Housing prices in Kingston, Ont. start to cool off
Global News
Real estate brokers in Kingston, Ont., say the median asking price for a home in the city is down nearly $50,000 since the beginning of the year.
After house prices skyrocketed during the COVID-19 pandemic, the Kingston, Ont., housing market appears to be showing signs of cooling off.
Real estate brokers say house prices have fallen in recent months but is it enough to make home buying affordable?
Real estate broker Matt Lee says the average median price of a house is around $606,000, down from $651,000 earlier this year.
“So the average is still over asking price by about two per cent to two-point-five per cent, but it was up to as high as 14, 15 per cent over asking price as an average,” said Lee, who works with Royal LePage ProAlliance Realty.
Lee cites a few reasons why housing prices are starting to decline – the hike in interest rates, general inflation, and a simple change in supply and demand.
“What we’re looking at is a supply-and-demand shift, a little bit. We’re seeing more inventory, we’re seeing probably relatively the same amount of buyers. We have a number of people that started their springtime buy early,” he said.
Meanwhile, in some rural areas, local brokers are saying they’re not seeing much of a decline in listing prices.
In Bancroft, while housing prices aren’t cooling, the frantic buying in that area has tapered off.
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