On this site, we want to bring those interested in real estate in Windsor Ontario a realistic picture of what they can expect. We want to take a look not only at the current prices of homes in Windsor, but also why they are priced this way and what it means as far as an investment. We also want to take a look at how Windsor properties compare to other cities in and around southern Ontario locations.
Right off, let's deal with the rumours out there about the Windsor housing market. Anyone interested in real estate is looking for a good deal, and by now you have probably heard about Windsor properties selling for as little as you would pay for a new car. If someone were to put a house for sale in Scarborough, the story goes, that person could afford a block of houses in Windsor.
Well, these rumours are only partially true. You will find some pieces of property in the city selling strictly for what the lot is worth, forgetting about any improvements. However, a recent check revealed that there are only about 30 of these types of listings. Much more common are average sized homes (1800 square feet, 3 bed 3 bath) selling for around the $100,000 mark.
Still, at those prices, Windsor real estate is a great deal for those who currently own homes. You could find a similar home in Windsor for about a third of the price; why is that?
Well, real estate is always subject to external factors, and in Windsor the main factor has been the falling off of both the tourism and the manufacturing sectors. A higher dollar has seen American visits plummet over the last five years, while the automotive sector is still in a free fall which has no end in sight. This means that not only are Windsor residents unable to find work locally, but the opportunities in nearby Detroit are drying up as well.
That accounts for the lower house prices in Windsor. But should we take this to mean that as far as resale value goes, Toronto condos and lofts will prove to be a better long term investment than those in Windsor?
Not necessarily. There are some schools of thought which point towards the advantages of buying in a market where houses are in a freefall. Not long ago, Toronto had similarly low prices. A fresh outlook and an advanced economy have since set prices skyrocketing. Anyone who owned property there prior to the mid '90s has seen fantastic resale value today.
Windsor has advantages which point to the possibility of a market recovery in the next few years. While residents there are selling quickly now, the strategic location of the city does suggest a turnaround is inevitable. It may be in the best interests of those considering good investment opportunities to buy in Windsor while the prices remain low. Good resale value is virtually guaranteed, particularly as the recovery of the rest of the country's real estate market seems to be under way.
| 