Kingston’s Real Estate Market: Riding the Wave of Canada’s October Trends
October was a month of resurgence for Canada’s real estate market, with national home sales climbing 7.7% month-over-month—the highest since April 2022. Kingston followed suit with steady growth, showcasing how local dynamics intertwine with broader market trends.
What’s Happening in Kingston?
The Kingston and Area Real Estate Association reported a 21% year-over-year increase in MLS® home sales in October, a clear indication that demand is alive and well. However, sales still sit 15.1% below the five-year average, showing room for further recovery.
While Canada’s average home price hit $696,166, Kingston’s benchmark price remains more approachable at $546,200. This local affordability, coupled with a modest 0.9% price increase over the past year, makes Kingston a hotspot for buyers seeking value without compromising on opportunity.
Balancing Act: Supply and Demand
Much like the national market, Kingston is witnessing a delicate balance. Active listings are up 12.9% year-over-year, marking the highest October inventory in five years. With 4.7 months of inventory, the market leans toward balance, yet the potential for a seller’s market lingers if demand continues to rise.
What This Means for You
For Sellers: We started the year with the Bank of Canada Rate at 5% and it has now dropped 1.25 percentage points to 3.75% with a potential for a further cut in December, which leads us into 2025 in a much improved interest rate position.
For Buyers: Elevated listings provide choice, while stable pricing allows for more informed decisions. Changes to lending rules kick in December 15th, with expanded eligibility for insured 30 year amortization mortgages to all first time home buyers and all new home purchasers. One way to make a 30 year amortization work for you is save accordingly from the lower monthly rate while making just one extra payment per year…cuts your amortization from 30 years to 17 years.
Looking Ahead
We will continue to follow the market and provide updates to help you make an informed choice but we are certainly entering into 2025 in a much better position than 2024.
As always we welcome the opportunity to Talk Real Estate!