Windsor

Lack of inventory, mortgage rules could be behind Windsor's housing sales slump

Housing sales have been slumping in Windsor in 2018, in part because there are fewer homes on the market.

Broker Sheikh Shamsher gives some insight into why sales are down the last few months

Residential house sales in Windsor-Essex were down 26.2 per cent in February, compared to the same time one year ago. (Kelly Bennett/CBC)

Housing sales have been slumping in Windsor in 2018, in part because there are fewer homes on the market.

According to the Windsor-Essex County Association of Realtors, residential house sales were down 26.2 per cent in February, compared to the same time one year ago.

Sales year-to-date are also down by 21.8 per cent over the first two months of 2017.

"What we're seeing is inventory for new homes is down," said Sheikh Shamsher, a broker with Manor Realty Ltd. "We don't have enough inventory right now."

Sheikh Shamsher, a broker with Manor Realty Ltd., said there is a lack of inventory on the market right now. (Arms Bumanlag/CBC)

Shamsher said the lack of supply but increased demand is leading to some of the bidding wars seen in the area. He has a list of buyers, especially in areas like Tecumseh and LaSalle, but not much to show them. 

Despite the lack of inventory, mortgage rules may be another factor discouraging buyers from the Windsor real estate market. 

"There are new mortgage rules some people are fearful of," said Shamsher. "We're seeing that some people believe that there might be a mortgage rate hike."

Sellers are still having success in listing and selling their homes.

South Walkerville resident Kevin Vercouteren recently put his home on the market and was able to start packing within 128 hours.

"Every day at least five people came to see the house," he said.

But Vercouteren acknowledges the issues for buyers. 

"If you're looking to buy, you have to be on the ball. Things come and go and you only have a couple of days to make a decision. It's really a cut-throat environment," he said.