When I was down in Windsor on the weekend, I bumped into a fellow realtor (in Chapters) and naturally we discussed the state of our respective cities. Windsor’s real estate market, because of the vanishing automotive industry is in a real slump. There are certainly deals to be had. Just like small farming towns in the Prairies, or coastal towns on the east coast, in Windsor you can buy a big house for under $200,000.
But interestingly, as bad as the Windsor market is, across the boarder in Detroit it’s worse and this Windsor realtor is helping Canadians buy up the spoils of the failed American economy, the house bubble sub-prime mortgage collapse.
“A lot of Ontarians are buying cottages in the states”, he said.
I few weeks ago at my open house in Laurelwood, I met a retired couple who had just sold their $600,000 home in Beechwood and had bought a $300,000 home in Florida and were looking for a $300,000 home here in Waterloo as well.
Real estate is always a good long-term investment, at least for Canadians!