The Windsor real estate market is one of the hottest markets in Canada right now. In order to get a better idea about the local real estate lansdcape, we turned to industry expert Nejla Horasan, who helped us shed some light into the current state of the Windsor market.
1. With a 16.5% year-over-year increase in the number of sales, the Windsor real estate market is very strong right now. What are the most important reasons for this?
There is data to suggest that Windsor’s economy will grow by about 2% this year because manufacturing and the auto industry are showing signs of recovery. The Windsor economy is inter-twined with that of Detroit and in the Detroit area the average car is about 12 years old, so there is demand for new cars. This translates into demand for automotive parts which many are manufactured here in Windsor. The Canadian dollar is low and Windsor has a very skilled workforce which benefits manufacturing and is very attractive to manufacturing. Historically when the Canadian dollar is low Windsor always does well.
The new Gordie Howe bridge to be built between Canada and the United States, the mega hospital to be built for which the site selection is complete, the Windsor Essex County Real Estate Board’s great efforts to market Windsor for retirees and semi retirees for what the area has to offer and that initiative, has put Windsor on the map for those that did not know Windsor well. All of this means jobs for Windsor and jobs mean housing demands. The real estate prices in Windsor are still at a bargain and investors have realized what a gem Windsor is, so investment is coming at a steady pace to Windsor.
For example, for those moving to Windsor from the GTA area, an upscale home can be purchased at a fraction of the cost of that in the GTA and the semi retirees and retirees still have plenty of money left for traveling and for the enjoyment of their retirement.
The weather and golf courses also attract many buyers to the area. We actually have an extra 2 months of short sleeve weather on both sides of the summer compared to other parts of Ontario. Our proximity to the USA and access to major sports team venues, our gorgeous 100 mile waterfront peninsula, our wonderful people and skilled labour force, access to world class entertainment, our festivals, our new world class International Aquatic Centre, Point Pelee, there is something for everyone of all ages in Windsor and Essex County.
2. What are the advantages of buying versus renting in Windsor, in the current market?
Your payments build equity (as opposed to renting, where your money goes to the building owner). Buying a home is a great way to save money and a home is the biggest source of savings for Canadians. The Windsor Real Estate market is doing so well, now is the time to take advantage and start making money and make it work for those contemplating buying.
3. The average home price continues to go up. Do you think this trend is going to continue throughout the entire year?
Yes, given the current market trends and Windsor as an attractive market to invest in, I do expect Windsor to continue with the upward trend. The neighbourhoods in demand do not offer enough supply and so multiple offers are common.
4. What are some of the most important things to take into consideration for a first-time homebuyer in Windsor?
Affordable homes, in desirable neighborhoods sell quickly due to high demand. But before you go looking for a home it is very important that you find out how much you can afford. You should get a pre-approval from a reputable financial institution first. The pre-approval will allow you to secure a great rate as well help you establish your price range and you will have peace of mind when you find your home, because your financing will be in place you can act quickly when you see the property that you love. Work with your financial institution to understand what a mortgage is and its terms are and how you can make it work for you.
Home ownership is the single largest source of savings for Canadians and given that the market is hot in Windsor Essex, the sooner you act the better. Be realistic about your budget and talk to your realtor and your financial institution about costs so that you can budget yourself accordingly.
5. Which are a few of the most sought-after neighbourhoods in Windsor and why?
South Windsor, Lasalle, Riverside and Lakeshore are the most sought after neighbourhoods. These neighbourhoods offer some of the best schools and the amenities Southwestern Ontario has to offer. Windsor is a safe city to raise a family or relocate to and offers so much all within a 30 minute commute.
6. Any other insights that you’d like to share?
It’s an exciting time to invest in Windsor because of our attractive skilled workforce, the new Gordie Howe International bridge to be built, the new mega hospital to be built, sharing a border with the United States, whose economy is starting to gain momentum, makes Windsor ripe for opportunity. Find out more about Windsor and Essex County and come spend a weekend and see for yourself why you should invest in Windsor and Essex County.
About Nejla Horasan
Sales Representative for Bob Pedler Real Estate Limited Brokerage, Nejla was born and raised in Windsor. She loves what Windsor has to offer and wants the rest of the world to get to know Windsor. Nejla loves traveling the world but coming home to Windsor is the best part of her travels. Her expertise and background brings extensive knowledge of luxury new home construction, property value, site selection and acquisition. She is experienced in Municipal Zoning Bylaws, and has hands on experience in the design of homes, town homes, condominiums and apartments, commercial projects and Consent and Planning of Subdivisions.