For the most part, Windsor, Ontario has a fairly diverse economy that is made up of a variety of different industries. Getting to know the Windsor economy could be of importance to you. Especially If you're planning on buying or selling a home in Windsor or you are a real estate agent concerned with the number of Sutton listings currently on the market. Why? Well, the Windsor economy has faced some hardships in recent years and it could have an effect on the Windsor real estate market.
Tourism, education, manufacturing and government services primarily make up the basis of the Windsor economy. For many years, one of the many strengths of the Windsor economy has been the automobile manufacturing plants. Automotive companies such as Chrysler, Ford Motor Company and General Motors have their headquarters situated in the city of Windsor, Ontario, which people tend to refer to as the 'Automotive Capital of Canada.' You'd be hard pressed to find any mortgages Toronto broker who owned a Chrysler minivan that wasn't assembled in Windsor. These automotive headquarters provided many jobs to citizens of Windsor in their transmission, assembly or engine plants.
People with jobs and steady income are more likely to buy homes than not. Or just spend money on things like Toronto wedding photographers or groceries, in general. However, automobile plant closures have led to significant job losses as of late. These job losses have led to a negative impact on the manufacturing sector of Windsor. A manufacturing sector that has helped boost Windsor's economy. The uncertainty of the current economy and the fact that no one knows when or if the automotive plants that have shut down will ever re-open, home owners have less potential buyers to market their homes to. Business owners also feel the pains of the economy with less consumers shopping at their stores. Windsor residents are more likely to sign up for anger management classes than gym memberships.
Sure, there are other sectors that make up most of Windsor's industry. The Windsor economy isn't bleak. There is hope out there. It's just that the future is unknown. When people are losing their jobs and don't know if they'll get a new one, there's always blow-back on other parts of the city. Such as real estate or retail business. Sometimes things that were considered must have luxuries like Nema enclosures or two-door garages are no longer that important to people.