BlackburnNews.com file photo. (photo by Adelle Loiselle)BlackburnNews.com file photo. (photo by Adelle Loiselle)
Windsor

What A Crazy Year For The Housing Market

Did you hear about the bungalow that had 31 offers and sold for $25,000 above the asking price?

Kim Gazo, the new president of the Windsor-Essex County Association of Realtors, laughs recalling the home that sold in Windsor last month.

"I mean it's not like it was the last ranch ever built in the world, it was a bungalow! They were all clamouring over the same house!"

Then there's the home on Victoria Ave. that sold for $100,000 over the asking price last summer.

In a nutshell, that is what the housing market was like in Windsor-Essex in 2016: a seller's market and a tough haul for anyone looking to buy.

With multiple offers on a single property being more the norm over the last year, the average selling price jumped to $226,193, up 11% from 2015.

The question remains for those considering a move in 2017, can they expect the same?

"I kind of think we may be reaching a tipping point soon, but I still think it's going to get a little bit better before we even out," says Gazo pointing out that the Windsor market lagged behind others in Ontario for years.

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