Housing Prices To Rise in Windsor-Essex
Don't expect any bubbles to pop in Windsor's housing market.
RE/MAX released its Canadian Housing Market Outlook for 2020 and forecasted Windsor's housing prices will continue to rise by 9 percent in 2020 — on top of the 11 percent jump in sale prices in 2019.
The current sale price for a home in Windsor this year is about $335,000.
Speaking on the Dan McDonald Show, Realtor Dan Gemus says this is a stressful time for buyers.
"Price are not going down, there is no bubble that is going to pop," says Gemus. "We don't see that in any way shape or form. In Windsor-Essex, prices are going to continue to climb and at some point, they will start leveling off a little bit."
Gemus says he is still seeing multiple offers on homes in the $250,000 range, but it is slowing down on homes worth more than $400,000.
Speaking on Experts on Call, Brian Bondy of Team Brady Bondy of RE/MAX Preferred Realty says part of the drive upwards is the number of people moving to our region.
"What's driving the market and percentage of it is the out-of-towners, moving into our warm climate. Of course one of the best climates in our wonderful country and so we do get some out-of-towners but that is just the aging baby boomer population that is going to keep that going."
Bondy says in this market, it is important for buyers to be pre-approved for a mortgage with a financial institution prior to house shopping.