If you are looking to buy any kind of real estate in Canada next year, keep reading because we have prepared some serious research that will tell us all about Canada’s housing market predictions for next year. This is all just a guess but an educated guess based on many factors that we will show you later in the text. Before we start talking about the housing market now and for 2023, we should talk just for a second about Kingston and why this is a good place for both families and investors.
Kingston and why you should invest in property there right now
Kingston is a great place to raise a family or retire since it is safe, pleasant, clean, and convenient. Ontario’s best, first and longest-running public market can be found in this town. Its live music scene is widely considered the best in all of Canada. The fact that you can explore its many charming shops, galleries, and restaurants on foot is another perk of this wonderful city. Kingston is full of exciting opportunities and fascinating destinations. You can do anything from hikes and sightseeing to boat rides and scuba diving. But there is more! In the last couple of years, more and more young professionals are coming here for new job opportunities. As more businesses are coming, more people will follow. Unfortunately, that means that housing prices will start to grow. But it also means that now is a great time to invest in real estate there. Chances are your investment will pay off very soon.
The money talk and predictions
A single person renting in Kingston can expect to spend an average of $3,210 per month on housing expenses. The cost of living is broken down into numerous categories, such as housing, transportation, food, and entertainment. Houses sold for an average of $636,659 in November 2022, up 1.8% from the previous year. Experts think that this trend will keep in 2023. They expect that the prices will grow by about 2% by the end of 2023.
Is now a good time to buy a home in Kingston?
As you well know back in 2019 everything changed. COVID hit us hard and the demand for houses was much lower. The prices were lower as well as the mortgage rates but in 2021 we had a huge demand and people moving from the USA here to Canada and Kingston as well. That’s why the prices were raised a bit, and since the people are still moving here, looks like the prices will continue to grow. Obviously, Kingston is working hard on this demand and you will see new houses and buildings popping up. The city is getting bigger and bigger each year which is always a good thing. If you wish to live in a more peaceful area, you can research suburbs near Kingston and see which one you like. The prices are a bit lower there. Moving on the other hand is never cheap. But hiring movers is the only way to have a stress-free relocation so it’s worth it. If you want to have a seamless transition, you should hire locals to help you.
Housing market predictions that first-time homebuyers need to know about
Most first-time buyers in Kingston are young couples in the $300,000 – $400,000 townhouse market. Problems with supply and price hikes are being compounded by an increase in demand from out-of-town buyers, which is putting even more pressure on local sellers. It is anticipated that the current situation will last until 2023. Due to the lack of available properties, many Kingston buyers have lowered their standards. For this reason, first-time homebuyers in Kingston should be prepared to perform extensive research. You should research various neighborhoods to determine which one is most suited to your needs. This place is not just a romantic getaway for Canadians, you can build an amazing life here.
Some statistics coming your way
Let’s see some housing market predictions now as well as the current situation. New listings increased by 28% compared to November 2021. In November of 2022, there were 389 home listings added to the market. Maybe your new home is there? Over the past five years, this November has seen the highest amount of new postings added. That means this is an up-and-coming area. For the month of December (2022), new listings are 19% higher than the 5-year average and 4.7% higher than the ten-year average. For November, the number of active listings was 15.4% more than the 5-year average and 35% lower than the 10-year average.
We understand that statistics might be confusing for many. It was confusing to us as well in the beginning. But you don’t have to pay a lot of attention to that. What you need to think about now is if you are buying here a home for yourself and your family or if you are buying it as an investment. If you are buying for yourself things are different. You don’t have to think as much about the value of the home in the next 5 years. You should focus on what area you like. Also, what is the best for your kids? Those things are very important factors. Are you ready to start packing your bags now? If you are, let experts give you a hand and it will be much easier.
Months for buying homes in Kingston
Actually now is the perfect time to buy a home in Kingston. Home prices are at their lowest during the winter months. So you should hurry up or wait until the end of 2023 to buy a home in Kingston. Especially if you are looking to save some money. All you have left is to find decent movers and you are done.
There is another way to save some money when buying a house. Buy a fixer-upper and DIY it. Many people saved a lot of money that way. The only downside of this way is that it takes a lot of time to do all the work. That were all housing market predictions we wanted to share with you today. Now you need to keep researching and soon enough we will see.