Windsor-Essex's housing market will stay hot next year, according to a report released on Tuesday.
RE/MAX has released its housing market outlook for 2020, covering 31 markets across Canada. Not only did it indicate that the average price of a home in Windsor will continue to rise, but it also showed that the Windsor-Essex market had one of the most substantial year-to-year percentage increases in housing prices.
According to the report, the average price of a home in the Windsor market rose from $299,320 in 2018 to $335,548 in 2019. This accounts for an 11 per cent increase year-to-year, the third-highest increase in the country. Only the Niagara region at 13 per cent, and Ottawa at 11.7 per cent had higher year-to-year increases.
London also saw a big jump in house prices from 2018 with a 10.7 per cent increase. The average price of a home in the London area went up from $368,705 to $408,417.
Looking forward to 2020, Windsor is projected to have the most significant percentage increase in the country, at nine per cent. Coming in second was Vancouver East, where a projected eight per cent increase signifies a market rebound in that part of the country.
The report suggested that the Windsor-Essex region has become more attractive to those looking to relocate from the Greater Toronto Area.
"Move-over buyers from the Greater Toronto Area were a prevalent force impacting the Windsor housing market over the course of 2019," read the report. "The region was and continues to be an attractive option for retirees and young professionals seeking affordability relative to the high prices in the GTA. Move-up buyers will continue to drive demand in the region in 2020."
The report stated that nationally, older millennials would drive the market in 2020, particularly singles and young couples.
The complete report as it pertains to Windsor-Essex can be found on the official RE/MAX Canada corporate website.