UPDATE: Windsor Listed Best Place in Canada to Buy Home
Windsor is the top market in Canada to buy real estate.
MoneySense Magazine is out with its latest ranking of which community is the best for investing in a home.
The listing is based partly on the current average sale price of $322,000, an increase of more than $50,000 since last February.
MoneySense Senior Editor Romana King says the ratio of home cost versus income is best in Windsor.
"As incomes have risen with more job prospects, housing prices have not kept pace," says King. "So although they've gone up, which is part of what we look at we want to see appreciation over the years, we want to see some momentum there. They haven't gone up as rapidly in sort of the exponential sense that they have in say the Greater Toronto area."
King tells AM800 News Windsor has among the lowest times to pay off a house based on the average income.
"If it only takes 3.66 years when you look at the average income in Windsor to pay for the average house price," notes King. "And say in Victoria it takes 7.6 years. If you can shave four years off the cost of buying a house then of course you're going to want to consider that."
According to the magazine, Windsor also has the best Return on Investment (ROI) at 11 percent over five years.
King adds the ROI figure reflects how housing values have grown.
"Everyone wants to be sort of patted on the back. If they did make an investment we certainly like to do that with our rankings to help them understand that yes, your gut instinct or maybe you saw something that others didn't and then it also helps people understand why there's momentum in the city, why does it rank number one. Well in the last five years it's performed well."
King says a lot of people have used these rankings to decide where to move to get the best value in housing.
The next closest community is Guelph where the average price is nearly $530,000 and return on investment is only 8 per cent.