The average price for a single-family home within the City of Kingston is fast closing on $300,000.
A buoyant real estate market is not always a good thing, especially if you’re a young family dreaming of owning a wee patch of grass for your kids.
For the past 12 months ending in May, the average cost of a freehold Kingston home (detached, semi, link or town) was $294,600.
And if home prices rise at even half the rate as they have the last two years, the city’s average home cost will pass the $300,000 mark before the end of the year.
Already the average price for city homes sold thus far this year, has exceeded $302,000, although the slower second half of 2012 may bring that figure down slightly.
A new report from TD Bank economist suggests Kingston real estate is overvalued and due for a price correction of 10 per cent or so in the next few years.
This prediction is a good or a bad thing depending on how you look at it.
Over the past 12 months ending in May, home prices increased by four per cent, and in the previous 12-month period went up 3.75 per cent - not the heated increases one would expect in an overvalued market. But there are some neighborhoods where prices have gone up sharply.
Currently, the average home prices in Kingston over the past 12 months, range from $423,000 in downtown south-of-Johnson, to $197,000 in Rideau Heights/Markers Acres. This is the only area with an average home price still below $200,000.
In second place, in the bargain home category is Williamsville-Kingscourt-Inner Harbor area at $223,000.
Average home prices in the west/northwest neighborhoods range from $273,000 (Lawrence Park-Hillview-Bayridge) to $308,000 in the new and developing subdivision areas west of Sydenham Road and north of Princess.