While developers complain anti-sprawl policies are contributing to soaring home prices in Toronto and Hamilton, prices in Windsor-Essex continue to climb and so do housing starts.
The Windsor-Essex Association of Realtors says the average price to buy a home jumped over 20% last month to $261,286. In March of 2016, home buyers were, on average, forking out $216,860.
Sales in Windsor-Essex climbed 16.4% in March over the same month last year as the market continued its red-hot streak. In March 2016, realtors closed the deal on 567 homes. Last month, 660 homes changed hands.
Construction on new homes also increased in Windsor-Essex, suggesting while homes are being snatched up by eager buyers, new stock is being added to the inventory. The Canada Mortgage and Housing Corporation says ground broke on 38% more single-detached homes, while multi-unit housing saw a 160% increase. Once it's added together, new home construction jumped 70% in March over March 2016.
Nationally, the pace of housing starts almost hit a ten-year high with groundbreaking on 253,720 units.
Overall in Ontario, housing starts were down 4%.
The Wynne government is expected to release its updated growth plan this spring for the Greater Toronto Area and rejects suggestions its policies are to blame for a housing shortage.
