Windsor’s House Prices Could Rise 9% In 2020 Says New Report
Wednesday, November 27, 2019
A new report on house prices and trends in Canada says Windsor’s house prices will continue to rise as consumer confidence strengthens in 2020.
RE/MAX released their Canadian housing market outlook for 2020 on Tuesday and the report finds that Windsor’s housing market is still hot.
“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions still seeing double-digit gains,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.”
The report says cities such as Ottawa and Windsor have been seller’s markets, showing substantial increases in average residential sale price at 11.7 and 11 per cent in 2019, respectively.
The report says most individual markets surveyed across Canada for the report experienced moderate price increases year-over-year from 2018 to 2019. However, some regions in Ontario continue to experience higher-than-normal gains, according to the report, including London (+10.7 per cent), Windsor (+11 per cent), Ottawa (+11.7 per cent) and Niagara (+12.9 per cent).
RE/MAX says the strong growth is expected to continue into 2020, with Windsor’s continued affordability attracting young professionals to the area.
In the report’s 2020 Estimated Average Residential Sale Price Outlook, Windsor leads with an anticipated 9 per cent increase in house prices. Other regions include Niagara at +7 per cent, Toronto at +6 per cent, London at +5 per cent and Sudbury at +2 per cent.
RE/MAX says the 9 per cent estimated increase will be due to an increase in sales and less listings on the market.
The report states housing affordability in the region is a concern to some homebuyers, as the average home price continues to rise thanks to multiple offer scenarios.
They say move-over buyers from the Greater Toronto Area were a prevalent force impacting the Windsor housing market over the course of 2019. The region was and continues to be an attractive option for retirees and young professionals seeking affordability relative to the high prices in the GTA. Move-up buyers will continue to drive demand in the region in 2020, according to the report.
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