Highlights: Windsor & Essex County
Across all communities included in Windsor & Essex County, the median sale price observed in the third quarter of 2024 was $530K, up 5% year-over-year.
Windsor-Essex has outperformed the province and most markets in Southern Ontario over the past 5 years. This can be widely attributed to the relative affordability of Windsor homes when compared to homes in these nearby markets. To compare Windsor’s performance against other major markets in the province, check out our article on Top Markets in Ontario here.
Part of what drove Windsor’s strong price growth during the pandemic was its shortage of housing supply available for buyers. To end the 2021 year, Windsor-Essex had only 0.7 months of inventory, which meant that listed homes were selling in just under three weeks. Without new homes hitting the market, Windsor inventory would have disappeared in less than a month. When inventory levels are this low, prices have to rise on account of too many buyers bidding on too few properties. This leads to bidding wars and runaway prices, explaining part of why Windsor prices are double what they were 5 years ago. Over the trailing 5 years, Windsor-Essex has been a tight sellers’ market, with an average of two months of resale inventory.
Throughout 2022 and extending into 2023, multiple interest rate hikes resulted in a temporary cooling of the market, with Windsor-Essex ending the year with 3.6 months of available inventory, more than double the historical supply recorded since 2018. To start the new year, inventory dropped below 3 months before ticking back up in the second and third quarters to fall back in line with levels recorded a year ago.
Due to its low population density relative to the rest of Southern Ontario, over 90% of properties in Windsor-Essex are detached homes. Detached homes, as expected, are more expensive than the apartments and semi-detached segment, with third quarter median sale prices of $543K and $397K respectively. During the third quarter, price gains have been concentrated in detached properties with the apartment segment flat year-over-year. Resale apartment supply has climbed to almost 6 months, more than double its trailing 5-year average which is resulting in much longer selling times as of late.
Community Overview
Windsor-Lasalle-Tecumseh
The city of Windsor is comprised of three main regions: Windsor, Lasalle, and Tecumseh. These three sub-regions, most notably Windsor proper, each have multiple neighbourhoods within them and account for two-thirds of resale activity in Essex County. Given the wide-variety of neighbourhoods, it’s important to speak with a realtor knowledgeable in your preferred location and property type in order to get a better sense of what – and where – you may be able to afford.
At 2023 year-end and continuing throughout 2024, resale inventory in Windsor-Lasalle-Tecumseh is lower than anywhere else in Essex County. Inventory increased during the third quarter but remains under 4 months, with homes selling in 14 days, 3 days slower than the prior quarter and 4 days slower than the trailing 5-year average. During the third quarter, Windsor-Lasalle-Tecumseh reported a median sale price of $485K, up 3% year-over-year.
Community Overview
Lakeshore & Area
The municipality of Lakeshore, while just over 10% of current resale activity, is the most expensive market in Windsor-Essex, with a median sale price of $635K in the third quarter. With a population of just over 40K, the Lakeshore sub-market has grown at close to twice the pace of the Windsor-Essex region. Compared to a year ago, median prices are flat despite more inventory for buyers to choose from at 5.4 months. The median selling time fell drastically in the second quarter but increased over the summer, now back to 20 days which is 1 week slower than the trailing 5 year average.
Community Overview
Amherstburg
During the third quarter, Amherstburg reported a median sale price of $620K, down slightly from the prior quarter but up 3% year-over-year. Inventory levels nearly doubled to 6.2 months in the second quarter before falling back to 4.3 months over the summer. With supply still above the trailing 5-year average, properties in Amherstburg are slightly longer to sell when compared to a year ago.
Community Overview
Kingsville & Essex
Kingsville & Essex recorded a median sale price of $607K in the third quarter, up sharply from the prior quarter and up 3% year-over-year.
During the record peak in 2022, inventory levels in Kingsville & Essex were much lower. Inventory was sitting above 6 months of supply to end 2023 but has fallen below 4 months in the third quarter. At 22 median days on market, homes are taking longer to sell than levels recorded a year ago.
Community Overview:
Leamington
Luxury homes aside, the average home in Leamington is relatively affordable, with a median sale price of $435K in the third quarter, down 3% year-over-year.
To finish the year, inventory levels stood at 5.8 months with homes selling in 21 days. After inventory fell to 3 months to start the year, supply levels have increased above 5 months in the third quarter, more than double the trailing 5-year average. Homes in Leamington are now selling in 18 days, now back in line with nearby Kingsville-Essex.
Archived Reports
Windsor & Essex County
Second Quarter 2024 Market Report
Archived Reports
Windsor & Essex County
Third Quarter 2023 Market Report
Second Quarter 2023 Market Report
Summary
The Windsor & Essex County report will be updated on a quarterly basis. Every market is different, but understanding available inventory levels alongside recent price and market trends can help prospective buyers and sellers make more informed decisions. Subscribe to quarterly updates of the Windsor-Essex Market Report report by completing the contact form below.
Thank you for taking the time to read this article. As you contemplate the next steps in your real estate journey, there are a variety of helpful online resources you can leverage, such as realtor.ca, the Canadian Mortgage and Housing Corp, and historical sales data and market insights from leading real estate websites like Zolo, Royal LePage, HouseSigma, and Wahi.
