The Canadian Press
March 24, 2009
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.
“Starting House Prices Drop” Saskatoon Homepage, March 11 2009.
“Drop in house prices driving first-time buyers to take the plunge” The Canadian Press, March 11 2009.
“First-time buyers driving force in Canada’s residential real estate markets, says RE/MAX” Daily Exchange, March 11 2009.