Homes hard to come by in Windsor's sizzling housing market
More houses expected to hit market later this spring, which could help slow price increases
Eileen and George Tiesteel struggle to find a new home in Windsor's sizzling hot housing market that saw prices once again soar to unprecedented levels.
The average selling price of a home in March jumped more than 20 per cent, compared to the same month last year. That spike comes after months of record-breaking sale prices, which have created a seller's market.
- Windsor housing prices highest in decades, say realtors
- Average Windsor home price jumps 20 per cent in March compared to same month last year
The Tiesteel's have been looking to downsize from their massive four-bedroom home, trying to get into something a little smaller as they settle deeper into retirement. They will certainly make more money off their own home when they sell, but finding a two-bedroom in the current market has been a challenge.
"Two bedrooms — it seems to be everybody wants them right now," Eileen told CBC News, while at an open house in east Windsor Wednesday. "All the retirees are downsizing, I think that's what it is."
Finding something smaller would help the Tiesteels dramatically, particularly because they spend so much time in Florida every year.
"We don't want to worry about having snow on the driveway, cutting the grass and everything," George said. "We just want to lock up and go."
Rising prices are a major factor for anyone looking to get into their first home. Last month's 20 per cent bump translates into about $45,000 more for the average home in the region, according to the latest figures from the Windsor-Essex County Association of Realtors.
The average price for a home in March sold for about $260,000. Realtors say that kind of increase is unprecedented in the region.
High-end townhouses are selling for about $309,000, according to Kim Gazo, president of the realtors association. Some are selling as low as $280,000, but that is still a far cry from the price tags a few years ago when similar homes sold for about $200,000.
A lack of homes on the market factors into the latest price spike as well. Gazo expects more houses will hit the market later in the spring, which might help slow the rising prices.