Finally a little good news for Kingston home sellers - the single-family market had a solid second quarter, sales have nudged up, and average prices have made a modest gain in the past 12 months.
Average prices have increased 2.7 per cent in the past 12 months, staying a little ahead of inflation.
Neighborhood statistics tell a more accurate story - prices in west Kingston neighborhoods are down slightly while more central neighborhoods are faring better. The exception here is the prime area near Queen’s U, where prices have dropped nine per cent in the past 12 months as a series of major student residence projects has cooled investor interest in this area.
The Kingston residential market as a whole however, appears flat with little appreciable growth, mainly because the condo market has taken a nine per cent price dip. Condo sales were very strong last year with the average price increasing by $20,000. It has settled back down, and is now just slightly above where it was two years ago.
It has been a tougher market lately for the upscale cottage areas of the St. Lawrence, the Rideau, and the Thousand Islands.
Prices here have come down about 10 per cent in the past 24 months. The big islands (Howe, Amherst and Wolfe), have experienced more than a 20 per cent drop in the past two years. Some of the large lakes in South Frontenac Township, popular with Kingston residents, have fared better – a steady rise in prices of two per cent a year for properties on Bob’s Lake, Louborough, and Dog/Cranberry Lake and everything in between.
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