WINDSOR’S HOUSING MARKET IS THE HOTTEST IN CANADA

Dated: April 11 2021

Views: 78

WINDSOR’S HOUSING MARKET IS THE HOTTEST IN CANADA

Prices up 17 per cent this quarter, but still below the national average

Windor's real estate market is the hottest in Canada, with housing prices increasing 17 per cent in the third quarter of 2020. 

The new Royal LePage Housing Price Survey shows the average home price for any type of housing in Canada sits at about $692,000. 

Although Windsor is far below that at an average of $325,000 across all types of housing, experts say the city is growing fast.  

"Windsor is catching up with other cities in southern Ontario," said Windsor mortgage broker Rasha Ingratta.  

"The house prices have been lower in Windsor compared to the average price in other cities with a similar population and close to the Greater Toronto Area," said Ingratta. 

People coming from across Ontario

With more people working from home during the pandemic, some cities like Toronto have seen an exodus of people from the core to surrounding suburbs like Mississauga, driving up prices in those cities. But Ingratta says the spike in Windsor's market started a few years ago, well before the pandemic. 

Other cities that saw notable growth include Kitchener/Waterloo/Cambridge with a 13.9 per cent increase this quarter. Hamilton saw a 13.7 per cent spike and Oshawa was second to Windsor with a 15 per cent increase. Toronto prices rose by 11.1 per cent. 

One of the factor's driving costs up in Windsor is that more students, immigrants and retirees are flocking to the region, says Frank Binder, Royal LePage Broker of Record. 

Binder added that rental prices going up year over year have also made the city desirable for investors. 

"Over the last two years we've had sustainable rent increases of about seven per cent which is not something you see in other cities," said Binder. 

Binder says that, compared to twenty years ago, there's more new construction in the region with condos and affordable housing being built. Many investors are purchasing condos and renting them out.

In spite of that, some realtors say Windsor is experiencing a housing shortage.

"There's a housing crisis," said Paul Germanese, sales representative for Royal LePage. 

"I'm in multiple offers on leases, let alone the listings that we have. We need to keep building, the demand is there," said Germanese. 

Some buyers out of luck

For many first time home buyers, the Windsor market offers substantially lower prices on average than the Greater Toronto and Kitchener/Waterloo area. 

As the investor clientele grows and as people from across Ontario move to Windsor, real estate experts say these new buyers could push some locals out of the market. 

"That other buyer that I'm seeing that's being eliminated from the market due to these massive price increases is the single income first time home buyer unfortunately," said Germanese. 

ABOUT THE AUTHOR

Natalie Nanowski

Reporter, CBC Toronto

Natalie is a storyteller who spent the last few years in Montreal covering everything from politics to corruption and student protests. Now that she’s back in her hometown of Toronto, she is eagerly rediscovering what makes this city tick, and has a personal interest in real estate and environmental journalism. When she’s not reporting you can find her at a yoga studio or exploring Queen St. Contact Natalie: natalie.nanowski@cbc.ca

Blog author image

Mark Jacques

As an award winning multi-million dollar top producer, my clients can expect Exceptional Real Estate Service. I really want to ease the pressure points in the real estate process and walk people throu....

Latest Blog Posts

A Return to ‘Normal’? The State of Real Estate in 2022

Last year was one for the real estate history books. The pandemic helped usher in a buying frenzy that led to a record number of home sales and a historically-high rate of appreciation, as prices

Read More

20 Unique Home Gifts for Every Person on Your List

Every year, it seems the holidays sneak up on us—and every year, that brings with it the dreaded last-minute gift panic. Finding a present that hits all the right notes can be surprisingly

Read More

Finding and Buying a Great Home in a Hurry

 Imagine if, for whatever reason, you suddenly needed to find and buy a new home in a hurry. What if you had just a few weeks? If you’re like most people, your first instinct might be

Read More

Top 10 tips for selling your home in the winter

The common notion that spring is a better time to sell than winter is being challenged by today’s hot seller’s market conditions. A recent Royal LePage survey found that 79% of real

Read More