Real Estate News

CONDO BOOM UNDERWAY IN TOWN OF TECUMSEH
Developers are rushing to keep pace with housing demand across Windsor-Essex, and a drive along Tecumseh’s main drag is a quick indication that a condo boom is underway in the municipality. “In the previous five years, things were a little bit slow in our municipality, but the census is certainly not picking up on all this activity that’s happening right now,” says Tecumseh Mayor Gary McNamara, who says at this very moment, 1,000 condo units are currently under construction in town. On Tecumseh Road alone, roughly 400 units are currently going up, including Valente Development’s Gateway Tower, which will soon boast 99 rental units. In partnership with the Canada Mortgage and Housing Commission, 33 per cent of the units will be considered affordable housing. “It’s kind of a hybrid between a market rent project and an affordable rent project, which I’m very proud to bring to the Town of Tecumseh,” says Peter Valente of Valente Development and Real Estate. Mayor McNamara…

Windsor to review building department after housing summit, but developer skeptical of plan to cut..
Local developer Peter Valente says while the new funding is good, he wants to actually see the talks turn into action. The City of Windsor will look to review its planning and building department after a provincial housing summit Wednesday, but one local developer remains skeptical of potential changes.  The provincial government launched a virtual housing summit with a promise of more than $45 million to help Ontario's largest municipalities speed up development approvals, as opposition parties and housing advocates call for decisive measures to help bring down the cost of owning and renting a home in Ontario. Windsor Mayor Drew Dilkens was one of 29 other mayors from the province's largest municipalities that joined a call with Ontario premier Doug Ford and the Municipal Affairs and Housing Minister Steve Clark to discuss housing affordability in the province.  Dilkens told CBC News that the city will review its planning and building department and make sure there isn't…

Demand higher than supply in local housing market
Our very own John Rauti is featured.   11/09/2021 - Demand Higher than supply in local housing market. CTV News Windsor

More affordable housing units to be built in Tecumseh
A new 6-storey, multi-residential building consisting of 99 residential units will soon be constructed at 11870 Tecumseh Road E. The Government of Canada announced Tuesday it will loan money of the rental units at the cost of $25.27 M. The units are part of a new project, titled Tecumseh Gateway Tower. Fourteen units will be one-bedroom and the remaining 85 will be two-bedroom units. The building will also feature several amenities, including a gym and an outdoor landscaped area. A minimum of 31 units will have rents affordable at or below 30% of Household Median Income in the area. “I am incredibly thrilled to be bringing this purpose rental project to The Town of Tecumseh,” says Peter Valente, President, Gateway Tower Inc. “We have many projects we are working on, but I am very proud to be part of this project to serve a need for more Affordable Housing Product in Windsor & Essex County." The project received funding through CMHC’s Rental Construction Financing initiative…

AVERAGE HOME SELLING PRICES CLIMB FURTHER IN APRIL
While it may not be a surprise to many, the average selling price for a home in Windsor-Essex skyrocketed in April. According to the Windsor-Essex County Association of Realtors, 694 properties were sold over the course of the month at an average price of $530,000 — that's up almost 44 per cent compared to last April. Matt Sarkis with Valente Real Estate says prices continue to climb each month. "We're in a market and we've been in a market that the demand for housing has far exceeded the supply that we have. Which, obviously, is causing the prices of houses to go up like you've seen," he says. Sarkis says the increased cost of building materials has led to a jump in new builds as well. "We're selling homes now in May for $100,000 more than we were selling it for in January just because material prices increased," he says. "Labour, everything that a builder has to do with building a home, has jumped up incredibly." Sarkis points out…

Council grants approval for $70M Residential Development in LaSalle
A $70-million residential development has received approval to put shovels in the ground in LaSalle. Town council approved zoning for three residential buildings with a total of 178 units on Ellis Street near the Zehrs Store on Malden Road back in October of 2019. A hold was put on the project after surrounding residents raised concerns over pedestrian safety, privacy and traffic. Valente Development Corporation returned to council Tuesday night with answers to those issues and administration recommended the hold be removed. Five neighbouring residents appeared before council to insist the project is “poor planning” on the part of the town. Mayor Marc Bondy says he stands behind advice from the planning department. “When we come to ‘poor planning’ and comments like that, I take that to heart because I would back these guys to the wall at any time,” he says. Two of the building will be six storeys with a third near neighbouring homes lowered to three storeys with the stipulation…