Canada housing prices are expected to continue to rise through 2022. More young adults leaving parents’ homes and new Canadians purchasing homes have been growing higher than usual. The Windsor housing market is likely to continue to be a seller’s market in 2022 with expectations for an active year ahead by growing demand from move-over buyers and locals, low housing inventory and rising prices. Low inventory has been a common trend across many Ontario housing markets.
Move-up buyers in the Windsor area are typically young families and are expected to continue to be the primary driver of market activity in 2022. Windsor has seen an influx of move-over buyers from in and around the Greater Toronto Area and surrounding regions such as Hamilton seeking larger homes at a more-affordable price. Homeowners from these areas have recently seen their home values increase substantially, with many opting to sell and trade up for brand-new luxury homes in Windsor.
Windsor’s new-home construction is booming, popular among retirees and move-over buyers in search of more home for less money. The current rate of construction is barely meeting demand, which is expected to continue in 2022. Brand new homes are priced higher than their resale counterparts, impacted by the COVID-19 related shortage in building materials. However, homes in brand new developments are fairly priced, which eliminates multiple offers and allows buyers to negotiate fairly.
Although current condominium apartments are very limited in Windsor, there is also an increase of new condo developments in Windsor and surrounding areas of Tecumseh, Lakeshore and Lasalle. Condos are typically popular among retirees and downsizers, thanks to the convenience they offer. However, condos are an excellent first step into homeownership, giving buyers a chance to obtain a mortgage and become homeowners at a lower cost and with less responsibility than a single family home purchase.
For over 20 years, Huron Shores Property Management has specialized in managing condominium complexes across Southwestern Ontario from Windsor to London.
Looking to hire a professional condominium management company in Windsor Essex? Contact us for a no obligation consultation meeting today.