The Windsor-Essex County Association of Realtors says the Windsor-Essex housing market will continue to favour sellers in 2020.
Housing prices are expected to increase as the supply of resale homes remains lower than demand.
"The Windsor market is still hot with the multiple bidding wars and I don't see that changing much in the near future," said Lorraine Clark, president of WECAR. "Demand is high and supply is low so prices will increase."
Clark says these bidding wars are pushing buyers to the new home market.
"The new home market is exploding as the multiple bidding wars that have driven buyers that have lost out on 10 to 12 offers have just decided to build instead. The new builds will remain in high demand with record-breaking number of units," said Clark.
Although housing prices continue to rise, mortgage interest rates have declined and are at an all-time low. This is helping home buyers have access to financing.