Windsor housing market on the rise

Sreedha Varanasi
By Sreedha Varanasi December 17, 2017 16:19

RE/MAX is predicting that Windsor will lead the country’s housing market in 2018.

The report predicts a jump in housing prices with the average home sale price next year is expected to be $286,999, compared to 2014 when the price was $192,124.

The average home sale price in the region was $263,302 this year, an increase of 17 per cent over the previous year, the report indicated.

It also said Windsor will benefit from the nine per cent increase locally coupled with the 17-per cent increase across the region.

Rob Steel, broker at Platinum Realty Brokerage, said mortgages will be harder to get, so prospective homeowners should focus reducing debt now.

“If prices are going up and it’s harder to get their mortgage…people who may have been able to afford a $500,000 house last year may only be able to afford $400,000 this year,” said Steel.

“People should focus on saving money right now,” he said. “People can’t buy as much now as they used to.”

According to RE/MAX’s annual report, Windsor’s local economy is strong, contributing to the rising housing market.

Steel said he’s noticed the effects of the rising market already.

“I listed a duplex … the other day and I’ve gotten an offer from a Toronto agent for much more than the asking price,” said Steel.

“I can only see the prices even higher.”

Despite the rising market, a survey by Century 21 Canada this year named Windsor as the cheapest city in Canada to own a home.

 

Sreedha Varanasi
By Sreedha Varanasi December 17, 2017 16:19

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