Real Estate — November 9, 2012Kingston Housing Market Will Moderate in 2013
KINGSTON, ONTARIO--(Marketwire - Nov. 9, 2012) - Total housing starts within the Kingston Census Metropolitan Area (CMA) are expected to reach lower levels in 2013, according to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook. This moderation from 2012 housing starts is a result of residential construction activity returning to levels consistent with household formation. In addition, the high number of rental units currently under construction will result in some developers scaling back apartment starts in the next year.
Sales of existing homes sold in 2012 will surpass the previous year's number, but will return to more modest levels in 2013 in Kingston. New mortgage rules and modest job prospects will reduce the number of first time home buyers.
Home prices in 2013 are expected to increase in line with the national inflation numbers. In 2012 the average price of a home sold in Kingston reached a record $269,200, which was up 2.8% from 2011.
"In 2013, the number of new listings is expected to outpace the number of sales within the existing home market, thus slowing price increases. However, relatively strong employment conditions, positive net migration and historically low mortgage rates will sustain housing market activity in Kingston," said Andrew Scott, CMHC`s Kingston Market Analyst.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
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