With the announcement of LG Energy Solution and Stellantis' investment of $5-billion for an electric vehicle battery plant, the CEO of the Dan Gemus Real Estate Team thinks the housing market will continue to be on the rise.
Dan Gemus says Windsor-Essex has been a hotspot for the past few years, and he doesn't expect a relief period anytime soon.
"It won't just be the plant that's driving this, I hope this is all out of folks that are already here locally, that are going to get these jobs. I don't know if those coming from out of town will have an easier time in a year or year and a half from now finding homes or if it'll be a harder time, we'll have to see."
He expects the average price to increase as the year goes on as well.
"They were calling for an average price in Windsor-Essex to end this year at $591,000 or $592,000," Gemus continued. "So far for the first couple months of the year, prices are sitting in the high $600,000 range, we cannot assume it will stay in that range because we're taking a very small amount of transactions and averaging them out."
Gemus says this is a great time to sell your house.
"There is no bad time to sell, I have many folks that are looking to cash out on this market and rent somewhere. You're seeing a lot of apartment buildings and condo buildings popping up in Windsor-Essex and not just the natural jump from a tight market like this," he said.
The EV plant's construction is scheduled to begin later this year, and is expected to begin operations in the first quarter of 2024.