Seller’s market conditions will continue, prices to rise 6%
The Kingston housing market will favour home sellers in 2020, with average residential sale price expected to rise by six per cent. RE/MAX is attributing these conditions to low inventory, new home pricing, low vacancy and higher prices in the rental market.
Growth in new construction in the areas of Woodhaven, Greenwood Park-Riverside and Lyndenwood will put these neighbourhoods in highest demand in 2020. Outside investment into Kingston’s new home market has sparked the low inventory and price increases seen over the past two years across the region. Closing dates for new builds have been extended as builders try to keep up with demand. Currently, Kingston housing has three months of inventory, which is expected to continue in 2020.
Ongoing out-of-market investment will have the greatest impact on Kingston’s real estate market in 2020. Move over buyers are expected to drive demand.
From a national perspective, RE/MAX anticipates a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Healthy price increases are expected, with an estimated 3.7-per-cent increase in the average national residential sales price, according to the RE/MAX 2020 Housing Market Outlook Report.
Most individual markets surveyed across Canada experienced moderate price increases year-over-year from 2018 to 2019. However, some regions in Ontario continue to experience higher-than-normal gains, including London (+10.7 per cent), Windsor (+11 per cent), Ottawa (+11.7 per cent) and Niagara (+12.9 per cent).
“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.”