I didn’t have to do any homework for this week’s market update because RE/MAX Canada has done it for me.
Yesterday, RE/MAX Canada issued their 2023 housing market outlook, and the big headline on it is that average home prices across the country are expected to decline by 3.3%. However, let’s take a look at what’s going on in Kingston.
In Kingston, the expectation is that average prices are going to increase by 4%. That’s good news for buyers and sellers. For sellers, it means that, uh, your home value is going to increase by a moderate amount next year. For buyers, it means those, those increases we’ve seen year over year, 20 plus percent increases in home prices. That’s changing. And one of the reasons is we’re moving into a balanced market. So we are going to have expected three to four months of inventory on hand.
For the last few years, we’ve had less than a month of inventory homes available to buy. That also means that the market is slowing, as we’ve already seen. So sellers can expect that homes are gonna be on the market for 30 to 60 days. Uh, what that means for buyers is sometimes you look at a home, it’s been on the market for over 30 days and you think, is there something wrong with this house? Why doesn’t someone want it? Well, we have to readjust our thinking now. Because 60 days on market is not going to be abnormal. The interesting piece of news is that if inflation declines, then that activity may pick up. And the other is that the number of home sales in Kingston is expected to decrease by 12.5%. So fewer homes are gonna sell. That’s what’s gonna lead to that increased inventory and the slower market and the balancing of prices.
Nobody has a crystal ball, but they’re very smart people that are behind these reports.
I hope this information is helpful to you. If you’re thinking of buying or selling in 2023, contact us.
Watch the latest market update
