CMHC: Kingston Resale Home Market to Remain Healthy

Published on: 2010/11/22 - in News

Canada Mortgage and Housing Corporation (CMHA) reports resale housing activity in Kingston should remain above the 15-year average sales in 2010 and 2011.

CMHC released this information today in its latest Housing Market Outlook report for the Kingston Census Metropolitan Area s well as other major metropolitan areas across Canada.

Highlights of their latest report include:

* Existing homes sales have moderated from first quarter levels and will decline by 5.2 per cent this year. Next year, sales will decline only modestly as the housing market stabilizes.

* Although the existing home market in Kingston appears to be cooling-off in recent months, on balance average resale home prices will grow this year. In 2011, with moderating sales activity and increasing new listings, the rate of change in average price growth will slow and follow the national rate of inflation.

* The Kingston Census Metropolitan Area (CMA) total housing starts in 2010 will decline slightly to 650 units, as apartment start segment slows down total residential construction activity. In 2011, starts will continue a downward trend and move to a level more in line with demographic requirements.

“Prospects for sustainable growth in Kingston’s employment income should help minimize the decline in existing home sales activity in 2011. Kingston home sales have dropped to levels that are considered sustainable and in line with the ten year historical average,” said Abdul Kargbo, CMHC’s Kingston Market Analyst.

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