News: Home Prices on the Rise in the Region

The increase in the cost of homes that has been seen by our neighbours up Highway 401 has found its way down to the Windsor-Essex region.

The average sale price of a home for the Windsor-Essex area this past January was $510,716. In January 2020, the average cost of a home was $379,813, representing a 35% increase. The average price of a home in January of 2021 was $206,383 more than the average cost two years ago in January of 2019. Homes are typically on the market for no more than 8 or 9 days.

Jump Realty’s Broker of Record and President of WECAR Damon Winney explains the January 2021 numbers this way. “The underlying facet of this is really the fundamental of supply. In January 2020 there were more new listings than this January. We’ve all heard the stories of 10 to 20 bidders for a property. With fewer new listings, we’re moving through our inventory of homes quickly. We only have 319 active listings on the board right now.”

The rental market also remains tight, with a 3.2% vacancy rate, a year ago it was 3.6%. The average cost of rent went from $959 in 2019 up to $1058 currently. Those numbers are however under the national average of $1330.

While February numbers are not out yet, Winney says the numbers won’t be the eye-popping 35% increase, instead falling more inline with the provincial average of 24%. Windsor remains a target destination for many GTA residents. A stable workforce, good climate, border access and the ability to cash in their expensive Greater Toronto Area homes and buy cheaper in the Windsor region are all driving the rising prices in the local housing market.

For the month of January, The average home sale price in Canada increased by 22.8 per cent to $621,525. When looking only at the province wide numbers, monthly prices increased 21 per cent in Ontario, the largest increase of any province, with the average home costing $796,884.

Here at Jump Realty, all of our agents can help you navigate the market no matter if you are buying or selling. They’ll give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, and Chatham, no matter where you are a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!

With credit: Waddell, D. (2021, March 02). Home prices surging in hot local real estate market. Retrieved March 02, 2021, from https://windsorstar.com/news/home-prices-surging-in-hot-local-real-estate-market

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