House Price Survey Shows Growth in Kingston

Kingston home prices saw strong growth in the fourth quarter of 2017.

According to the Royal LePage house price survey, the average price of a home in Kingston increased 7 per-cent year-over-year to $337,607.

The median price of bungalow rose 10.6 per-cent year-over-year to $324,168, while the average price of a two-storey home increased 8.4 per-cent to $369,896.

“Kingston’s housing market remained strong in 2017, inventory is low and we continue to see multiple offer conditions,” says Bob Armer, area manager, Royal LePage ProAlliance Realty.

“New investment in the manufacturing space has brought a host of construction jobs to the region, bolstering already high employment rates and a strong local economy. These factors continue to drive migration into our region, which is putting some upward pressure on prices and drawing down housing supply. However, Kingston continues to have attractive affordability and remains one of the most affordable regions in Ontario.”

Royal LePage predicts that the price of a home in Canada will increase 4.9 per-cent by the end of 2018.