The housing market trend for properties close to downtown Kingston
Tuesday Aug 24th, 2021Share
As we are approaching to the third quarter in 2021, I think it is a good time to share some market information with you.
In July 2021 homes in the City of Kingston sold, on average, for 105.3% of their asking price! There were a total of 205 new listings and a total of 194 homes sold. The average sale price in the City of Kingston in July is $575,468 .
Next I would like to share some more in-depth data for properties close to downtown Kingston and Queen's University. If you are interested in knowing more about surrounding area close to Queen's University, you will find the following information helpful.
As we can see that the 2021 average sale price for freehold houses in Kignston Central City East area has increased by 22.26 % to $853,987 compared to year $698,540 in 2020. The average days for freehold proeperties has decreased by 14.82% to 23 days in 2021. The average sales price for condominiums has increased by 23.33% to $$650,898 in 2021. The average days to sell for condomidiums has increased by 25.72% to 44 days in 2021.
It is easily to see that the average Sales Price for freehold houses has steadily increased over the past five years and the required days to sell has decreased due to the strong demand for the houses close to Kingston downtown. Although the average Sale Price for condominium has dropped during the COVID in 2020, the price has increased back to $650,898 in 2021. With more international students coming to the Queen's University in 2021, the housing demand for condominiums increased as well.
Kingston has an unemployment rate of 5.7% (as per Stats Can) which is not only lower than Toronto’s rate, but also lower than the federal average of 6.7%, and the provincial average of 6.2%! This can be attributed to many factors but the biggest one is the large number of entry level and service positions that are available. Service industry positions are often available due to Kingston having the 2nd highest number of restaurants per capita in North America !
Another often overlooked aspect of Kingston living is the large number of designated historical landmarks and buildings. In fact there are over 20 National Historic sites in the area, including 2 UNESCO world heritage sites at Kingston Penitentiary and Fort Henry . Pair this with one of the most accessible public waterfronts in Ontario and this makes Kingston not only a great place to live, but a wonder to explore!
Furthermore, Kingston has a surprisingly low cost for home buyers and renters compared to other cities of similar size and location. The average price of a house sold in Kingston in December of 2020 was just over $500,000 . Compared to Ottawa at $580,000 and Toronto at a whopping $980,000 moving to Kingston could save you anywhere between 15% and 95% in home purchasing costs. This means your investment can go a lot further.
ARE YOU THINKING OF BUYING OR SELLING?
It can be tough to sort out the Canadian housing market—where are home prices heading, are mortgage rates going up, is it the right time to buy or sell? We can help you answer all of those questions, and more. We then can work with you to come up with a plan tailored to your unique situation. Let us be your partner in the home-buying or home-selling journey. Call Joy at 613-222-6569 to schedule a free consultation today!