Ontario Construction News staff writer
Windsor Mayor Drew Dilkens hosted a roundtable recently to discuss the dramatic changes in value and availability within Windsor’s real estate market.
“Thriving cities attract top talent and investment. Population growth means additional resources for further city investment in infrastructure, culture, and large-scale initiatives like districting, new amenities, and improvement plans,” Dilkens said in a press release.
“At the same time, we need to be concerned that the rapid escalation of prices can make home ownership unaffordable for some.”
Tim Hudak, Chief Executive Officer of the Ontario Real Estate Association, Damon Winney, President of the Windsor-Essex County Association of Realtors, and Vince Lapico, President of the Windsor Essex Home Builders’ Association. Windsor’s City Planner Thom Hunt, and Manager of Permit Services & Deputy Chief Building Official Joe Baker also provided insight into current housing, construction, and investment trends:
- The average home price in Windsor-Essex has risen 25 per cent from February of 2020.
- Each month since July 2020, the total number of houses sold has been outpacing the same month the previous year.
- March 2021 saw an 11 per cent increase in new listings from 2020.
- New builds grew from 360 (2018) to 774 (2019), and 796 (2020), according to building permit statistics.
- In the first quarter of 2021, 108 permits were new apartment unit builds – a significant level not seen in Windsor for decades.
- The total value of construction in the City during 2020 was $392,000,000 with 2021 expected to preform even better.
- The value of residential construction is up more than $1,000,000 in the first quarter of 2021 vs 2020.
The City of Windsor issues over 3,000 permits annually for a variety of construction projects. Roughly 87 per cent are for residential housing, 8 per cent for commercial developments, 3 per cent for government and institutional developments and the remaining 2 per cent for industrial development.
Over the past year, the city has issued 60 permits for new residential construction within the Zone 1 area (north of Tecumseh Road between Prince Road and Pillette Road), considered an older part of the City which would benefit from residential intensification.
“To meet this demand, we need more inventory in the marketplace, which is why OREA has called on government to help Ontario’s families find an affordable place to call home, through growth-friendly policies such as the creation of opportunity zones and the expansion of broadband internet and natural gas across Ontario,” said OREA CEO Tim Hudak.