Windsor ranks third in Ontario for houses selling the most over asking price
Home buyers in Windsor will have to accept the harsh reality that the listing price of a house will be nowhere near the selling price.
According to a new report from Zoocasa, Windsor ranks third in Ontario for cities where homes are selling the most above their asking price.
The report calculated the percentage difference between the average sold price and the average list price in 29 cities across Ontario for the month of September.
The average listing price of a home in Windsor in September was $389,658 but the average selling price was $453,210, making for a list to sold price difference of 16.3 per cent.
Ottawa topped the list with a 27 per cent difference on average, while Whitby came in second at 16.4 per cent.
“I couldn’t even call it a listing price, I would call it more of a market price,” says Goran Todorovic, Team Goran Remax Care Realty.
Real estate brokers say the listing price doesn’t paint the most accurate picture as it may be used as a marketing tool to drive up demand.
“When you’re looking at real estate, we really want to focus on the sold price,” says Damon Winney, Windsor Essex Association of Realtors President. “The list price from the seller’s perspective is a way to get people to see the property.”
Analysts predict local real estate prices will continue to climb in 2022, but at a steadier pace.
“Low interest rates plus the announcement of immigration coming in,” says Todorovic. “We’re expecting 400,000 new immigrants to come to Canada every year for the next 10 years.”
“I used to say location, location, location with regards to real estate. Now it’s supply, supply, supply,” says Winney.
However, there may be relief for buyers in the short term. Todorovic expects the local market to stay stagnant for the next few months given the possibly layoffs coming to Windsor Assembly.
“There’s possibly a hiccup coming our way, a slight adjustment in the market due to some recent announcements in the auto industry,” Todorovic says. “This is a good time for buyers to get in.”
Currently, the average selling price of a home in Windsor is just over $552,000.