According to a new report, housing prices in Windsor could go up by as much as 9% next year. In their Canadian housing market outlook, RE/MAX has stated that Windsor continues to have an extremely hot housing market, and that this is expected to continue into 2020. With the Windsor region experiencing an 11% increase in the average sales price of a home in 2019 and the expected increase next year, Essex County remains a very strong seller’s market.
Among the factors that are expected to contribute to the continued increase in housing prices in 2020 are the population growth in the region, increased development, economic resilience, increased interest from buyers coming from other regions and fewer listings being available. Young professionals are also choosing the Windsor region in increasing numbers thanks to the affordable housing prices relative to larger cities.
While all of Essex County could be in line for higher housing prices, LaSalle has been singled out as one of the communities expected to attract the most attention from buyers next year.
The Windsor region may still be an affordable alternative compared to many other areas of the country, but many Essex County residents are becoming concerned about the increased housing prices keeping them out of the market entirely, especially with the increase in multiple-offer situations on the available listings.
If you’re considering buying a home in the near future, this could be the perfect time to get started before prices go up even further. Whether you’re buying or selling a home, let me help you figure out what the current market conditions mean for you and your real estate goals. To find out more, contact me or call me at (519) 999-8462 today.