Kingston Housing Market Will Stabalize in 2013

KINGSTON, ONTARIO--(Marketwired - June 25, 2013) - Total housing starts within the Kingston Census Metropolitan Area (CMA) are expected to ease in 2013, according to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook. This comes as a result of residential construction activity returning to levels consistent with demographic needs. Specifically, the high number of apartment units currently under construction will result in developers scaling back on construction of new buildings.

Sales of existing homes sold in 2013 will come in lower than the previous year's number, but will see a modest increase in 2014. Home prices will face headwinds from increased inventory in 2013 and are expected to increase by 1.2%. In 2014, the average price of a home sold will increase at a faster pace in step with general inflation.

"Most measures of housing activity this year will signal a moderation in the housing market before seeing a slight pickup in 2014. Given the elevated activity seen last year and the modest outlook for employment, it is only natural that we will see a slowdown. Kingston's housing market will obtain ongoing support from a stable labour market and low mortgage rates," said Andrew Scott, CMHC's Kingston 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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