The national real estate market has been hot for more than a year, and properties in the Kingston area are no exception. Royal LePage has reported that homes in the ‘Limestone City’ had the highest rate of home price appreciation in the entire country last quarter.
According to the Royal LePage House Price Survey, the aggregate price of a home in Kingston increased 38.1 per cent year-over-year to $722,100 in the fourth quarter of 2021, while the median price of a single-family detached home increased 44.3 per cent to $780,600. These figures claimed the top spots among the 62 regions covered in the quarterly report. During the same period, the median price of a condominium reportedly increased 20.1 per cent to $423,600.
The COVID-19 pandemic, with its widespread lockdowns and total overhaul of how many of us work, learn, and perform just about every daily activity, accelerated an already growing trend in Canada, according to Royal LePage. City dwellers are “heading in droves” to smaller towns and secondary cities outside of the country’s largest urban centres, the real estate agency stated. Reportedly, homebuyers from the Greater Toronto Area looking outside the city limits have made a significant impact on the real estate markets of many regions in the Golden Horseshoe, and Kingston is certainly one of them.
“Kingston continues to see high demand for properties, which are selling at record prices as inventory remains limited,” said Bob Armer, area manager, Royal LePage ProAlliance Realty, in a statement. “This is largely driven by an influx of out-of-town buyers who are looking to move away from large urban centres or purchase recreational properties.”
Armer estimated that 40 to 50 per cent of buyers today are from outside the region, with a majority coming from the GTA.
As Kingston-area residents know, the city boasts a vibrant and diverse collection of restaurants; a lively art scene and popular summer festivals; a thriving job market with great opportunities in healthcare, post-secondary education and manufacturing; and, is home to Queen’s University, St. Lawrence College and the Royal Military College of Canada. Just a short drive to the west finds the popular vineyards of Prince Edward County, and a few kilometres north: cottage country. Best of all, according to Royal LePage, the city is located along the St. Lawrence River, great for sailing enthusiasts and with easy access to the Thousand Islands.
With all that the area has to offer, the agency stated that it’s no wonder the city has become so popular among Torontonians.
“Almost every listing sells in a multiple-offer scenario, which makes it very challenging for locals and first-time buyers to compete,” Armer continued. “Buyers from outside the region do not contribute to the local supply of housing stock as they don’t list their home in Kingston, putting further upward pressure on home prices.”
Royal LePage anticipates Kingston is in store for a brisk spring market, as growing demand continues to outpace supply. To learn more about the Royal LePage House Price Survey, visit their national blog post.