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.
(Ce document existe également en français)
Sandra Perez Torres
Senior Market Analyst
National Media Contact:
Consultant, Communications and Marketing
Latest Industry Press Releases
Superior Plus Announces March 2014 Cash Dividend (2014-03-06)
Retrocom REIT Announces 2013 Results (2014-03-06)
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 527 projects with a total value of $1,552,331,732 that Reed Construction Data Building Reports reported on Friday.
$120,000,000 Oakville ON Tenders
$48,225,000 Etobicoke ON Prebid
$40,000,000 Ottawa ON Negotiated
- CCA96th: Unlocking Canada's Potential
- VIDEO: LiUNA Local 183 Training Centre introduces new programs
- Wins delivered on infrastructure front: Rizzardo
- Behind the Velodrome’s Veil
- Ontario’s prompt payment bill needs work but supported
- Southwest L-evation
- Post-bid clarifications make feds liable for bid repair
- Panama Construction Fact for Today
- Ritchie Bros. hold first Canadian auction of 2014
- Skilled labour needs changing in Saskatchewan
- Quebec’s construction momentum ebbs after 15 years of expansion
- VIDEO: Canadian Construction Association conference Panama preview
- Concerns raised about P3 approach for Saskatchewan schools
- Journal of Commerce Preview for the week of March 10th, 2014
- Wood Design Awards
- Outgoing chair reflects on time at the helm of the CCA
- School board asks for traditional procurement
- Site Services in Vancouver
- Looking to improve contract awards
- Environmental verdict riles Taseko
- Prentice to mediate First Nations agreements
- CAWIC funded to create action plan to attract women
- More video surveillance used on construction sites
- Modular workforce housing meets Alberta Building Code standard
- Manitoba outlines infrastructure plan
- BC Hydro posts RFQ for Site C project