If you want to purchase or sell a home in Kingston, Ontario, it’s a good idea to familiarize yourself with the local real estate market and understand what the current trends are. This will help you make a better-informed decision while buying or selling a home. An experienced real estate agent will help you understand the market and offer advice to ensure you get a good deal.
The new home market
- Market experts had predicted that the housing market would be in rebound due to the marked increase in new apartment constructions between the years 2016 to 2018.
- 2017 is still a seller’s market as there are very few listings, but that can change in the upcoming year with numerous apartment projects reaching completion.
- An increase in student housing demands and a growing senior population has led to a rise in the number of constructions.
- The demand for single detached homes had reached a two-decade low in 2015 and still hasn’t recovered completely. The same can be said for the townhomes market.
Most builders are now constructing apartment buildings due to the higher demand and focus on developing the downtown core market. The lower availability of townhomes has led to an increase in the real estate prices in this segment. This is particularly evident in the new townhome market.
The resale market
- The resale market is expected to grow moderately in 2018 with a larger number of older properties entering the market.
- In 2017, the existing home sale was in the range of 3,250-3,380 units and is slated to increase marginally in 2018.
- The Kingston real estate market this year was far more balanced compared to 2016 and 2015. Incomes are on the rise, mortgage rates are lower, and the resale market is tighter. All of these conditions can lure a larger number of prospective buyers to this market.
- Single detached homes are the most sought-after in the resale market, which has led to an increase in their price. Many property owners are now able to get more than their asking price due to competitive offers and bids.
Fewer new single-detached properties are entering the market, and this trend is likely to carry through into 2018. The market will continue to stabilize, which makes Kingston a good investment for homebuyers. If property owners wish to sell their properties, this is the right time to do it.
If you want to know more about the real estate market in Kingston, Ontario, don’t hesitate to contact Luca Andolfatto at 613-541-9220 or through this form.