CMHC expects new builds in Windsor to remain strong, prices to soften
Canada Mortgage and Housing Corporation's fall stats have new housing builds in Windsor at their strongest levels in ten years.
This year, starts for single-detached homes in the city exceeded 300 for the first time since 2006. The largest increase in single-detached starts from 2015-2016 will be in Lakeshore. The average price there for a single-detached home is under $400,000.
CMHC forecasts a decrease until the end of the year, with a minor slowdown expected in single-detached homes and row homes.
Housing prices are expected to soften and settle within the $235,000 to $245,000 range next year. There may be a slightly lower growth forecast for 2018.
Meanwhile mortgage rates are expected to rise modestly into 2018. Five year mortgage rates are expected to be within 4.5 per cent to 4.9 per cent this year and between 4.4 per cent and 5.3 per cent in 2017. Rising in 2018 to rates of 4.5 per cent to 5.7 per cent.
The rental market vacancy rate sits at 3.5 per cent for this year, and is expected to drop slightly to 3.3 per cent in 2017. CMHC expects people will move to Windsor for construction work on the Gordie Howe International Bridge next year, lowering rental availability.