Investing in Windsor Ontario
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!
It's a go! Ontario green lights Windsor's new hospital in provincial budget
HUGE NEWS FOR WINDSOR'S REAL ESTATE MARKET AND LOCAL ECONOMY AS THE LONG-AWAITED MEGA HOSPITAL WAS FINALLY APPROVED BY CITY OFFICIALS
After years of debate between the public and city officials, the Mega Hospital was finally approved. Planning will begin this week and the projected completion date is approximately five years from now. As investors, it would be wise to look for opportunities anywhere within a 5km radius of the new development.
Dilkens said the project will have a “huge, huge” impact on local health care and also the economy.
“It could literally be — with five years of (Gordie Howe) bridge construction, and three years of hospital construction and everything else that’s going on — a decade of prosperity for Windsor-Essex.”
https://windsorstar.com/.../ontario-green-lights-windsors...
One year of retail cannabis: As pot stores multiply, Windsor weed lovers buy it by the tonne
Windsor cannabis consumers have purchased close to two tonnes of government-approved weed in the 12 months since J. Supply Co. became the city’s first legal brick-and-mortar pot shop on March 28, 2020
A whole new industry is budding in Windsor as the local economy continues to diversify. Many outsiders still view Windsor as a one-trick pony when it comes to the economy, but we have taken massive steps over the past few years to diversify from our reliance on the automotive industry.
Posthaste: Millennials delay dream of buying their first home as prices soar to unattainable levels
“CLOSE TO 40 PER CENT SAID THEY PLAN TO HOLD OFF ON BUYING A HOME UNTIL PRICES COME DOWN; MILLENNIALS ARE THE GROUP MOST LIKELY TO WAIT,” THE SURVEY NOTED.There are going to be a lot more renters in the coming decades; a lot more quality renters at that (high income, good credit) as housing becomes more unaffordable across Canada.
The Vegan Gardiners, a plant-based deli, is now open in Ford City.
Ford City (Once the bane of Windsor's existence) has slowly been on the upswing attracting high-quality store fronts along the way. Watching trends like these are how you make money in real estate1!
Affluent millennials and wealthy families sitting on a pile of cash are the latest drivers of high-end Canadian real estate
SALES OF MILLION-DOLLAR HOMES AND HIGHER MAKING TRIPLE-DIGIT GAINS IN SOME CITIES
For some reason, I find that most people can't comprehend the amount of wealth that exists in the world. It seems that everyone thinks that everyone else is broke so when they see bidding wars on million dollar homes they think that something crazy is happening.
We live in a world of unprecedented wealth, a world where a 20 year old YouTube streamer can be a millionaire. More people have more money now than at any other time in history. Combine this fact with the fact that they aren't making any more land and that building becomes increasingly expensive over time and you can see why real estate prices ALWAYS go up over time.
Canada sets sales record in February: CREA
CANADA’S HOUSING MARKET SET ANOTHER SALES RECORD IN FEBRUARY WITH ANNUAL AND MONTHLY INCREASES OF 39.2% AND 6.6%, RESPECTIVELY, ACCORDING TO THE LATEST DATA FROM THE CANADIAN REAL ESTATE ASSOCIATION (CREA).
“We are right at the start of the first undisturbed (by policy or lockdown) spring housing market in years and we also have the most extreme demand-supply imbalance ever by a large margin,” Sean Cathcart, CREA’s senior economist, said in the same release. “I think part of it is demand that built up as a result of regulatory changes in the years leading up to COVID that is playing out now. Part of it is demand that is being pulled forward from the future either in search of a home base to ride out the pandemic, or to lock down a purchase amid rapidly rising prices while securing a record-low mortgage rate. But maybe the biggest factor here is the emergence of existing owners with major equity, prompted by the great shake-up that is COVID-19 to pull up stakes and move. First-time buyers, which we have a lot of, are now having to compete with that as well.”
https://www.canadianrealestatemagazine.ca/.../canada-sets...
After decades of stagnation, Windsor population on steady rise
POPULATION INCREASE + LOW INVENTORY = RISING PRICES
Low real estate prices, work from home economy, proximity to Detroit, and the best weather in Ontario have people flocking to Windsor at a pace which housing simply can't keep up with.
Newcomers to Windsor can tend to be the region’s biggest cheerleaders. They see assets that people here have forgotten about, and preach about Windsor’s positives to their family and friends in the GTA. That was the case with Bruce Singh, who was working in Toronto and getting tired of the hustle and bustle when he visited about three years ago. “I was looking at the housing prices and couldn’t believe my eyes,” said Singh, who sold his Toronto house and moved here. So did his mother and then his aunt, and his father recently put an offer in on a house.
Gordie Howe International Bridge
The Gordie Howe Bridge, now well under construction, is starting to take shape. See some progress photos below.
Rebuilding Indian Road eyesore touted as template for boarded-up homes
The Ambassador Bridge Company currently owns many west-end homes that it bought years ago to make way for their upcoming twin-span bridge project. These homes have remained boarded up for years and are a major eye sore and have kept the neighborhood from improving to it's full potential.
“For us, we want to be good citizens, we want to build a property that everyone can be proud of, give it a heritage look, rent it out to students,” said Crowder. “There are 16 properties that are boarded up on Indian Road right now. There’s a housing crisis. To me it just looks like an opportunity to put some people in homes and develop that area.”.
The Ambassador Bridge owns approximately 130 boarded up, west-end homes.
Nearly half of Ontarians under 40 have given up on the dream of home ownership
One of the main reasons I want to own as much Ontario real estate as possible is the simple fact that a large percentage of the population will have no choice but to rent. Rapidly rising prices due to low inventory will create a pool of prospective tenants with good jobs and good credit who simply can't afford to own their own home.
But while a significant portion of Ontario's younger generation has accepted that they'll likely be tenants for life, 83 per cent of all Ontario respondents said they still believe buying a property is a very good investment.
https://www.blogto.com/real-estate-toronto/2021/04/nearly-half-ontarians-under-40-given-up-home-ownership/?fbclid=IwAR07FSKCqV3qZ4rM6ORkewzVq2TpOFhqChNzOiPzApsRwMABjGLMO67PV2Y
Housing roundtable addresses city's out-of-control real estate market
IN THE PAST YEAR ALONE, THE AVERAGE HOME PRICE IN WINDSOR-ESSEX COUNTY HAS JUMPED 25 PER CENT, WHILE THE VALUE OF RESIDENTIAL CONSTRUCTION IS UP MORE THAN $1 MILLION IN THE FIRST QUARTER OF 2021 COMPARED TO THE SAME TIME FRAME LAST YEAR.
Windsor is in the middle of a real estate boom fueled by immigration and migration, people are flocking to Ontario's most affordable city.
“Windsor remains one of the most affordable places in the country,” Dilkens said. “A lot of people view our city as a great place to start a career or raise a family when the time comes. The rest of the country is starting to notice what we have here. We are also turning the heads of developers and investors.
A tech startup is transforming Windsor into an innovation hub
THE EMERGING STARTUP, ROCKET INNOVATION STUDIO, WAS FOUNDED IN 2019
For decades, Windsor has been known as the automotive capital of Canada, too heavily relying on this sector to fuel our economy. That is slowly changing (finally). The tech sector is important for real estate values because it attracts young talent from around the country, and the globe, to the city with high paying jobs.
“Rocket Innovation Studio was an opportunity that I didn’t think existed in the city of Windsor,” Halen Whiston, a developer at the company tells us. “I was looking for something that would allow me to steer my career in the same direction as the tech industry, which meant being able to work with growing technologies, learn modern development practices, and work with developers who followed these trends.”
Mayor Francis Suarez on his quest to bring Silicon Valley to Miami
"AS DIFFERENT AS ALL THE COMPANIES I MEET WITH ARE, THE PITCH IS ALWAYS THE SAME," SUAREZ SAID. SUAREZ FIRST TWEETED THOSE FOUR WORDS – "HOW CAN I HELP?
Business friendly mayors like Francis Suarez are attracting tech companies from around the USA to South Florida. Amazing what happens when you stop trying to regulate and tax everybody to death. Will Miami become the next Silicon Valley? I think there's a good chance that it's well on it's way.
The average price of a home in Mississauga is now more than $1million
People always say "prices can't keep going up" without understanding the fundamentals that drive prices higher. While it is true that "prices can't keep going to infinity", it's also true that prices CAN keep rising so long as demand exceeds supply.
Economic development group's rebranding 'call to action' for more business in Windsor-Essex
IT'S NOW CALLED INVEST WINDSORESSEX
I like this rebranding into a simply, concise message about why companies should choose Windsor. Windsor has been, and needs to continue, diversifying our local economy and that often starts with groups like this.
"We have a lot to offer a lot of companies looking to invest in Windsor — and I think it really simplifies that call to action," said Rourke.
"We have a highly educated and skilled workforce, and I think that is something that should be promoted a lot more. I think this really simplifies it and really does a nice job promoting our area."
It's about time Windsor catches up with more advanced Canadian cities in terms of marketing and branding itself as a quality place to live, work, and invest.https://www.cbc.ca/.../weedc-rebrands-invest-windsor...
Ottawa opens new pathway to permanent status for temporary essential workers and graduates
NEW POLICY WILL ALLOW UP TO 90,000 WORKERS AND INTERNATIONAL GRADUATES TO OBTAIN PERMANENT RESIDENCY
As a real estate investor, having a pro-immigration government in power can provide significant upside to your real estate holdings. Real estate values are intimately tied to population growth, and Canada's liberal government has ensured us that they will continue to keep the immigration flood gates opened so long as they are in power.Canada plans to welcome 1.2million immigrants into the country over the next 3 years. Guess what? There is already a significant shortage of available housing for the people already here. So what do you, as an investor, do about it? Here's an idea....buy real estate!
Windsor has Ontario's most affordable housing, even with soaring prices
It's important for investors to note that despite rapidly rising prices, Windsor remains the most affordable city in Ontario. As an investor, I want to own real estate in Canada's most populous and economically diverse province. Windsor offers Ontario's most affordable city for investors to own real estate.
The study used the average house price in Windsor for the month of March — a whopping $534,000, about 49 per cent higher than March of 2020 — and factored in data like average income, unemployment rate and population growth to come up with a score out of 100. The closer a city is to 100, the better its affordability. Windsor’s score was 98.6, best among larger cities. London was second most affordable with a score of 97.5, followed by Barrie with 97.1, Kanata with 96.9 and Guelph with 96.2.
Downtown Mission sells main facility, pursuing new location
ORGANIZATION WANTS TO MOVE TO PROPERTY ON MCDOUGALL STREET
I've argued for years that Windsor should try to move our missions, homeless shelters, and soup kitchens outside of the core of the city. While there is no doubt about the value that these services provide, having them operating in the downtown area has a sever impact on local businesses, walkability, and livability. Moving the downtown mission out of the core is positive news for an improving city center.
Home-price frenzy surging into small Southwestern Ontario towns
THE HOUSING FRENZY IN SOUTHWESTERN ONTARIO'S BIGGEST CITIES IS HITTING RURAL REGIONS, TOO, NEW FIGURES SHOW.
The pandemic has many of us re-thinking how we live our lives. No longer tied to the office, smaller, more affordable cities like Windsor are absolutely booming. Despite rapidly rising prices, Windsor remains the most affordable city in Ontario, and one of the most affordable cities in the country!
Court rules against group opposing Windsor's mega-hospital location
THE GROUP OPPOSING THE MEGA HOSPITAL BEEN ORDERED TO PAY OVER $27,000 TO THE CITY AND WINDSOR REGIONAL HOSPITAL
So much red tape in this province that it's hard to get anything done! Positive news, however, in that one of the final hurdles to getting this hospital built has now been removed:
Citizens for an Accountable Mega Hospital Planning Process (CAMPP) was trying to get an extension on a deadline to challenge elements of previous ruling in the hospital's favour that was handed down last summer. In July, a judge denied the group's request for an appeal of the 2019 decision that green-lit the hospital's new location.Next steps
The acute care facility is currently in stage two of the planning process.
David Musyj, president and CEO of Windsor Regional Hospital, released a statement regarding the decision.
"This decision, once again, makes it abundantly clear that we need to now focus on getting this new acute care hospital built. We have lost a lot of valuable time when time is of the essence," Musyj said.
Michigan-based tech company chooses Windsor for Canadian expansion
A perfect example of a tech company choosing Windsor for its proximity to Detroit, and access to talent from the University of Windsor and St. Clair College. Windsor is slowly but surely diversifying its economy.
Agrawal said Windsor was chosen because of the proximity to their Detroit office, access to a highly skilled workforce and talent pipeline through the University of Windsor and St. Clair College as well as the attractive cost of living.
“This is another great example of a US-based ICT company choosing Windsor-Essex to establish its Canadian operations as a result of our strategic location and strong bi-national talent and workforce pipeline,” said Invest WindsorEssex CEO Stephen MacKenzie.
Diane Francis: Trudeau's immigration scheme is just another way to redistribute Canada's wealth
AIMS ARE TO ALLOW 1.2 MILLION MORE PERMANENT RESIDENTS INTO CANADA IN THE NEXT THREE YEARS WHEN OTHER, WELL-MANAGED COUNTRIES LIKE AUSTRALIA AND NEW ZEALAND, ARE PREOCCUPIED WITH RETAINING THE LIVING STANDARDS OF THEIR EXISTING POPULACES BY TRIMMING IMMIGRATION.
Canada's aggressive immigration plan is troubling given that most of Canada is experiencing a severe housing shortage. As a real estate investor, however, the long-term fundamentals of long term real estate ownership in Canada remain incredibly robust. Building costs and delays will keep supply short for years to come all the while immigrants pour into the country.
Mendicino announced that of the 400,000 allowed in per year, the breakdown would be 232,000 immigrants in the economic class, or employable people; 103,500 in the family class (mostly parents and grandparents); and 65,000 refugees and protected persons.
This immigration reach is about vote-getting in immigrant enclaves, and simply another accelerated policy to redistribute Canada’s wealth.Immigration Plan Will Keep Housing in Short Supply
FedDev Ontario Invests to Strengthen Windsor-Essex Automobility Innovation Cluster
$7.5 MILLION FOR INVEST WINDSORESSEX TO SUPPORT 1,350 ENTREPRENEURS AND SCALING FIRMS IN THE AUTOMOBILITY SECTOR AND ATTRACT $40 MILLION IN FOREIGN DIRECT INVESTMENT
Many Windsorites are in a perpetual state of fear that our local auto industry will collapse to zero. While this fear is rooted in the crash of 08/09, I believe it is unlikely that the Ontario powers-that-be will let our automotive industry just die. As seen in this article, the government has yet again stepped in to support Windsor's position in the global auto world.
Today’s investment builds on an initial $5-million FedDev Ontario investment, announced in September 2019, to help IWE establish the cluster and to catalyze the growth of a next-generation automobility cluster, attract investment to the region and create jobs of the future. The project has initiated over 30 partnerships and projects to date, resulting in more than 300 new jobs created and nearly $50 million in funds leveraged for the region.
International Student Population Significantly Outpacing Housing Starts
Most international students come here with the intention of never leaving. Study permits are the easiest way to get into Canada and start the process of permanent residency. This population absorbs a significant percentage of our limited housing supply. Once again, government policy is at the forefront of our housing crisis.
