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Why Windsor, Ontario still has room for growth despite the rapid rise in the housing market
So why does Windsor still have room for growth despite property values year after year currently sitting at a 25-50% increase over the past several years? Sounds crazy to say doesn’t it? Regardless, the fact remains that of all major communities in Canada, Windsor still holds onto the second most affordable housing in the country, and number one in Ontario! But what does this mean?
Quite simply, this doesn’t mean it is the cheapest. It means that as a percentage of family income, it is the lowest.
What we are seeing right now is the early days of the end of the pandemic says Broker Rhys Wyn Trenhaile of The Vanguard Team at Manor Realty Ltd.
“After the pandemic is done, A few things will start happening again that simply have not been happening,” he adds. Windsor has always been one of the six major hubs for international immigration, and right now you have a pent up demand built up for about two years of immigrants who simply have not been able to come into the country. “Windsor’s academic institutions have also been very successful bringing over thousands upon thousands of international students,” says Trenhaile. “And they all come back.” Windsor has still had a population increase of over 16,700 people in the last few years of people filling labour positions we cannot fill ourselves.
“Even if those jobs are six month to one-year contracts, we are finding people do not leave once they get a taste of the good life here, and it’s affordability,” says Trenhaile. “Not to mention the amenities of Detroit.”
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Another way of looking at this market is understanding that there are four stages of real estate. The first stage is of economic recovery is slow gain.
This is when you see the first signs of life. Trenhaile suggests we are currently in the second stage.
“We have rapid population growth and demand for housing, both rental and ownership, with builders scrambling to keep up,” he says. “Supply is far out stripped by demand. This is when prices go up.”
Considering the fact, many these people have been waiting to move to Windsor or are continuing to move to Windsor, it applies additional pressure on the city’s housing stock.
Windsor housing price increases 2012 – 2022 (creastats.crea.ca) If you have been thinking of buying a home but are holding off, Trenhaile says don’t!
“At best, if property values continue to rise 1% to 2% per month, this equates to 12% to 24% per year for the next couple of years.”
He insists that even if there is a market correction, it will not be higher than it was during the global meltdown which saw a 16% drop.
“This was the ultimate worst and is expected because it looks like the economy is going to boom once this pandemic is done.” If you have been thinking about selling, upgrading up to a bigger house, Trenhaile and his team are ready to assist you.
“I would make the next step sooner than later,” he suggests. “However, if you’re looking to downsize your house, you can take your time because your house value will go up faster and for more money than a smaller house.” For more information feel free to email Rhys at firstname.lastname@example.org, or visit their website at www.thevanguardteam.com.”
As well, if you are looking to secure financing for you Windsor real estate investments, click the link below for a free strategy call today.