“I haven’t worked this hard in a long time,” said Katherine Roth, a broker with Bob Pedler Real Estate. “I get calls from someone who wants to sell and it’s like gold; we sell the house in a week or less, and often get more than what we’re asking for if the home is priced accurately.”
Her comments come as the average house price in Windsor rises to $192,773 – a $10,000 increase from this time last year.
Prices in and around the GTA have skyrocketed to levels that are pushing homebuyers to smaller markets, such as Kitchener, London and now Windsor.
After being hit hard by the recession in 2009, the city is starting to recover as one of Ontario’s premier spots for real estate, with prices elevating about $10,000 a year for the last five years, according to Tyler Souillere, founder of the TySoull Real Estate Group.
“We have kilometres upon kilometres of waterfront with huge homes backing onto them,” Soulliere told REP’s sister website CREW. “There are shopping malls and outlet malls, and the 401 is easily accessible, plus a new bridge is being built that will bring more jobs and more people to the city.”
Roth’s clients come in bunches, mostly from seniors looking to sell as they transition to neighbourhood nursing homes. One home drew more than 15 people in four days and sold in less than a week.
“I sold a home a month ago for a senior in Riverside; I had 18 showings,” said Roth. “In the end, we had four offers and we ended up getting $4,350 over the asking price.”
The short supply of homes available in Windsor is outpacing demand for affordable housing in the area, which has provided a boon to the city’s rental market – especially with Michigan a stone’s throw away.
Darcy White, an investor and owner of Rho-Orion Investments, is one landlord who is benefitting from Windsor’s rental market.
“Rents in Windsor are not that far off cities like Toronto and Vancouver, but there is a better ratio because the prices are lower,” he told REP’s sister website CREW.
“A lot of my tenants work or go to school in Michigan. They just commute across the border every day.”
Realtors in Windsor are selling their way to the bank as a hot sellers’ market in the city has created a climate of bidding wars among first-time homebuyers and investors, according to one industry veteran.