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Kingston home prices continue to rise, but show signs of slowing: Royal LePage

The latest survey of home prices by Royal LePage suggests Kingston's market is cooling, but increases in average prices still above national average.
The latest survey of home prices by Royal LePage suggests Kingston's market is cooling, but increases in average prices still above national average. Global News

The cost of buying a house in Kingston continues to rise, but price increases may be slowing down.

A survey by Royal LePage showed that overall, housing prices increased an average 2.9 percent (to $392,209) in the third quarter of 2019 compared to the same period in 2018. The increase is significantly lower than the second quarter of the year when home prices increased by 6.9 percent on average.

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Two-storey homes increased by 1.9 per cent year-over-year to $409,301 while the average price of a bungalow rose 5.1 per cent year-over-year to $384,137.

“Baby boomers looking to downsize are no longer waiting for condominiums to become available, increasing demand for bungalows and pushing up prices,” said Bob Armer, Kingston area manager of Royal LePage ProAlliance Realty.

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“Real estate transactions didn’t take a break this summer. Inventory is historically low, but sales volume is up.

“When something comes on the market there are multiple offers – sometimes $150,000 over asking.”

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Nationally, the average price of a home has continued to post steady year-over-year gains during the third quarter of 2019. Average home prices in the 63 largest markets in the country surveyed by Royal LePage rose by 1.4 percent to $630,335.