The slowdown in the Windsor-Essex housing market continued in March as fewer homeowners put their properties up for sale and prospective buyers became more scarce.
The Windsor Essex County Association of Realtors said 417 homes changed owners last month, compared to 717 in March 2022. That's a drop of 41 per cent from a year ago and 44.1 per cent so far this year.
Not only did sales plummet for the 13th consecutive month, but realtors also had more difficulty convincing homeowners to list their properties. Market activity slipped 19.6 per cent from a year ago. "For Sale" signs went up on 859 properties compared to 1,069 in March 2022.
Those who braved the market got more, on average, for their property than in February. The average housing price climbed 6.6 per cent from the month before but fell from $720,567 12 months ago to $568,204, down 21.4 per cent. Prices have slid 22.6 per cent in the past year.
The Bank of Canada has raised its key lending rate significantly over the past year. It is now 4.5 per cent, making mortgages more expensive.