Outwardly, there’s nothing remarkable about the three-storey house at 663 Marentette Ave. in Windsor, Ont. — other than its state of disrepair.
But a recent real estate listing for the property revealed its rarity: It was advertised as having 18 bedrooms, with potential for expansion to 21 bedrooms.
The three-storey house at 663 Marentette Ave. in Windsor was described in a February real estate listing as having 18 bedrooms, with potential for 21 bedrooms. (Dalson Chen/CBC)
Goran Todorovic of RE/MAX CARE Realty, whose team was responsible for the listing, described the property as an “enormous investment opportunity.”
“It does need some TLC. — tender loving care. But if it’s bought at the right price and renovated, the income coming from it is going to be substantial,” Todorovic told CBC Windsor.
“This is definitely a cash income property that’s well positioned for the investor.”
Goran Todorovic, who’s with RE/MAX CARE Realty, called the Marentette property ‘an enormous investment opportunity.’ (Dalson Chen/CBC)
Major renovation and repair needed
The home was selling for just under January’s national average home price as reported by the Canadian Real Estate Association (CREA) earlier this month — $659,395, a 7.6 per cent increase from January 2023
The listing’s description even made note of the monthly rents that were previously charged for the rooms: $650 to $775.
“Ideal for the savvy, ambitious investor looking to scoop up an amazing opportunity,” the listing says. “Great potential once renovation and repairs are completed.”
Such potential might not be obvious: The home’s doors and windows have been boarded up. There’s exposed wiring on the exterior.
Photos of the interior show damaged walls, vandalized fixtures and garbage strewn on the floors.
A view of the damaged interior of 663 Marentette Ave. in Windsor. (RE/MAX CARE Realty)
One of the bathrooms inside 663 Marentette Ave. (RE/MAX CARE Realty)
Todorovic said the house has no heat and requires new plumbing. He estimated at least $150,000 worth of renovation are need to make the property habitable.
But the condition of the house and the $650,000 asking price didn’t dissuade potential buyers.
Todorovic said there were offers within days of the listing going public. The seller accepted one on Feb. 23, just eight days after the property hit the market.
“A property like this will bring out-of-town investors,” Todorovic said. “The real estate value overall is going to increase… It’s going to pay itself off.”
An overhead view of 663 Marentette Ave. (RE/MAX CARE Realty)
Property predates zoning bylaws
Still, there’s the question of how a typical-looking house in a medium-density residential zoning district (RD2.2) can legally have more occupants than the number of players in a full hockey game.
The answer is in the property’s long history.
According to Greg Atkinson, the City of Windsor’s deputy planner and development manager, 663 Marentette Ave. is one of the few addresses in the city that are categorized as a Class 1 Lodging House.
Suitable for “congregate living,” the classification pre-dates Windsor’s existing zoning bylaws, which came into effect 1986.
“Legal non-conforming use is when a property or building was established prior to the passage of a bylaw that would no longer permit that use,” Atkinson told CBC Windsor.
“So, prior to that RD2.2 zoning coming into effect, this property would have been established as a lodging house, legally, and that use can continue as long as it’s being used for that purpose.”
The three-storey house at 663 Marentette Ave. is categorized as a ‘legal non-compliant’ lodging home under city zoning. (Dalson Chen/CBC)
The house at one time served as a convent — accommodating nuns who worked at the large church across the street.
The Church of Immaculate Conception dates back to 1904, but was sold by London’s Roman Catholic Diocese in 2002. It’s now known as the Holy Family Chaldean Catholic Church.
Atkinson said there are currently only 11 houses of this classification in Windsor.
In the related category of Class 2 Lodging House, suitable for supervised living, there are 12.
“They are permitted throughout the city, but not typically in lower density, lower profile neighbourhoods,” Atkinson said.
One of the bedrooms inside 663 Marentette Ave. (RE/MAX CARE Realty)
The house at 663 Marentette Ave. needs a lot of work, but it didn’t dissuade the buyer. (RE/MAX CARE Realty)
Lodging houses in the midst of a housing crisis
Despite homes of this nature being far from prevalent, their existence still raises concerns for some community advocates.
“You will see some people on the lower end of the [income] spectrum who are willing to put themselves at risk of housing security — because it’s affordable rent,” said Frazier Fathers, a researcher, consultant and community developer.
While Fathers believes residential densification and creation of more units overall are the solution to Windsor’s “generational housing crisis,” establishing controls on those ideas remains a live debate.
“I do think there is a role for rooming houses, lodging houses to play in the spectrum of housing in our community. But I think that there has to be an honest conversation of what that’s going to look like,” Fathers said.
A view of the three-storey house at 663 Marentette Ave. — described in a February 2024 real estate listing as having 18 bedrooms, with potential for 21 bedrooms. (Dalson Chen/CBC)
A time for opportunity in Windsor real estate?
Todorovic said he’s not certain what the new owner plans for the property, but he imagines they will want to keep up its rare lodging house status.
On the state of the local real estate market, Todorovic has a different perspective than Fathers. While the veteran Realtor acknowledges there is a housing problem in Windsor and beyond, he feels the time is ripe for those with the wherewithal to purchase property.
“Here’s the reality for the buyers who are listening to me: This is the opportune time for you to buy a home,” Todorovic said.
“All indicators that we see say that the interest rates are going to drop — as they’ve started to, already. And when interest rates drop, real estate goes up… Now is an opportune time to get ahold of significant value.”.
Todorovic said his realty team will soon be listing another Windsor lodging house property — this time with 30 bedrooms.
The ‘For Sale’ sign at 663 Marentette Ave. in Windsor. (Dalson Chen/CBC)
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
