The real estate slowdown arrived gently in stable Kingston in 2012, with average house prices rising only three per cent after a number of years of four to five per cent appreciation.
CENTRAL CITY
These neighborhoods are central to everything. They will always be in demand by a variety of buyers, from singles, couples and families, to investors catering to the student market at St. Lawrence College and Queen’s west campus. The majority of rentals are south of Johnson St., and some streets are well over 50 per cent student rentals.
Turnover tends to be lower in these self-contained, pleasant close-to-everything neighborhoods. So sales are brisk, often exceeding 70 per cent of listings sold. And they sell faster than anywhere else in the city – an average 24 days on the market. But due to the age, condition and variety of homes in these 60s-70s era neighborhoods, average sale prices can be uneven – no appreciation in 2011 for example, and a healthy 6.7 per cent in 2012. Average home price in 2012 was $264,000.
Average prices in these newer neighborhoods flanking Centennial Drive south of Princess reliably appreciate 5-6 per cent per year (5.3 per cent in 2012), with brisk sales of around 70 per cent of listings (67 per cent in 2012), and one of the fastest selling at an average 28 days on the market. It is city central affordable. What’s not to like? Average sale price last year was $267,000.
COPYRIGHT 2015 Kay Langmuir