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.
CTVNews.ca Top Stories
Canada, G7 urge 'all parties' to de-escalate in growing Mideast conflict
Canada called for "all parties" to de-escalate rising tensions in the Mideast following an apparent Israeli drone attack against Iran overnight.
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
'It was all my savings': Ontario woman loses $15K to fake Walmart job scam
A woman who recently moved to Canada from India was searching for a job when she got caught in an online job scam and lost $15,000.
Families to receive Canada Child Benefit payment on Friday
More money will land in the pockets of some Canadian families on Friday for the latest Canada Child Benefit installment.
After COVID, WHO defines disease spread 'through air'
The World Health Organization and around 500 experts have agreed for the first time on what it means for a disease to spread through the air, in a bid to avoid the confusion early in the COVID-19 pandemic that some scientists have said cost lives.
Taylor Swift drops 15 new songs on double album, 'The Tortured Poets Department: The Anthology'
On Friday, the pop star released her 11th album and at 2 a.m. Eastern, she released "The Tortured Poets Department: The Anthology," featuring 15 additional songs.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
DEVELOPING G7 warns of new sanctions against Iran as world reacts to apparent Israeli drone attack
Group of Seven foreign ministers warned of new sanctions against Iran on Friday for its drone and missile attack on Israel, and urged both sides to avoid an escalation of the conflict.