Windsor area rents dropped in 2024 while housing prices stabilized

The housing market in Windsor and Essex County saw a slight decrease in average monthly rents in 2024, with new home construction costs also declining slightly. The average sales price in the resale home market remained steady. The condo market is more saturated, leading to a decrease in rental prices. Demand has also fallen due to fewer international students seeking accommodation. New home prices have not significantly changed, with builders reducing margins to move product in a slow market. The Statistics Canada new home price index reported a decline in new home prices in the Windsor region, following a trend of decreases in recent years. The pricing gap between resale and new homes remains a significant factor affecting new home construction in the area.

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