Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

October 30, 2014 08:15 ET

Kingston Housing Starts Rebound in 2015

TORONTO, ONTARIO--(Marketwired - Oct. 30, 2014) - Total housing starts within the Kingston Census Metropolitan Area (CMA) are expected to see a strong rebound in 2015 to 860 while moderating in 2016, according to Canada Mortgage and Housing Corporation's (CMHC) Fall Housing Market Outlook. Apartment starts will drive most of the increase in 2015 before seeing a slight deceleration in 2016. Row houses will see another strong year backed by first-time home buyer increased demand.

Positive economic conditions and higher average weekly earnings point to a small improvement in the resale market for the year to follow. The number of existing homes sold will increase slightly to 3,000, with a modest adjustment in 2016. Existing home prices are expected to increase by 2.0 and 1.5 per cent in 2015 and 2016 respectively.

"Kingston`s housing market will witness an increase in housing starts and sales in 2015 while moderating in the following year. An improving labour market, growing population and higher earnings capacity, in addition to favourable borrowing conditions, are all factors contributing to a positive outlook moving into next year. As prices continue to rise well into 2016, affordability will deteriorate. Those potential buyers seeking to enter the market for the first time will boost demand for high-density ground level housing.", said Aris Gianneskis, 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.

Follow CMHC on Twitter @CMHC_ca

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