There is so much in the news. So much bad news, sad news, and contradictory predictions about the future and the economy, in Canada and around the world.
More than ever, what we know is that there is a lot we don’t know. Will housing prices rise or fall? Is residential property still a good investment or should I rent? We usually have predictors that we can count on, facts that give us clues about how the market is performing, and how we expect it to perform over the next 12 months. But the slate is clean, and the future is unknown.
But here is what we do know.
Kingston has a strong base. The housing market is becoming active again. At Royal Lepage, May has shown a 67% increase in volume of sales over April, and in early June some multiple offers are taking place again. There are still people who want to buy and sell residential properties, and though Royal LePage nationally and CMHC predict a drop in home values across the country, remember that they are mixing metropolitan areas with rural, provinces with territories, and healthy markets with not so healthy. Every town and city will perform differently, but national average percentages are an aggregated reference point, not community specific.
So let’s look at Kingston…At the end of April, the average selling price of residential housing was up 3.4 percent over April of 2019 even though the volume of sales was down 60 percent. May continued to move upwards. These are encouraging statistics. If you would like to see more detailed statistical information about the Kingston Real Estate market, please don’t hesitate to be in touch.
So, as of the first of June, we are providing ‘business as usual’ availability while adhering to COVID-19 protective protocols. David Wilson Team, for the present, are all working from home, by direction of our Brokerage. We can visit the office but most of our appointments are done on the phone or on Zoom, and then in person for showings and listing appointments. Note that there are clear protective protocols for Buyers and Sellers.
Please do not hesitate to be in touch, even if just to chat about it all. These are unusual times and we are all processing a great deal of information from a variety of sources. We are here to help!