Kingston Housing Market to Remain Balanced in 2014

OTTAWA, ONTARIO--(Marketwired - May 22, 2014) - Total housing starts within the Kingston Census Metropolitan Area (CMA) are expected to see a decline in 2014 to 615, according to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook. Apartment starts will drive most of the decline in 2014 before seeing a pickup in 2015. However, one segment of the market-row houses-will see another strong year on increased demand.

Relatively benign economic conditions and favourable mortgage terms continue to point to continued balance in the resale market. The number of existing homes sold will remain steady this year at 3,100, with a modest increase in 2015. Existing home prices will face pressure from elevated supply levels, and are expected to increase by 1.8 per cent in 2014 and 2.3 per cent in 2015.

"Kingston`s housing market so far this year could have done better. However, with an improving labour market, growing population and stable borrowing capacity, it can be expected that the market will remain healthy. Over the remainder of the year and moving into next year, most housing market indicators will see modest growth," said Sandra Pérez Torres, Senior Market Analyst.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.

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