Homes in Windsor, Ont., selling for less than new cars: real estate board
WINDSOR, Ont. - Real estate prices in Windsor-Essex are dropping lower than what it would cost to buy a new car.
Mark Imeson, president of the Windsor-Essex County Real Estate Board, says he has seen houses selling for just $25,000. He blames the low prices on the rising number of so-called power-of-sale properties, which have been taken back by the bank and turned over to the Canada Mortgage and Housing Corp. for sale.
Imeson says some houses are selling for what the lot alone is worth.
He says last month, the majority of real estate sales in Windsor-Essex were for less than $100,000.
But he also says the lower prices could be a catalyst for people thinking of moving into the area.
Comment: Who would move to Windsor Ontario? You would not be able to pay your taxes ( no jobs) let alone be able to breath fresh air
No kidding who would move to Windsor ,no jobs left , and next to the worst , crime ridden , poverty stricken , demorlized city the U.S has to offer , good old DETROIT , man that place looks like a militarized zone , only that there was never a war not a physical one but an economic one at the least
ReplyDeleteIt seems that instead of the bubbly areas taking over the depressed areas, the reverse is true. I've often wondered through the last 7 years which would take place. Apparently, the rot is growing like a fungus. Soon, houses will be albatrosses, due to the exorbitant taxes and maintanance costs. It seems to be a race to ZERO. Houses in many areas will be worth LESS THAN ZERO!
ReplyDeleteI am one of the intrepid who bought cheaply in Windsor ($40k for a 3 bdrm.) recently. Trex, you are right that there aren't many jobs, but (to my surprise) it is possibly the cleanest, quietest, safest cities I have ever lived in. The decay you read about in Detroit has not touched Windsor. The worst parts of the city are just empty- not dangerous, no grafitti, no litter. Anonymous, I do not believe that these houses will drop in value much further than this- there isn't all that much wrong with them.
ReplyDeleteThere is just a lack of jobs, not the apathy that usually comes with it- people are hopeful.
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