Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 14, 2012 08:15 ET

Kingston Resale Home Market Back to Historical Levels

KINGSTON, ONTARIO--(Marketwire - June 14, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Spring Housing Market Outlook report for the Kingston Census Metropolitan Area (CMA), total housing starts will moderate to 715 units by the end of 2012, as residential construction activities return to a level consistent with changes in household formation.

In the next two years, developers in Kingston are expected to scale back apartment starts given the increased number of rental structures that are currently under construction.

"With more new listings coming onto the Kingston existing home market and subsequently outpacing the number of sales, price increases will slow and mirror the national rate of inflation in 2013. However, healthy full-time employment growth coupled with low mortgage rates should help sustain Kingston's resale market activity in 2012 and 2013," said Abdul Kargbo, 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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