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At the bottom of Ontario, along the Detroit River lies a market that has gone under appreciated for years. Windsor Ontario is a unique city largely characterized by its close relationship with the city of Detroit Michigan across the water.
While the city has begun to catch the eye of investors from outside markets, the truth is that the city still has one of the lowest average home prices when compared to the average household income.
So, if you are interested in investing in a market that is packed full of investment potential in 2023, here is why Windsor may be the perfect market for you. Alternatively, you can click the link below to book a free strategy call to discuss your Windsor real estate investments.
Windsor Real Estate – A Connected, Cross-Border Lifestyle
The lifestyle in Windsor is largely influenced by the city’s easy access to the United States through the Ambassador Bridge and the Detroit-Windsor Tunnel. As a result many of the city’s residents work, shop or visit friends and family in the city of Detroit and surrounding cities. Of course, this results in the inverse being true as well as Americans frequent the city for work and other day-to-day activities.
This interconnected lifestyle leads to people who have American relatives or a consistent need to cross the border to move to Windsor in order to make things more convenient and shorten their commute. It also bolsters the local short-term rental market with working Americans often renting Airbnbs and other properties to accommodate themselves when they need to spend longer periods on the Canadian side of the border.
The city’s unique position also attracts people into surrounding towns in Windsor-Essex county such as Amherstburg, Essex, Tecumseh and Lakeshore which share a distinct yet inseparable identity with Windsor with hundreds if not thousands of people from each municipality visiting and working in the surrounding areas almost daily.
The Windsor Real Estate Market is Affordable
Windsor is also known for having relatively affordable real estate compared to other cities in Ontario. With an estimated average purchase price of $535,000 at the time of writing this article, it is no surprise that the Windsor real estate market is quickly growing.
In fact, compared to the average home price in 2016, the value of properties in the city has more than doubled in the last six years and prices continue to trend upward year-over-year. This means that on top of the monthly cash flow being received from a property, investors in the region have been experiencing great deals of appreciation on their investment properties and many expect that trend to continue as Windsor makes additional investments into the city and its markets.
In regard to rental rates, the average median rental price in Windsor is $1325 per month, which is relatively affordable for renters while also providing the potential for a meaningful amount of cash flow for the investor each month.
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Incoming Jobs and Developments in the Region
One of the key reasons that the city is expected to continue to grow is the number of key developments coming into the city in the coming years. These are major projects expected to bring new jobs into the market while also improving the value of key services and industries within the city.
Some of the most notable developments that are expected to impact the job market are:
Canada’s First Electric Vehicle Battery Plant
Windsor is set to become the home to the first electric vehicle battery plant in Canada. This $5 billion dollar facility is a venture set forth by Stellantis and LG Energy that is expected to employ over 2500 people and has the potential to grow with time as Canada pushes for more individuals to buy electric vehicles over gas-powered alternatives.
Gordie Howe International Bridge
Windsor is known for its current international crossings in the form of the Ambassador Bridge and the tunnel under the Detroit River. However, the city is currently working on a third crossing in the form of the Gordie Howe International Bridge. This would increase the city’s capacity to facilitate cross-border travel while creating additional jobs in border security and maintenance with a strong potential to see a rise in tourism.
Windsor’s Mega Hospital
Windsor is expected to build a new “mega hospital” that will be operational by 2029 if the current timeline is maintained. This $2 billion dollar project would increase the need for healthcare and support jobs while also making the city more hospitable for residents with health concerns who rely on up-to-date medical facilities and technologies to maintain their lifestyle.
Student Living in Windsor Ontario
The Windsor real estate market is great for student rentals due to the presence of both the University of Windsor and St. Clair College in the city. Notably both of these schools have substantial international student populations that lead to a large percentage of students requiring housing due to them moving to Canada alone for school a large percentage of the time.
Windsor Real Estate – Living in the Rose City
If you are interested in investing in a unique market with plenty of untapped potential for you to explore and expand your portfolio, then Windsor may be a great place for you.
Of course, if you want to make the best investments with the most room for you to continue to expand, you need to begin with a mortgage that is suited to your specific investments and portfolio. That is why at LendCity, our team takes your application across our network of lenders to secure you the best available mortgage for your specific needs.
To get started today, visit us at LendCity.ca or give us a call at 519-960-0370 to book a consultation with a member of our team.
Windsor Real Estate Professionals
This is a list of trusted real estate professionals that service the Windsor Real Estate Market.
If you would like to book a free strategy call with our team at LendCity, click the link below.