Home prices in Windsor-Essex will continue to rise in 2018: report
A home with a reduced price is shown in a once vibrant city of Windsor, Ont., in this January 2012 file photo. (Nathan Denette/THE CANADIAN PRESS)
A report suggests home prices will continue to rise in Windsor-Essex in 2018.
RE/MAX has released its 2018 Housing Market Outlook Report, and it says the average residential sale price for a home in Windsor-Essex in 2017 is $263,302. That is an increase of 17 per cent.
RE/MAX says a strong local economy in Windsor-Essex, coupled with nearby Detroit’s own ongoing economic turnaround, contributed to an active residential real estate market in 2017.
Low inventory levels as a result of strong demand have led to a seller’s market in the region and this is expected to continue into 2018.
The report suggests the average residential sale price in Windsor-Essex will increase by nine per cent in 2018 to nearly $287,000.
It also says the region’s luxury market will experience continued strong growth in 2018, with new-home construction projects in high demand, particularly amongst move-up buyers.
The report also suggests retirees and downsizers are an active segment of the market, often looking for townhomes or one-story detached homes, and are attracted to the region due to its affordability and typically mild winter weather.