During the month of March, home sales and prices were at their peak. Sales and prices have reduced somewhat since then, but are expected to stay high through the remainder of the year, according to the Canadian Real Estate Association (CREA). Ontario’s average home price in April was $866,307, 37.6% higher than last year. The large increase in cost has prevented home hunters from purchasing the home they want because it is out of their budget. This is why May marked the second-straight monthly decline in home resales. May’s data also displayed that condos are becoming more favourable again due to their increasing share in price growth. With the interest in condos coming back, there have been new housing developments in Windsor Essex to fulfill the demand. The Sood family is currently transforming their industrial waste land into much needed housing. This transformation is said to be the talk of town as the plan is to construct 3 five-story towers with 62 units each, with an additional 90 two-storey townhouses. The first unit was just completed this week, and Sood hopes everything will be ready for next spring. There are already 300 people interested in these condos and townhouses, showing just how popular and in demand they are. This, however, is not the only development in Windsor Essex. A new six-storey building with 99 residential units will soon be built on Tecumseh Road E. The complex will include a gym and an outdoor landscaped area along with other amenities. This project is set on creating more affordable housing with a minimum of 31 units set to have rents affordable at or below 30% of Household Median Income in the area.
Cross, Brian. “As Walker Road Townhouses near Completion, Soods Plan Transformation of Industrial Wasteland.” Windsorstar, Windsor Star, 17 June 2021, windsorstar.com/news/local-news/as-walker-road-townhouses-near-completion-soods-plan-transformation-of-industrial-wasteland.
“More Affordable Housing Units to Be Built in Tecumseh.” More Affordable Housing Units to Be Built in Tecumseh | Real Estate News | Valente Real Estate, www.valenterealestate.com/real-estate-news-71/more-affordable-housing-units-to-be-built-in-tecumseh.
Steve Huebl·Mortgage Broker News·June 15, 2021. “Housing Market Moderates in May, but Prices Forecast to Rise 19.3% This Year.” Mortgage Rates & Mortgage Broker News in Canada, 16 June 2021, www.canadianmortgagetrends.com/2021/06/housing-market-moderates-in-may-but-prices-forecast-to-rise-19-3-this-year/.