Average house price increases 31 per cent in Windsor-Essex

Windsor, Ont. -

The Windsor-Essex County Association of Realtors says house prices continue to climb across the region.

The average sales price for October 2021 was $565,278. In October 2020, it was $429,116. That’s an increase of 31.73 per cent.

“We know that 2020 was a great year for real estate here. 2021 has been phenomenal as well,” said Damon Winney, president of the Windsor-Essex County Association of Realtors. “We’ve got less listings available people and that’s helping increase that average sale price.”

Meanwhile, sales were down 12.50 per cent for the month, in comparison to this time last year. There were 658 properties sold in October 2021, compared to 752 properties sold in the previous October.

Winney feels that number is deceiving.

“Let’s also bring it back to the last four years. The number we’ve experienced this past October, very normal, so the last four years we’ve has very similar sales,” he said.

The total of monthly listings was 855, which is up 2.4 per cent from 835 in October 2020. At the time of the report, there were 674 available listings.

But that average sale price of more than $565,000 is not scaring people away.

“We’re a border city. We have a brand new bridge being built. We have a mega-hospital coming to this area. We have lots of infrastructure in place,” said John Rauti, sales representative at J. Rauti Custom Homes. “Why wouldn’t people want to come down here?”

With that demand, the City of Windsor has seen an increase in the value of building permits signaling more options for buyers in the near future.

The value of permits so far this year has hit close to $359 million, $34 million more than a year ago, according to John Revell, Windsor’s chief building official.

“That’s telling us it’s larger investments and you can see that because in those residential numbers some of those are apartment buildings and apartment buildings are very expensive,” Revell said.

“Once we get more people into the area, which I think is going to happen, we’ll have net migration continue to happen here in Windsor and that will in turn help us build more infrastructure and attract more people as well,” Winney said.

The most popular style of homes sold this month: Bungalow (142), 2 Storey (116), 1 ½ Storey (81), Raised Ranch (75), and Ranch (73).