Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

November 18, 2010 08:15 ET

Kingston Resale Home Market Will Remain Healthy

KINGSTON, ONTARIO--(Marketwire - Nov. 18, 2010) - Resale housing activity in Kingston will remain above the 15-year average sales 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 have moderated from first quarter levels and will decline by 5.2 per cent this year. Next year, sales will decline only modestly as the housing market stabilizes
  • Although the Kingston existing home market appears to be cooling-off in recent months, on balance average resale home prices will grow this year. In 2011, with moderating sales activity and increasing new listings, the rate of change in average price growth will slow and follow the national rate of inflation.
  • The Kingston Census Metropolitan Area (CMA) total housing starts in 2010 will decline modestly to 650 units, as apartment start segment remains a drag on total residential construction activity. In 2011, starts will continue its downward trend and move to a level that is in line with demographic requirements.

"Prospects for sustainable growth in Kingston's employment income should help minimize the decline in existing home sales activity in 2011. Kingston home sales have dropped to levels that are considered sustainable and in line with the ten year historical average," said Abdul Kargbo, CMHC's Kingston Market Analyst. 

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.

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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
    www.cmhc.ca