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Windsor, near Toronto, also belongs to Ontario, more than three hours’ drive from Toronto. Now the house price here has gone crazy! A large number of people from Toronto have moved here to settle here. Compared with before the epidemic, house prices in this city have doubled in two years.
Can you imagine? Before the outbreak, you can buy your own independent house for less than $400000, with multiple bedrooms, a backyard, and possibly a beautiful lake view. Then the big house can be sold at an almost double price more than a year later.
Over the past two years, city dwellers have flocked to look for houses that are bigger and cheaper than small apartments in downtown Toronto, according to BlogTo. As a result, houses in small towns across Ontario have gone crazy. This is an old story about the epidemic.
While this is great for sellers, it has dealt a huge blow to the plans of young buyers, many of whom had dreamed of buying an affordable house in a small city. Now it seems that such a plan will fall through, because even if it is very remote, there is no cheap house at all.
Windsor has long been a hotbed for young people who cannot afford to buy a house. People seem to suddenly realize that the house is cheap, the weather is warmer than you think because it is close to the south, and you can quickly enter the US border from here, both shopping and travel are very convenient.
But now, two years after the COVID-19 crisis, the real estate market here seems to have changed.
The house price map released by the Canadian Real Estate Association in January 2022 shows the explosive growth of house prices in Windsor, Ontario, over the past few years.
According to the Windsor-Essex County Realtors Association, the average selling price of all homes in Windsor was $386285 in February 2020.
By February 2022, the figure was $704, $112, and the average house price had risen by about 82%. Compared with the same period last year, the same data set showed an increase of about 45% (higher than the average price of $486461 in February 2021).
“during the novel coronavirus pandemic, the Windsor real estate market was an impressive example,” wrote a new report on the city and its real estate scene from real estate company RE/MAX. “for years, Windsor Real Estate has been in difficult times, with the economy stagnant and unemployment high, and many young people prefer the prosperity and charm of Toronto to live here.”
“since the beginning of the COVID-19 public health crisis, when a large number of families and young professionals have abandoned life in major urban centers to small towns and rural communities, the Windsor real estate market has been hot! And so far there has been no sign of a slowdown, “the report continued.
“considering the hot start to 2022, it is still a seller’s market. In other words, Windsor is still a hot new city in real estate. ”
As interest rates are expected to rise, it is not clear whether Windsor (or any other market in Ontario) can sustain its rapid growth. This may depend on inter-provincial mobility.
The report also wrote that the Windsor economy does not explain the current housing situation. For example, the unemployment rate rose 1.2 per cent to 8.2 per cent in January, slightly below the peak of 8.6 per cent reached in May.
Like the rest of the Canadian real estate market, Windsor prices are driven up by out-of-town buyers, who use assets earned in cities to push up local prices.
Those who bought a house here in the early days of the pandemic may be overjoyed by real estate, but for others, it may be too late to follow suit.
First-time buyers and families are increasingly finding their budgets excluded from the broader Canadian real estate market. Rising prices have marginalized Canadians from the east coast to the west coast, making it almost impossible for them to realize their dream of owning a home, “the report wrote.” Windsor is no exception. “