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Power of Sales - Where can you Buy an Affordable House for Less than $25,000 in Ontario

While I am a Toronto Realtor/Owner with real estate offices in downtown and the suburbs (Mississauga) I was taken back by an article about house prices in Windsor recently.

In the GTA we've seen this unexpected surge of activity in the resale market this month, especially after March break.   We're actually seeing some multiple offers but let me clarify "reasonable" multiple bids, not wars, on lovely, move-in ready homes.   So, when I read the article about affordable homes you could buy for less than a new car in an Ontario City I had to read on.

Toronto Power of sales

Real Estate prices in Windsor-Essex are dropping lower than what it would cost to buy a new car. 

 The President of the Windsor-Essex County Real Estate Board says he has seen houses selling for just under $25,000.   He blames the low prices on the rising number of so-called power of sale properties, homes taken back by the banks and turned over to CMHC (Canada Mortgage and Housing Corp) for sale.

Apparently the houses are selling for what the lot alone is worth.

Power of Sales in mississaugaWell, I had to take a look for myself.   I logged into my realtor link and did a basic search for homes $25,000 -  $100,000, I thought that would be reasonable to give me a good overview.   Well, I got a system error, over 500 homes were found in the data base - lucky I didn't include townhomes or condos in my search criteria.

I took it one step further and started to really look at the inventory for under $50,000 - that was better, only 30.  The majority in my opinion were very, very small and in need of work.   So as an investor would I be running out to buy a so called "bargain" property?   I'd have to do a lot more research about the vacancy rates.  Trying to insure a vacant home while I am trying to find a tenant is extremely difficult.   But if I were retiring, it might be something to consider.   If I had a job in Windsor, yup I'd be buying right now but probably looking at the 100,000+ range where there was more selection.

The Toronto real estate market compared to the Windsor market seems like night and day.  

 As a service to our clients we've always provided a comprehensive List of Toronto and GTA Power of Sale properties on the first of each month.

Many just browse in case a perfect senario pops up, others are handymen and are actively looking for fixer uppers.    But don't expect any deals like this in Toronto.    The lowest price in C District I could find was a fixer upper in the Oakwood Neighbourhood for around $250,000 with no parking and it has been sitting on the market for over 60 days unsold.    A far cry from the price of a new car.

Sutton Real Estate Office 416-896-3333





Posted: Thursday, March 26, 2009 1:04 AM by Sutton Realty


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