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
New Affordable Housing Open in Regina (2014-04-14)
Nouvelle maison d'hébergement d'urgence à Melfort (2014-04-11)
New Emergency Shelter in Melfort (2014-04-11)
Media Advisory: New Emergency Shelter in Melfort (2014-04-10)
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 483 projects with a total value of $1,715,828,019 that Reed Construction Data Building Reports reported on Monday.
$140,000,000 Toronto ON Prebid
$86,000,000 Carleton Place ON Prebid
$44,614,480 Burlington ON Tenders
- Youth get hands-on at Future Building expo
- Taskgroup to work on engaging Aboriginal communities
- World Cup stadium strike comes to an end
- Former Quebec construction boss admits collusion involvement
- Manufacturing labour shortage to get a boost from government
- LEED-approved projects are booming in 2014
- Large wave of project enter Holcim Awards competition
- Former finance minister Jim Flaherty has died
- Siemens Canada awarded first wind turbine order in Saskatchewan
- Fort McMurray airport terminal getting ready for take off
- B.C. government forms liquefied natural gas working group
- Kitimat residents vote against Northern Gateway pipeline
- Precast concrete enables net-zero homes
- Learning to dig safely can save lives
- Ex construction boss admits to collusion in government contracts
- P3 Fund launches
- Supreme court won't hear case involving construction mogul
- Minister spurns spat over plant