Windsor-Essex housing market will still favour sellers in 2017, says study
The Windsor Star/Grace Macaluso
The average price of a home is expected to rise five per cent to $237,791 in Windsor-Essex next year, according to a new study by Re/Max.
Inventory remains tight, which means the housing market will continue to favour sellers, the 2017 housing report said.
This year, “most listings received multiple offers and many properties sold for over the asking price, keeping the region in a seller’s market,” the report said. “Consumer confidence in Windsor continues to rise due to the city’s positive economic outlook. Move-up buyers drive demand, motivated by the growth of the auto industry and a number of infrastructure projects currently underway in the city.”
The average residential sale price rose to approximately $226,468 in 2016, up from $201,115 in 2015, the report said. Sales were also up this year, rising to 7,268 between January and October from 6,578 sales during the same period in 2015.
Demand was strongest for single-family detached homes in the $140,000 to $300,000 range. “Retirees and buyers from the Greater Toronto area are attracted by Windsor’s relatively low cost of living, residential real estate affordability and economic climate,” the study said. “As infrastructure projects continue to thrive in the area, the outlook for Windsor’s real estate market remains positive heading into 2017.”