ReMax Annual Housing Report: Windsor Essex

WINDSOR - ESSEX
Windsor-Essex’s fall housing market recovered by the end of 2014 from a long winter and delayed spring. Increasing consumer confidence from buyers and sellers buoyed the housing market as it returned to its norm after a slow year. Year-over-year sales data indicated that the market remained stable, as sales in 2014 were very similar to 2013.The average residential sale price in Windsor- Essex County increased five per cent in 2014, rising to approximately $192,200 from $183,518 in 2013.

There was a slight inventory shortage
in 2014, and the housing market in the coming year is expected to experience a similar shortage. However, if demand for new homes continues to grow, pressure should be taken off of the resale market,  motivating more resale properties to come on the market.Windsor-Essex is slowly recovering from a larger inventory shortage in 2013 and it is expected to require another year to fully balance.

First-time buyer activity has increased due to favourable interest rates. Affordability in the region is good for this demographic and increased affordability because of low interest rates mean that first-time buyers can purchase homes with higher value than the lower range. As such, the greatest market activity is
in properties resting near the average price range in Windsor-Essex, between $100,000 and $200,000.

Consistency and balance should characterize Windsor-Essex’s housing market throughout 2015. Property values are expected to increase roughly five per cent in 2015. New homes continue to earn market share and often come with much higher price tags. In fact, compared to previous years, the market has seen

Average Residential Sale Price, Windsor/Essex

AVERAGE RESIDENTIAL SALE PRICE

more homes selling in higher price ranges. Upper-end properties are selling more quickly and easily in Windsor-Essex than they ever have before.Twenty-five homes listed at $400,000 and above have sold to date in 2014, much more than in previous years. Many attribute this to a broadly- accepted positive sentiment both buyers and sellers have towards the market. A strong economy, favourable interest rates and encouraging industry expansion in Windsor-Essex have put the market on the rebound and are motivating buyers and sellers to engage with the market. 


View Full report:  http://download.remax.ca/PR/HMO2015/Report/OutlookKitchLonWind.pdf

How Shopping Local Will Benefit Us And The City.

This article has been moved to its permanent home, here

High Speed Train Debate

A high speed train connecting London, Kitchener-Waterloo and Toronto would be a huge economic growth to Southwestern Ontario.  Why are they excluding or, setting aside,Windsor from the original plan?

This could be very damaging to our economic growth and development.  Especially, after so many years of slowly trying to recover from the events of 9/11.  That was a huge blow to the city and recovery is still on-going.  It was quoted, "You will have to ride your horse and buggy to London first, just to catch the train."  From there, it would take approximately 45 minutes to get to Toronto, decreasing travel time and increasing opportunity immensely.  

That would leave Windsor quite isolated from businesses that might want to expand here, new businesses that want to invest here and, for people that just want to visit here.  Even more tourists that visit is a boost to our economy.  At speeds of 300 km/h people would have the opportunity to live in one city and travel to another miles away in a short time.  There would be less crowded highways and less pollution.  This has always been about the Windsor-Quebec City corridor.  Almost 20 million people live along this main route.  It's the most densely populated and most industrialized rail line in Canada.

It would be a new, fast way to connect everyone from Quebec City to Windsor, Windsor to Detroit to Chicago, and Windsor to Detroit, onto Toledo and Cleveland.  Tying into what is called the "American Run," will connect millions of people, corporations, businesses and people between all cities.  Many stations along the rail are being or already have been upgraded, now it's time to work on the rail lines themselves.

A 10 year, $29 billion transit and infrastructure plan called, Moving Ontario Forward, is in place by the Government to create high speed rail service between London and Toronto, which will also connect Ontario to Quebec City.  Then saying, "Windsor will be a part of this plan at some point."

It will be a tremendous expense, the federal government estimates $50 billion, to install and implement such a huge project.  When you look into the future, there are numerous benefits from boosting the economy, to large corporations and businesses, expanding along the high speed rail corridor and into Windsor.  Therefore, paying for itself over the years.

If Windsor is not included, or is included years down the road, it will mean missed opportunities.  It is common sense, it is business sense.  We, as a city, have to fight long and hard to not be just an after-thought.  If not for us personally, then for a brighter future for our children, Grandchildren and even our Great Grandchildren and beyond.

Written By:  Mike Crawford