Invest Windsor > NewsImprovement may be seen for new home construction Windsor Ontario
January 6, 2010
Windsor's new home construction sector has been impacted by the economic slowdown.
Demand for new homes reached a cyclical low in 2009 with construction of 330 units but will rise 29 per cent in 2010 to 426 units. Demand for all dwelling types will improve with single-detached still being the favourite. A modest improvement in the job market, fewer listings in the resale home market and an improving consumer outlook will contribute to improved demand for new homes in 2010, according to Canada Mortgage and Housing Corporation.
Existing home sales in Windsor-Essex will continue to decline two per cent in 2010. Low interest rates and declining prices at the beginning of 2009 improved affordability and encouraged many first-time buyers to enter the Windsor market.
The Windsor CMA is considered the most affordable homeownership market of any major metropolitan area in Ontario. The income required to carry the mortgage on an average-priced home has been increasing at a slower rate than average actual household income in the Windsor CMA over the past several years...
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