Windsor Falls to 5th in Annual Housing Affordability Report
Windsor has fallen from fifth to seventh in the annual Remax Housing Affordability Report.
According to the report, the average price of a home in Windsor in 2020 was just over $380,000 and it's hit more than $540,000 so far in 2021.
Denny Laurin of Re-Max Preferred Realty in Windsor broke down the report with Patty Handysides on The Afternoon News.
He says rising costs are making it difficult for Windsorites to break into the housing market.
Laurin says the average cost of a home in the Toronto area is currently around $1.1-million, so a $500,000 home in Windsor seems like a good deal.
"Approximately 10-years marketing to the GTA to try to get people to move down here and certainly they've taken a hold of that concept and a lot of people are moving from large communities to smaller communities like Windsor-Essex," he says
He says buyers in Windsor are taking on tenants, roommates and getting even more creative to either upgrade their home or get into a home for the first time.
"Instances that I know of specifically in my community where family members have both sold their homes and they're having a big home built," he says. "Part of the family is going to live in one level; the other family is going to live in the other level."
Laurin says federal and provincial programs like the First Time Home Buyer Incentive exist and more could be coming to help first time home buyers.
"Either through a realtor or even staying online and watching what the government will do in the next short while to try to assist first time home buyers," he says. "There are programs that have been put out to try to assist them."
St. John's is currently ranked as the most affordable place to buy a home at just over $300,000.
Vancouver is the least affordable at $1.2-million followed by Toronto at $1.1-million.