Housing
Windsor Neighbourhood Market Value Analysis
Client:
City of Windsor
Location:
Windsor, On
NBLC Services
Residential Market Analysis
Socioecomonic Analysis
Statistical Analysis
Financial Incentive Analysis
Development Pro Forma Modeling
Project Description
NBLC was retained by the City of Windsor to complete a Neighbourhood Market Value Analysis to better understand the individual neighbourhoods in the City from a market perspective. Market and socioeconomic characteristics were collected for each neighbourhood (Census Dissemination Area) in the City to understand how factors such as housing values, housing price trends over the past ten years, sales activity, new real estate investment, property complaints, housing foreclosure rates, and other metrics are observed across the City of Windsor and how individual neighbourhoods perform relative to each other. Neighbourhood Housing Market Typologies (NHMTs) were identified utilizing a z-score cluster analysis, which grouped neighbourhoods with relatively similar characteristics into one of five typologies.
The NHMTs were utilized to create a neighbourhood market feasibility model to illustrate the existing market conditions observed in each market typology and test the financial feasibility of various residential development forms through an order of magnitude pro forma analysis. The impact of development charge reductions on increasing the development feasibility within the weakest neighbourhoods was evaluated, concluding with recommendations regarding where development charge reductions could have the greatest impact.
