Kingston, ON Housing Market 2011 – My Predictions
January 7, 2011Here are my five predictions for the Kingston housing market in 2011.
1. The number of new MLS listings of existing homes during 2011 will grow by 5.5% to a projected 6,890. The number of sales of existing homes will decline slightly (-3.1%) to a projected 3,100. The market will be getting a little more competitive for sellers. If you are listing your home in 2011, consider measures such as staging to help ensure it will be one of the 45% of listings which will actually sell.
2. The rate of price growth for homes will stabilize to follow inflation in 2011. Don’t assume past price growth rates still apply and make the mistake of initially pricing your home too high.
3. Overall new housing starts will continue to decline gradually reflecting demographic demands. The decline in starts for single detached homes will be partly offset by increased starts for multiple unit dwellings.
4. The population of Kingston area is projected to grow by 500 net, particularly in the 45 plus age group. Bungalows, condominiums and maintenance free home features will continue to be popular.
5. Mortgage rates are expected to remain flat. Unemployment rates are expected to remain below 6% and employment will gradually begin to increase in 2011. Our present level of activity in the housing market is projected to be quite sustainable.
These predictions are based on CMHC semi-annual report “Housing Market Outlook, Kingston, Fall 2010″. You can download the full report here: https://www03.cmhc-schl.gc.ca/catalog/productDetail.cfm?cat=99&itm=19&lang=en&fr=1294067907339
