Market Update: Property Price on the Rise
While COVID-19 has taken a bite out of our economy and almost every sector, the real estate market seems to be the exception to the rule. The average price people are paying for a home in Windsor-Essex continues to rise even as the COVID-19 pandemic enters a winter surge. Over the last year, the average property price in the region has increased by nearly 25 per cent dating back to last November. Much of that time was consumed by lockdowns and COVID-19 measures, but the real estate market carries on.
According to monthly reporting by the Windsor-Essex County Association of Realtors, the average property cost for November 2019 was $338,338. This year, November 2020, prices are sitting at $420,007, almost $82,000 more expensive versus last year.1 Following the expected dip in April and May as shutdowns brought the region to a halt, things have picked back up. Jump Realty Broker of Record and President of the Windsor-Essex County Association of Realtors Damon Winney says the pandemic has helped fuel the market. "It has escalated lately. As the economy grew and opened up again, we've seen people back into the market and in fact we've seen people come from other areas."2 While he thinks that a slowdown is inevitable, low interest rates are helping drive the interest in the market. "We've got a federal government trying to keep the economy going and I think that housing is one of those marvellous factors that actually helps drive the economy over the long term.”3 It is not just buyers who are eager, more people are listing their homes as well. Listings have increased by almost 10 per cent and the number of sales are also up more than six per cent.4
Rasha Ingratta is a mortgage agent with Mortgage Intelligence and she says we are simply just playing catch-up. "We're just, pretty much, catching up with cities that are equivalent to us in terms of population, I say to [people considering getting into the market] this is the best time to buy because I think prices are going to keep going up for the next year or so until it flat lines."5 She also says that the extremely low interest rates are giving people a big incentive to get into the market with much lower monthly payments.
When it comes to understanding the market, the costs of home ownership, ang help with financial and mortgage finance, an excellent REALTOR® is invaluable. Here at Jump Realty our agents can help you understand what kind of home you can afford and get you in touch with our trusted mortgage specialists to get you ready to buy a home. Jump Realty is a full service real estate brokerage and can help you with buying, selling, or any other real estate need. Our agents pride themselves on putting the customer’s best interest first and their happiness is integral to how we’ve built ourselves. Our time with you does not end with the sale, we’ll check in and make sure everything is just right in your new home. With offices in Windsor, Tecumseh, Kingsville, and Chatham, we can help you find your new home wherever you are. If you need any real estate assistance, please contact us, and we’d love to provide you a better real estate experience!
1,2,3,4,5: Windsor's average property price has increased by more than $80,000 since last November | CBC News. (2020, December 04). (Retrieved December 08, 2020, from https://www.cbc.ca/news/canada/windsor/windsor-property-value-25-per-cent-increase-1.5827684)
