The Canada Mortgage and Housing Corporation projects housing starts will rebound in Windsor in 2024.
According to the latest housing market outlook released on May 1, single-detached home construction should recover this year with stabilizing interest rates, strong population growth, and a lack of supply on the resale market. That will drive up demand for new homes.
The corporation also forecasts increased home sales and prices driven by declining mortgage rates.
The pace of multi-unit construction activity will remain steady, which could lead to a modest increase in the overall vacancy rate.
The vacancy rate in Windsor has been at historically low levels for the last two years. The tight rental market and new rental units might drive rents higher in 2024.