Ontario's Retirement Hot Spot Continues New Resident Gains, Increased Real Estate Investment Despite National Downturn
WINDSOR-ESSEX, ON, Aug. 14, 2012 /CNW/ - Almost four years after they joined forces to boost the benefits of their region as an active retirement destination, the Windsor-Essex Active Retirement Initiative (WEARCI=WE-ARE-KEY), continues to attract new residents from across Canada at a steady pace.
Despite recent national reports indicating lower home and condo prices, declining sales and threats of a housing correction, the country's southernmost peninsula is bucking the trend. WindsorEssex is enjoying gains in both resale properties and new construction as growing numbers of boomers discover the region's appealing lifestyle and opportunities for newfound wealth.
A recent survey completed in June by The Windsor-Essex County Real Estate Board to update WEARCI's progress, and conducted with 42 per cent of the area's 840 REALTORS®, indicated 225 new residents age 50-plus have relocated to the WindsorEssex region, investing $56 million in properties between October 2011 and June 2012.
Combined with surveys conducted between July 2010 and October 2011, WEARCI's latest survey results now bring the total to 885 new residents age 50-plus purchasing $228 million in real estate throughout the WindsorEssex region since the marketing initiative launched in 2009.
"We offer a unique location and lifestyle often misunderstood and overlooked, until now," stated Krista Del Gatto, Executive Officer of the Windsor-Essex County Association of REALTORS® (WECAR), and volunteer President of the WEARCI organization. "Our initiative is working and returning economic spinoffs to our communities. The region is growing in awareness as the preferred destination for active retirement living," added Ms. Del Gatto.
Surveys show the nine communities that shape the 100 Mile Peninsula and Pelee Island region are attracting over 70 per cent of new residents from Ontario with 34 per cent from the Greater Toronto Area. Western provinces account for 20 per cent; Quebec and eastern provinces, 4 per cent; U.S. 2 per cent and International 3 per cent.
Ms. Del Gatto says the 100 Mile Peninsula advantage is beginning to 'register' especially among homeowners in high-priced markets who have the ability to cash out and relocate to similar or larger properties for 30 per cent - 60 per cent less, a move that could mean retirement five-ten years earlier.
Matt Marchand, President and CEO of the Windsor-Essex Regional Chamber of Commerce, also a WEARCI founding partner, said the organization has created the RetireHere Show to provide families considering a lifestyle change as well as small business owners interested in servicing the age 50-plus consumer, a venue for an 'up-close and personal' overview of the region and its rising popularity.
The first RetireHere Show is scheduled for the Greater Toronto Area, September 28, 29 at the Toronto Don Valley Hotel. Details are available at RetireHere.ca
The Windsor-Essex Active Retirement Community Initiative ( WEARCI : WE - ARE - KEY ) is a not-for-profit, cooperative, marketing partnership formed by the Greater Windsor Home Builders Association, The Windsor-Essex County Real Estate Board and the Windsor-Essex Regional Chamber of Commerce. WEARCI's mission is to foster economic diversity with long-term sustainability, attract the affluent and active 50-plus market, create new jobs, encourage investment, revitalize the real estate market, and ultimately create a new 'green' economy for the region.
SOURCE: Windsor-Essex Active Retirement Community Initiative (WEARCI)For further information:
Krista Del Gatto, CAE
Tel 519 966 6432