Windsor can expect dramatic increase in housing prices: economist
A for sale sign in Windsor, Ont., on Tuesday, April 25, 2017. (Melanie Borrelli / CTV Windsor)
WINDSOR -- Windsor's real estate market continues to be strong.
Economists say we should expect to see another dramatic increase in the next three to five years.
The deputy chief economist at CIBC Benjamin Tal says Windsor-Essex housing prices have been going up and what is keeping the market strong is attractive interest rates and high demand.
“There's clearly a new demand that's coming,”says Tal. “The propensity of new immigrants to buy a house is actually stronger than it used to be so we see a situation in which employment is rising, employment is rising, income is rising, the demand is there, pent up demand is there so this is good place for Windsor real estate market.
The economist describes a pent up demand in the area, driven by affordability, as compared to other cities in Ontario and a rise in population.
In recent years, homes in the $200,000 range in Windsor have nearly doubled.
Tal says that could happen again.
“I believe this is sustainable, interest rates are not rising any time soon. I believe this market can continue to rise by five to ten percent a year,” says Tal.