Condo Homes Market Update | January 2023

Let’s talk about the most exciting segment of the Kingston housing market right now: condo apartments.

So we discussed that single-family homes increased in value by over 44% in the last three years with condos that didn’t happen.

In January 2020, condos were averaging $345,000.
In January 2023, the average selling price was $359,000.

So that’s only an increase of 4.1%. It makes sense during the pandemic. People were not flocking to apartment buildings as their preferred place to live.

But what’s happening now is that buyers have priced out of single-family homes and semi-townhouses and are looking at condos to get into home ownership.

Days on the market are longer when you’re selling a condo.

So right now, it’s averaging 50 days. And that’s because there is usually at least a 10-day conditional period for a review of the status certificate, which is the financial report for the condo building the rules. And, uh, your lawyer would want to look at that.

That’s why it’s taking a little bit longer to sell a condo these days. But if you’re looking to get into the market, let’s talk about what’s available in condos and get you started in home ownership.

Again, if you’re interested in values in your neighbourhood, contact us. We’d be happy to share the details.

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