THE WORD ON THE STREET
Why is the Kingston market so tight?
In human terms, more people want to move here. Toronto residents and investors are looking for more affordable property, the city is attracting some international business such as the new Chinese infant-formula plant, employment has increased, and the green-lit $180-million Third Crossing bridge project is poised to help the city grow even more.
After two years of hot markets, and a 20 per cent increase in home prices, CMHC says the Kingston real estate sector will see housing appreciation of a more average, and more sustainable, 4-5 per cent in 2019.
But the shortage of available listings continues, and demand for property is still solid, especially for prime properties, such as bungalows, which have appreciated in value noticeably more than two-stories, as the early effects of the grey wave demographic, and its needs and priorities, begin to wash over the housing industry.
The disastrous rental market in Kingston, with a .6 per cent vacancy rate, has many unwelcome ripples throughout the community, including for older people ready to sell and downsize, who can't find a suitable apartment or condo, and therefore can't put their property on the market. The vacancy rate for a three-bedroom unit is now an impossible .1 per cent, and military families and others are forced to locate further away from their job in the city.
A city report has shown that the delay in a number of development projects, vigorously opposed by some local groups, has been directly tied to the tight and unwelcoming situation in the Kingston rental market.
If you’re looking to buy, be patient. It might take a while!
What does an Aging-in-Place Specialist do?
A home can have significant influence on physical, social and financial well-being as homeowners age. The right home in the right location will keep you connected to your friends and community, its design will help prevent falls and accidents, and it can be maintained at a cost that fits your budget and preserves its value.
As a Realtor®, a Senior Real Estate Specialist, and Kingston’s only Certified Aging-in-Place Specialist, I help people make well-informed choices when they're contemplating a move in the near future or further down the road.
Take the time to study your options - stay, move, renovate, innovate - even up to a year or two or more. If you are anticipating a move or life change in the next one to three years, let's share a pot of tea and chat.
Kay Langmuir, B.A. Honours Political Science, Bachelor of Journalism