Kingston Housing Market Sees Continued Strong Price Growth
Kingston's housing market continues to soar and there's no signs of it slowing down.
The average price of a home in Kingston saw strong growth in the third quarter, rising by 6.3 per-cent year-over-year to $334, 581.
According to The Royal LePage House Price Survey, sales in the region are actually decreasing because there isn’t enough product on the market and Listings are down 35 per-cent this quarter compared to last year.
“Low inventory is an issue in the surrounding areas as well and it is putting considerable upward pressure on prices”, says Bob Armer, area manager, Royal LePage ProAlliance Realty.
“Kingston has always been a top choice for retirees and we have a good local economy that attracts families. Despite strong home price appreciation, the region is affordable and people will continue to move here because of what Kingston has to offer.”
The median price of standard two-storey home saw double-digit growth, rising 10.9 per-cent year-over-year to $368,244 in the third quarter, while the median price of a bungalow increased 6.0 per-cent year-over-year to $317,935.
Armer did add that he doesn't expect the housing market to soften in the near future and also expects price appreciation to continue.
Nationally, the price of a home in Canada increased 13.3 per-cent year-over-year to $628,411 in the third quarter of 2017.