The average price people are willing to pay for real estate in Windsor-Essex continues to skyrocket even as the COVID-19 pandemic rages on.
In general, the average property price in the region has increased by nearly 25 per cent over the last year.
“It has escalated lately,” Damon Winney, president of the Windsor-Essex County Realtor’s Association said.
According to a monthly report by the Windsor-Essex County Association of Realtors, the average property price last year in the month of November was $338,338.
This year, it’s nearly $82,000 more expensive, with prices sitting at $420,007.
Property sales notably dipped in the months of April and May, as the community locked down and the main concerns were centred around the virus.
“As the economy grew and opened up again, we’ve seen people back into the market and in fact we’ve seen people come from other areas.”
He said because of COVID-19, people have been moving to the area from the GTA and the surrounding region.
Winney said he thinks that while a slowdown is inevitable, low interest rates are helping drive the interest in the market.
“We’ve got a federal government trying to keep the economy going and I think that housing is one of those marvellous factors that actually helps drive the economy over the long term,” Winney said.
More people are listing their homes as well, with listings up by almost 10 per cent. The number of sales are also up more than six per cent.
Playing catch up
“We’re just, pretty much, catching up with cities that are equivalent to us in terms of population,” Rasha Ingratta a mortgage agent with Mortgage Intelligence said.
She also points toward the extremely low interest rates that are giving people a big incentive to get into the market with much lower monthly payments.
“I say to [people considering getting into the market] this is the best time to buy,” Ingratta said. “Because I think prices are going to keep going up for the next year or so until it flat lines.”
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