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
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
NEW More unauthorized products for skin, sexual enhancement, recalled: Here are the recalls of this week
Health Canada and the Canadian Food Inspection Agency recalled various items this week, including torches, beef biltong and unauthorized products related to skin care and sexual enhancement.
Where is the worst place for allergy sufferers in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
Do these exercises for core strength if you can't stomach doing planks
Planks are one of the most effective exercises for strengthening your midsection, as they target all of your major core muscles: the transverse abdominis, rectus abdominis, external obliques and internal obliques. Yet despite the popularity of various 10-minute plank challenges, planking is actually one of the most dreaded core exercises, according to many fitness experts.
Polar ice is melting and changing Earth's rotation. It's messing with time itself
One day in the next couple of years, everyone in the world will lose a second of their time. Exactly when that will happen is being influenced by humans, according to a new study, as melting polar ice alters the Earth’s rotation and changes time itself.
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
NEW 'Godzilla x Kong: The New Empire': A crowd pleaser that turns it up to 11
Hot on the heels of last year's 'Godzilla Minus One' comes 'Godzilla x Kong: The New Empire,' the first ever Academy Award winner in the giant reptile's decades-long film career.
Deaths of 4 people on Sask. farm confirmed as murder-suicide
The deaths of four people on a farm near the Saskatchewan village of Neudorf have been confirmed a murder-suicide.