House Prices Continue to Rise in Kingston
House prices are on the rise in Kingston.
According to second quarter statistics from a national survey by Royal LePage, the average price of a home in the city increased 8.5 per-cent over last year to $333,080.
The median price of a two-storey home surged 14.4 per-cent year-over-year to $372,610 in the second quarter.
Over the same period, the median price of a bungalow rose 3.7 per-cent to $299,938.
"There is certainly plenty of demand in Kingston, which is expanding beyond the recent trend of retirees moving into the region," says Bob Armer, area manager, Royal LePage Pro Alliance Realty.
"While it is too far of a drive for a daily commute into the GTA, we're starting to see people with the ability to work remotely taking advantage of the market, with some even leaving their current jobs in the city to relocate altogether. Kingston's economy is doing well and the region has undeniable lifestyle appeal. People are taking notice."
The average price of a home in Canada is now $609,144.
West Vancouver remains the most expensive place to buy a home in the country, with an average cost of just over $3.3-million for a two-storey home.
"Following a period of unprecedented regional disparity in activity and price appreciation, we are now seeing a return to healthy growth in the majority of Canadian housing markets," says Phil Soper, president and CEO, Royal LePage.
"The white-hot markets are moderating to very warm; the depressed markets are beginning to grow again. Canadian housing is in great shape - a statement that I certainly did not make last quarter."