Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 20, 2010 15:28 ET

Kingston Resale Home Market Will Remain Healthy

KINGSTON, ONTARIO--(Marketwire - May 20, 2010) - Resale housing activity in Kingston will remain above the 15-year average in 2010 and 2011, predicts Canada Mortgage and Housing Corporation. CMHC released this information today in its latest Housing Market Outlook report for the Kingston Census Metropolitan Area (CMA). Reports are also available for other major metropolitan areas across the country.

Highlights of the report include:

  • Sales of existing homes will increase by 3.6 per cent this year before seeing a marginal decline next year as rising carrying costs will slightly decrease demand for homeownership, particularly among first-time buyers.

  • Expect average MLS® price gains of 2.5 per cent in 2010. With moderating sales activity and increasing new listings, the rate of increase in the average MLS® price will slow and come in nearer the national rate of inflation in 2011.

  • Housing starts will remain very strong at 750 units in 2010, their highest level since 2007. Next year, however, starts will edge lower.

"With new listings expected to outpace sales late this year and into next year, homebuyers in Kingston will experience more choice which will result in more moderate price growth and fewer housing starts for 2011," said Abdul Kargbo, CMHC's Kingston Market Analyst.

Trends in the Kingston CMA housing market generally mirror expectations for the rest of the province.

"Higher mortgage carrying costs, increasing supply pressures and declining first time buyer demand will temper Ontario's housing activity later this year and into 2011," said Ted Tsiakopoulos, CMHC's Ontario regional economist "This transition in housing activity should be orderly thanks to improving job markets, historically low interest rates and further gains in household incomes," added Tsiakopoulos.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. 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 vital decisions. For more information, visit www.cmhc.ca or call 1-800-668-2642.

  • Ce document est aussi disponible en francais

Contact Information

  • Kingston: (in English):
    Canada Mortgage and Housing Corporation
    Abdul Kargbo
    Market Analyst
    613-748-5129
    akargbo@cmhc.ca
    or
    Kingston: (in French):
    Canada Mortgage and Housing Corporation
    Sandra Perez Torres
    Senior Market Analyst
    613-748-5120
    sperezto@cmhc.ca
    or
    Ontario:
    Canada Mortgage and Housing Corporation
    Ted Tsiakopoulos
    Regional Economist
    416-218-3407
    ttsiakop@cmhc.ca
    or
    Canada:
    Canada Mortgage and Housing Corporation
    Charles Sauriol
    Senior Media Relations Officer
    613-748-2799
    csauriol@cmhc.ca