Home prices continue to soar in Windsor-Essex
A real estate sign is pictured in Vancouver on June 12, 2018. (Jonathan Hayward/ THE CANADIAN PRESS)
Published Sunday, January 13, 2019 11:50AM EST
Last Updated Sunday, January 13, 2019 1:08PM EST
Windsor was among the Canadian markets that enjoyed one of the largest increases in home prices in 2018.
That is the finding of the Royal LePage House Price survey released on Friday.
Stats show the average price for a two-storey home in Windsor was $265,723 in 2018. That is a 17.2 per cent increase over 2017.
For bungalows, the average price last year was $262,203, which is a 7.1 per cent hike over 2017.
The biggest increase was the price of condominiums. The data shows the price for a condo in Windsor in 2018 was $225,133. That is a 28.7 per cent jump from the average price in 2017.
In Chatham-Kent, 80 homes sold in December, which was a record for the month. It was an increase of 33.3 per cent from December 2017.
On an annual basis, home sales totalled 1,289 units in 2018, down 4.9 per cent from 2017 but the Chatham-Kent Association of Realtors said it was still one of the better years on record.
The report also says year-over-year home prices made healthy gains in many regions across Canada.
During the fourth quarter, the report notes buyers in Ontario continued to look beyond the Greater Toronto Area in search of affordability and ventured to Southern Ontario cities.
Royal LePage has projected modest home price appreciation in 2019, expecting the aggregate price of a home in Canada to rise 1.2 per cent over the next year.