Windsor Real Estate Blog

Windsor has been proclaimed the cheapest place in the country to buy a middle-class home, which comes as no surprise to people who’ve already sold homes elsewhere for a bundle and paid substantially less for a better house here.

“To buy what we sold our place in Toronto for, we’d have a mansion here,” said Jo-Anne Coutts, who with husband Don left their condo in the Young and Eglinton area of Toronto in January, “semi-retiring” to a backsplit in Riverside and socking away the money left over.

So many of their friends couldn’t figure why they’d leave Toronto for Windsor, but Coutts says you can’t compare the two lifestyles. Here there’s no traffic, no stress, better weather, a wonderful waterfront, and everything — the parking, the restaurants — is cheaper.

She’s surprised more people from high-priced cities like Toronto aren’t flocking here.

“There’s nothing I can complain about, about Windsor.”

The report issued this week by realtor Coldwell Banker compared the average price of a four-bedroom, two-bathroom home — the kind of house many middle-class people want to own.

Compared to Vancouver ($1.3 million), Oakville ($741,638), Calgary ($551,920), Saskatoon ($484,000), Toronto ($495,398), Winnipeg ($343,160) and even working-class St. Catharines ($265,450), Windsor’s price is bargain basement cheap at $158,242.

The next cheapest city is Moncton, N.B., where a four-bedroom goes for $201,522. In Fort McMurray, Alta., where the average price is $593,390, it will cost you $439,900 to move into what appears to be a gussied-up mobile home.

The report paints Windsor as a great place to move for out-of-towners who are retired or work from home.

The Windsor area “has got a lot of positive things going for it,” said John Geha, president of Coldwell Banker Canada, citing the Detroit River and lakes, the county’s fruit and wine attractions, cross-border attractions and the mild climate.

For retirees from elsewhere in Canada who want a better climate but are leery to live in the southern U.S. because they want Canadian health care, Windsor is a great option, he said.

People who’ve moved here also cite the convenience of having Detroit Metro airport so close for travelling, access to golf courses, Detroit pro sports teams, and cultural attractions like museums and the symphony.

“That’s not fluff,” Geha said of all Windsor’s assets. “You take it as a very serious marketing opportunity.”

The local real estate board, home builders association and chamber of commerce have banded together for the 100 Mile Peninsula campaign, to encourage people and companies to move here, and touting low housing prices. No one from the campaign returned phone messages on Thursday.

Larry Moore, 38, said Windsor’s low-cost housing was one of the major reasons he moved here from Brandon, Man., five weeks ago. He’d previously been considering a job opportunity in Saskatoon, but he would have spent $450,000 to $500,000 for the kind of house he bought here for around $300,000. He landed a management position in Windsor at Anchor Danly.

“I came from a house that was three-bedroom, a bungalow built in the ’60s,” he said. “For the same price, I got a brand-new, three-bedroom, and there’s probably an extra 700 square feet.”

Anna Vozza, president of the Windsor-Essex County Real Estate Board, said she recently showed houses in the $200,000 range to a woman considering moving here from Oakville.

“She was amazed at what we looked at in terms of value,” said Vozza.

Another client was transferring to Windsor from Toronto, and the price range he originally gave her was simply too high. “He was shocked at what we found for $350,000, shocked,” said Vozza.

She said she doesn’t like to call Windsor’s housing the “cheapest,” instead calling it the best-valued real estate in the country.

The Coldwell Banker report cites Windsor’s struggling economy as the reason our prices are so low, but Vozza said housing prices have always been a great value here.

In four years, the average housing price has declined slightly, from around $165,000 in 2007 to $161,820 to date this year. And prices are rising in recent months, to $167,893 for August.

“We’re coming out of recession, slowly,” said Vozza.

A Lakeshore house like the one listed by Jerry Seguin and Russell Newman for $197,700 would sell for a half-million in many other Canadian markets, said Seguin.

In addition to four bedrooms this brick-to-roof Cape Cod has a bonus room, two baths and beach rights. It’s been on the market four or five months and the price has dropped from $229,000.

“I can’t believe it hasn’t sold yet, other than it’s between Stoney Point and St. Joachim,” said Seguin.

Newman, who specializes in waterfront properties, said in the last year or so people from Toronto and other Ontario cities have been coming down to look for a cheaper alternative to Muskoka cottages.

Americans who used to own waterfront have sold out, discouraged by border hassles and the exchange rate.

Newman said Toronto clients are shocked by the prices here.

“I just sold one for $380,000 that would have gone for three-quarters of a million in the Muskokas. They just can’t believe the prices.”

© Copyright (c) The Windsor Star

Transitioning from renter to homeowner is one of the biggest decisions you’ll make throughout your lifetime. It can also be a stressful experience if you don’t plan ahead by building a budget and saving prior to embarking upon homeownership.
Budgeting is a core ingredient that helps alleviate the stress associated with money issues that can sometimes arise if you purchase a home without knowing all of the associated costs – including down payment, closing expenses, ongoing maintenance, taxes and utilities.
The trouble is, many first-time homeowners fail to carefully think about their finances, plan a budget or set savings aside. And in this society of instant gratification, money problems can quickly escalate.
The key is to create a realistic budget based on your goals. Track your spending and make your dollars go further by sticking to your budget once it’s in place. Budgeting offers a step-by-step formula for figuring out how to best save your hard-earned money to invest in homeownership.
Start by listing your household income, then your household expenses, and review your spending habits. All of this can be done on a pad of paper or on a computer spreadsheet.
Keeping receipts for everything that you purchase will enable you to accurately keep track of where your money is going each month so that you can review and make necessary changes to your plan on an ongoing basis.
Examine all areas of your life from entertainment to the type of food you buy, where you buy your food and clothes, and how and where you travel. Also look at your spending personality and make necessary adjustments. Are you a saver, a splurger, a spontaneous shopper or a hoarder? Become smarter with your money and avoid impulse buying.
If you find you’re spending a lot of money in one area, such as entertainment for instance, set aside a reasonable amount each month and prepare to stop spending money in this area once your budget has been exhausted.
Budgeting provides you with the opportunity to re-evaluate your needs and wants. Do you really need the magazine subscriptions, the gym membership and all the other things you may spend money on each month? Although everyone needs some “me time” to wind down, could you not get that by taking a walk or reading a good book you borrowed from the library?
If you can set your budget solidly in place before you head out home or mortgage shopping, you will be far more prepared to purchase your first home.
Following are three top tips to help you prepare for the purchase of your first home:
1. Set up a savings account. You can deposit a predetermined amount into this account each pay period that you will not touch unless it’s absolutely necessary. This will enable you to put money aside for a down payment and cover closing costs, as well as address ongoing homeownership expenses such as maintenance, taxes and utilities.
2. Save up for big-ticket items. As you accumulate money in your savings account, you will be able to also save for specific purchases to help furnish your home – avoiding the buy now, pay later mentality, which can have a negative impact on your credit when you’re seeking mortgage financing.
3. Surround yourself with a team of professionals. When you’re getting ready to make your first home purchase, enlist my services as a licensed mortgage professional and find a trusted real estate agent. Experts are invaluable to you as you set out on the road to homeownership because we help first-time buyers through the home purchase and financing processes every day. Experts can answer all of your questions and set your mind at ease. I have access to multiple lenders who can help you get pre-approved for a mortgage so you know exactly what you can afford to spend on a home before you head out house hunting and as a real estate agent I will be able to match your needs with a house you can afford. And, best of all, these services are typically free. Experts will also be able to refer you to other reputable professionals you may need for your home purchase, including a real estate lawyer and home appraiser.

For more helpful real estate tips and ideas visit Windsors #1 source for real estate.

VIRTUAL TOUR – 1971 Francois Rd. Windsor

Wonderful family home in centrally located quiet mature neighborhood. Newer roof, windows and deck. Fully finished basement, 1.5 car detached garage. New vinyl siding installed in 2008. Landscaped backyard with pond. Includes gas stove, fridge, washer, dryer and freezer. This incredible value offered for sale at $119,899. For more information visit windsor real estate or call Chris at (519) 817-5588 or email chris@prudentialselect.ca

Home-price adjustments in markets around the country have opened doors of opportunity for many renters.  In fact Windsor Ontario is now the most economical place to live in all of Canada based on a study of 32 major Canadian centres.  If you are transitioning from renter to homeowner, the prospect of making such a large investment may be exciting, while at the same time overwhelming.  But it doesn’t have to be. Here are six common mistakes to avoid.

1. Not understanding the homebuying process. Educate yourself. Find a homebuyer seminar that you can attend or research online. www.windsorrealestate4u.com  has a whole section dedicated to the home buying process with common mistakes, a handy home serch feature and much more.

2. Not asking questions. There are many facets and intricacies to the home buying process, so although you may gain a basic knowledge, you will still have questions. Don’t hesitate to let your real estate professional know that you are new to the process. Make sure you choose a sales professional who is willing to spend time with you and walk you through the entire process. He or she will expect you to have questions at each step—from house hunting, to making an offer to the closing. Remember, this is one of the largest financial transactions of your life, so you want to have a clear understanding of what’s going on.

3. Buying on impulse. Don’t feel pressured into making an offer on the first home you see. Buyers, especially first-timers, may be impressed by the first two or three homes they view.  Look at a good selection. List the positives and negatives about each home. Narrow the prospects to three or four and then return for a closer look. When you decide to make a bid on a property, work with your real estate professional to get all of your questions answered before making an offer. But don’t wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.

4. Looking outside your price range. Before beginning your home search, consider getting pre-qualified to so get an idea of how much you may be able to borrow.  Use this information as a starting point in determining your price range. Then take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, homeowners insurance, utilities, and maintenance.  I have access to creative financing alternatives which can help with down payments, home improvements, and self employed buyers, for more information e-mail me at chris@prudentialselect.ca

5. Not planning ahead. Think about personal changes you are planning in the next five to seven years. For instance, are you starting a family, and if so, is the home large enough and will it continue to be? If this will be a starter home or if you think you’ll be relocating in a few year, you’ll probably want to pay closer attention to appreciation and resale value. If a double-income is necessary to qualify for financing and to make your payments, do your plans foresee an income sufficient to continue making payments?

6. Failure to focus on location. Don’t just focus on the house. Examine the community. Does it suit your lifestyle? Is the area safe, well-maintained, close to work, stores and schools? Find out about zoning and what new construction is planned on vacant land in the immediate area. Also consider the property marketability when it’s time to sell.

Above all, remember knowledge is key. No question is a silly question. Your real estate professional can be an invaluable asset throughout the process. Making smart home buying decisions will make the home-buying process less scary and your first home purchase a rewarding experience.

For more information please contact me directly at (519) 817-5588 or e-mail at chris@prudentialselect.ca or visit www.windsorrealestate4u.com