The average sale price in the Kingston housing market has increased by two per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $629,670 in 2023 to $642,196 in 2024).
The number of sales increased by 6.8 per cent during the same time period (from 1,014 sales in 2023 to 1,083 sales in 2024). The number of listings increased by 14.1 per cent (from 1,888 in 2023 to 2,154 in 2024).
The average price across all property types is expected to increase by three per cent through the remainder of 2024, while the number of sales is expected to get a five-per-cent bump up.
Kingston is currently a buyer’s market, and this is expected to continue into the fall due to the healthy housing supply available. While a shortage is unlikely, Kingston could see a return to a balanced market with moderate price increases.
On September 4, Bank of Canada will make another interest rate announcement. Mortgage brokers are reporting an increase in pre-approvals, indicating buyers are prepared to purchase, but waiting on the sidelines. Another interest rate cut could encourage a return to market activity, which could lead to a swift reduction in inventory. Buyers are starting to see the benefits of lower rates and with prices are holding steady for now.
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