The March data sets from the Windsor Association of Realtors was strong across the board as average home prices moved higher year over year by 16.47%. Indeed average selling price for a home in the Windsor/Essex market jumped from $211,863 to $246,776 as the government changed loan rules making it harder to secure the financing necessary to buy a home.
Employment data across the region increased as more business openings in the Lakeshore and Old Castle region came online.
Population explosion continued as more people across Canada have been exploring the south of the country and the warmth of the climate here compared to other regions. Windsor is the fastest growing population centre in Canada.
In addition, as the carrying cost of life in general in Canada has increased strongly, especially in the main population centres, more people have realized that they must move to maintain the standard of living that they have become accustomed to.
As the savings and net wealth rate in the region continues to advance, the money available to secure real estate has yet to run dry. Global markets have been strong at the start of 2017 and have outpaced the “Trump Trade” and have worked to discount any negative perceptions of the election and what that election might do to the economy here.
Yes, there have been a few instances where nurses have been denied entry to the US but the US nursing sector of the population here in the Windsor market tends to have advanced skill sets that are easier to bundle to secure passage into the US employment arena. Those declined entry, were of lower skill assessments and /or may have been of regional global backgrounds that the US is more scared of.
Car crashes have increased in the region as have fire calls for support as the population explosion advances. Traffic density in the Tecumseh Road and Walker Road corridor have increased exponentially from prior years and it is now not uncommon to have to wait 2 or 3 traffic light signal rotations to make a left turn in many of the more robust intersections in the region.
All of these socio-economic data sets have seen sharp increases over prior years.
Construction and business expansion has increased in the tool and die, auto and medical support sectors to support the strong population growth.
The diversification of carrier opportunities in the region started under prior city and current county management has continued to change the Windsor employment scene. Yet, red tape and city/county discrimination to stop expansion has been slowly changing as more is being brought into the court system and as more citizens are winning their day in court.
A good example of this is the win in the Sandwich Town District where a citizen filed a lawsuit against the Windsor City Administration and won a settlement against the city for delaying a permit to take a home in the district and retro fit the exterior to support a lucrative solar project.
As more of these discriminatory and predatory economic expansion delays from the city / county come into the court system and are filtered through, other losses will mount and that may have an impact on lowering the discrimination in economic growth and actually allow more investment from the citizenry and drive expanded economic growth.
It should also be noted that Ford Motor Company has announced a major expansion and investment in the Windsor Engine Plant and a new investment in Engineering in the Windsor Market as a way to circumvent the crack down on the M1 Visa enforcement in the US.
As the US cracks down, more intellectual assets will be forced to move off shore US and Windsor stands to benefit from this trend. Fords announcement for an engineering centre is just the beginning of corporate spending. Couple that spending with the lawsuit flood challenging economic investment in prior years and we could see a more robust opportunity for City and Investors working together for the first time in the City of Windsor’s history to continue to build on the past administrations success.
All told, the positives of strong net wealth, increasing population, temperate climate, and winning legal challenges have positioned the Windsor / Essex realty market to see 16.4% year over year increases in its realty markets. The trend will continue as more positive news and more population growth centers to the south of Canada. As we enter the “spring” realty season look for some contraction on net year over year pricing increases back to a more modest high single to low double digit growth, however these more modest pricing data sets coupled with the strong data sets from the first quarter of the year will combine to continue the average yearly increase in market valuation through 2017 and well into 2018.