Kingston Resale Home Market Will Rebound in 2012

KINGSTON, ONTARIO--(Marketwire - Nov. 4, 2011) - Canada Mortgage and Housing Corporation (CMHC) released its latest Housing Market Outlook report for the Kingston Census Metropolitan Area (CMA).Total housing starts will reach 700 units by the end of 2011, due to strong rental demand that prompts builders to increase the level of apartment construction.

Looking ahead, total housing starts in Kingston are anticipated to adjust in accordance with long-term demographic requirements.

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

Kingston's existing home sales are forecast to edge lower in the coming months before recovering in the second half of 2012 as the local economy improves.

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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