Windsor, one of Canada’s
hottest real estate markets
Why this city in Ontario became a go-to destination for first-time home buyers
June 6, 2022
Windsor, Ontario, has become one of Canada’s hottest real estate markets. The city has sprung back to life since the COVID-19 pandemic, and the real estate boom shows no signs of slowing down. Even with rising interest rates, Windsor is an attractive option for first-time buyers.
As seen on SaveMax, Windsor’s benchmark price has increased by 29.9% annually to $517,100. The average home price in January reached $614,483, an all-time high for the Windsor housing market. Windsor is Now a Red-Hot Place for First-Buyers to Call Home.
Windsor is Now a Red-Hot Place for First-Buyers to Call Home.
The pandemic inspired some people to pack their bags and leave big Canadian cities in favour of smaller towns, and buyers have slowly started to invest in the Windsor real estate market. According to the Windsor-Essex County Association of Realtors (WECAR), Windsor’s real estate market will continue to soar in 2022 and 2023. Furthermore, property sales have advanced by 7.1% in January 2022, with 466 units sold. This translates as a new sales record for the Windsor housing market.
Home prices have also reached new heights, as the benchmarks are as follows:
- For single family homes: $547,700 (+31.4% year-over-year)
- For townhomes: $417,300 (+35.4% year-over-year)
- For condos: $343,500 (+21.8% year-over-year)
Regardless of the price growth, Windsor remains a home buying and rental bargain for first-time buyers and investors across the country. Interestingly, even though the average housing price has increased by $200,000 in recent years, the city is still one of Canada’s most affordable housing markets.
‘Even though the average housing price has increased by $200,000 in recent years, the city is still one of Canada’s most affordable housing markets.’
Canada is looking to welcome more than 1.3 million newcomers within the next three years, with many choosing to invest in Windsor. Moreover, a survey by Ipsos Public Affairs shows that first-time buyers want to buy their first home faster than ever before, and the Windsor labour market is becoming even more substantial. With Stellaris, LG Energy Solutions, and Amazon announcing plans to build plants and warehouses in Windsor, it is estimated that more than 2,500 jobs will be created.
Should I Buy in Windsor?
Undoubtedly, Windsor offers many awesome things that make its real estate market appealing to first-time buyers and investors. For starters, the city is located across the border from the U.S. city of Detroit. Due to its proximity to the U.S. border, strong local economy, various home options, excellent schools, and solid job market, Windsor has increased its desirability.
‘If you want to live in a beautiful yet affordable city, Windsor might be just what you are looking for.’
If you want to live in a beautiful yet affordable city, Windsor might be just what you are looking for. The housing and rental costs are also well below other major Canadian cities, including Toronto, Vancouver, and Montreal. It’s understandable why people are looking to move to an area based on their needs, preferences, and budget. This means they will take a good look at the available amenities, transportation options, available jobs, or other economic indicators. In Windsor, they might be able to find what they are looking for at an affordable price without a lot of competition.
Windsor Real Estate Investing is an Easy Decision
Windsor makes things easy for first-time buyers by providing a peaceful community, high quality of life, excellent schools, affordable homes and condos, entertainment, and culture. Whether you want to move to Windsor alone or with your family, there will be a great neighbourhood to fulfill all your needs and requirements.
‘Windsor has at least 22% fewer serious crimes than larger cities such as Toronto or Vancouver.’
Windsor’s quality of life has proven superior to many Canadian big cities, providing you with everything you and your family need within walking distance. Lastly, Windsor is one of the safest places to live in the country. Windsor has at least 22% fewer serious crimes than larger cities such as Toronto or Vancouver. In fact, most Windsor residents feel extremely safe walking alone through their city, even at night.
Buying real estate in larger Canadian cities is becoming less and less realistic for most first-time buyers. Still, the urban amenities combined with the affordable housing costs have turned Windsor into a housing bargain.
Real estate markets can be very unpredictable, but if you are looking to buy a home at a reasonable price, it would be best to consider moving to Windsor. Deciding to buy in Windsor might be a giant leap, but you won’t regret it. The city provides the perfect combination of city amenities with ample job opportunities, quality of life, entertainment, and culture.
Feature image: Pexels