Steady Housing Market for Windsor Area: CMHC
The Canada Mortgage and Housing Corporation is predicting a steady couple of years in the housing market for the Windsor area.
It has released its Housing Market Outlook for Southwestern Ontario for 2019 and 2020.
Speaking on AM800's the Afternoon News, Corporation Senior Market Analyst Andrew Scott said the housing market will remain strong, but not as strong as its peak in 2017.
"We expect in 2019, somewhat similar numbers to this year just because we have a pretty strong economy right now in Windsor, we have a new trade agreement that is bringing back confidence," said Scott.
Scott told AM800 News some factors are playing in Windsor's favour.
"We think the economy and additional population growth as well that is another thing, population growth has accelerated in Windsor so we think those things are going to keep housing market activity elevated."
Although interest rates are rising, Scott said the economy is keeping up.
"When interest rates do go up, it does deteriorate affordability, but prices in general for Windsor will remain quite in line with fundamentals like income compared to other cities in Ontario."
The report forecasts housing sales between 6,300 and 6,900 in 2019, which is down from the high of 7,373 in 2017.
The average sale price is expected to range between $304,000 and $313,000 in 2019.