Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
There is a lot of economic development going on in Windsor right now, so I've started this thread to keep people up to date on all the latest news. As we all know, economic development is directly correlated with real estate prices; keeping track of the latest news should help all us be better real estate investors. Check back regularly for updates!
Europro Acquires East Windsor's Tecumseh Mall for $37M
Big money investments like these are not typically made without extensive economic research and data collection.It's usually a good idea to follow the money
"Europro’s vision for Tecumseh Mall includes a “complete exterior retrofit,” to begin in 2019. Last month, Giant Tiger and PetSmart opened new retail locations at Tecumseh Mall. Marshalls/HomeSense is scheduled to become a tenant next year on the side of the mall formerly occupied by Sobeys."
Rental Property Investor · Calgary, AB · Member since 2018 · 13 posts · 7 votes
7y
Hey Scott, my friend and I are looking to invest in a multifamily. Currently living in Calgary, AB but I see the opportunity investing Windsor. We are looking at 2 properties and looking to put in an offer. Please reach out to me with a number so we can talk details. Thank you for your time.
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
Downtown Windsor apartment approved by committee for development
150+ more units approved for downtown condo at an estimated cost of $45M. Again we see construction approvals are being driven by supply/demand imbalance in Windsor.
Key Exerts:
The project is a six-storey, 152-unit apartment building at the corner of Crawford Avenue and Wyandotte Street in downtown Windsor. It will be developed by Piroli Construction and is expected to cost $45 million.
The proposal comes one week after city council approved a 100 per cent municipal tax cut for Peter Valente's development of a 32-unit condo on Ouellette Avenue. He hopes to begin construction by February next year.
High demand, low supply
Real estate agent Joan Charette said the influx of new businesses in the technology sector coming to downtown Windsor, combined with the shortage of residential units, has forced the city to move in the direction of condo development.
"I feel there's demand for it," said Charette.
But according to her, there's just not enough supply to meet that demand.
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
Plan approved to 'take Ford City over the mountain'
With a bucket of incentives approved by council, the timing is now for Ford City to renew itself, representatives of the long-downtrodden neighbourhood said Monday night.
I've long heard that Ford City (in the heart of Windsor) is the next up-and-coming neighborhood, but I had a hard time believing it. There are some pretty big incentives being offered here, big enough to get my attention.
The incentives include:
Waiving municipal development fees, such as building permits and site plan control fees up to a maximum of $50,000 for new developments.
A residential development grant of $2,500 per unit to build two or more new housing units, and a doubling of the grant to $5,000 for “catalyst sites” mostly along Drouillard Road to encourage people to build housing in areas that really need improvement.
A retail investment grant that provides up to $15,000 per unit (to a maximum of two units) for fixing up the main floor of a building for retail uses.
And a property tax grant that encourages new development on underused properties by granting back the difference between the existing municipal taxes on a property and the increased taxes once it’s developed. The property tax grant, which is paid out for up to 10 years, has been the biggest incentive in the downtown CIP. Investors there say it will save them millions, making their projects financially viable.
A neighbourhood residential rehab grant which provides a matching grant of between $1,000 and $15,000 to help residents fix up the exterior of their buildings.
These incentives should be generous enough to attract investors, and we all know that investment begets further investment. This might be a great buy low opportunity.
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
Windsor police make 82 downtown arrests in one month
As part of the ongoing effort to clean up Windsor's downtown core, police are focusing resources in troubled areas. Windsor Police have also announced the hiring of 24 additional officers.
My take: I've witnessed a similar "cleanup" take place downtown Detroit, where big money investments influence politicians, which influence police efforts. Downtown Detroit now "feels" safe and I have no problems going over to visit the revitalized streets of Detroit. Will we see a similar affect here in Windsor?
Key Excerpt: “In the meantime, we’ve restructured our organization to put additional resources into the downtown core right now,” he said. “So there are considerable resources there as we speak. It’s not like we have to wait for anything to occur in regard to that hiring. It’s a bit of a shell game right now but we’re putting our resources where they’re needed, and that’s downtown.”
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
Windsor projected to lead nation in highest home price increases in 2019
Windsor is projected to lead the nation in housing price increase (% wise), and this is no surprise as we are still well-below the national average housing price with many catalysts still in play.
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
New year will see start of major construction work on huge Howe bridge project
The new year is upon us and work on the Gordie Howe Bridge is ramping up with high-paying construction jobs starting to pour into the city. Meanwhile, conditional approval has also been granted to the owners of the Ambassador Bridge for a new replacement span for the current 89-year-old Detroit River crossing, which could add thousands more local jobs.
Key Excerpt:
"Construction of the six-lane, cable-stayed span is expected to require about 2,500 workers during the six years of construction on both sides of the border — with a couple hundred already employed."
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
Soods prepare to break ground on brownstones, with more projects planned
Here we see more development planned for the central neighbour hoods in Windsor. Windsor's core has long lacked development as residents have continued to move into suburbs such as Lasalle, Tecumseh, Amherstburg, and Lakeshore. This trend is slowly shifting as younger generations continue to prolong their time in the city. Windsor's effort to increase its population around its core is a great strategy, as a populous core is key to a city's economic success. Windsor's residential incentive program seems to be working.
Key Excerpt:
The Soods had been planning condo buildings and townhouses — between 200 and 250 units of reasonably priced housing. But then last year came passage of the community improvement plan for Ford City, which includes the Soods’ brownfield property. It provides many financial incentives for building residential units, including up to $5,000 in grants for every unit built to a maximum of $50,000, grants that eliminate a bevy of city fees and grants that for up to 10 years give back the tax increase that happens when vacant land is turned into residential property.
A similar CIP plan in the downtown has sparked residential development largely because it saves investors millions over 10 years.
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
Canada to Welcome Nearly One Million New Immigrants Through 2020
An important factor in the projected housing supply and demand cycle will be the flow of immigrants into the country. Canada is looking to add on million new immigrants through 2020 which will have a significant impact on the already out-of-balance supply and demand picture, particularly (in my opinion) here in Windsor. Even if Windsor were to take in a small percentage of the projected 1 million new immigrants (say 50,000), we are talking about significant pressure on housing which is already in short supply.
Key Excerpt:
“This historic multi-year immigration levels plan will benefit all Canadians because immigrants will contribute their talents to support our economic growth and innovation, helping to keep our country at the forefront of the global economy,” stated Minister Hussen at a press conference in Toronto.
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
Rental costs will continue to rise across Canada in 2019
Rising interest rates, and tighter lending standards are making owning a home ever more difficult leaving many with no choice but to rent. As with all markets, supply and demand dictates price movement, and as long as demand outstrips supply, we should see rental rates continue to rise. These factors continue to make Windsor one of the most invest-able cities in Canada, with our country-low housing prices.
Key Excerpts:
In Windsor and London where rents increased last year, it won’t make apartment hunting any easier.
“Landlords currently hold a lot of power generally in the Canadian market,” Ben Murchison, head of communications for Rentals.ca, said Friday.
There is little turnover as tenants remain in their apartments, in part because it’s difficult to enter the housing market, Murchison said. The report predicts that will continue as interest rates rise.
Monthly rents are increasing because of the higher interest rates, low vacancy rates, increased immigration and insufficient affordable housing and rent control, said the Rentals.ca 2019 Rental Market Predictions report.
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
More than 150 automotive tech jobs coming to Windsor, says federal minister
Recognizing the importance of automotive to the city of Windsor, the federal government has committed millions of investment dollars to technology-based manufacturing firms in Windsor. 150 well-paying jobs with potential for more in the future.
Key Excerpt:
APAG Elektronik manufactures electronic control parts and LED lighting for automobiles. The $4-million investment will help establish a new facility in Windsor, which will serve as the company's North American headquarters — Ottawa's contribution is supposed to "leverage foreign investment of $7.4 million from its parent company," according to a government news release. The facility will create 138 skilled jobs.
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
Windsor has lowest rental rates in Canada, says apartment-hunting site
Though Windsor has seen a sharp rise in rental rates over the past 2 years, they still pale in comparison to the rest of the country. Windsor remains one of the best real estate markets to invest in in Canada as we still also boast the lowest housing prices of any metropolitan city in the country.
Key Excerpt:
The site’s first “Canadian Rent Report” of the year was published on Tuesday, examining the median rental rates of the 24 most populous metropolitan areas in the country.
Windsor came in 24th, with a median monthly rate of $730 for a one-bedroom dwelling and $990 for a two-bedroom dwelling.
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
Canada Ranked top Country in the World for Quality of Life for Fourth Straight Year
I often get asked "what are the driver's of Windsor's real estate market going forward". While there are many positive factors for Windsor's real estate market, immigration is at the top of my list as the driving force in real estate prices. Each year, hundreds of families come to Windsor which puts a lot of pressure on an already tight market. A lot of these families are renters as they haven't yet established credit in Canada. These renters drive up demand for investment properties from investors which drives up prices.
Canada, in general, is an attractive place for immigrants to flock due to our friendly immigration laws and socialist-style government assistance policies. I see this trend continuing in Windsor particularly as the low-priced housing market in Canada. Bordering Detroit doesn't hurt either, as Detroit also boasts a large immigrant population (families desire to be close together).
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
Truckers, trucking companies coming to Windsor from GTA
May businesses are coming to Windsor because of our low commercial real estate and vacant land costs. Being a border city doesn't hurt either. We saw these same factors draw Quicken Loans here as well as a handful of other technology and manufacturing companies.
Key Excerpt:
"We've got at least 25 drivers that relocated to Windsor already, just from Brampton, from Markham," said Gatt.
He said there are other trucking companies coming to Windsor-Essex and buying up commercial property "nobody really wanted."
"Because you gotta understand, they can buy an acre here for $600,000 to $700,000," he said. "Up in Brampton, they have to spend $1.8 million to $2 million an acre."
Real Estate Agent · Windsor, Ontario · Member since 2017 · 835 posts · 214 votes
7y
Days On Market: Here's How Long It Will Take You To Sell A House In 63 Canadian Markets:
Days on market is a good indicator of supply/demand balance. Less days on market indicates that demand is outstripping supply. Windsor leads the way in fewest days on market with an average of just 12 days.
Days On Market: Here's How Long It Will Take You To Sell A House In 63 Canadian Markets:
Days on market is a good indicator of supply/demand balance. Less days on market indicates that demand is outstripping supply. Windsor leads the way in fewest days on market with an average of just 12 days.
I don't see York Region on this list.. Richmond Hill Vaughan and Markham.. Will guess its around 25 DOM