Kingston, Ont. saw 20 per cent decrease in number of homes sold in August

Canada’s cooling housing market is not just about Ottawa, Toronto and Vancouver. Sales are down in Kingston, as well, and sellers should be prepared to wait.

When real estate broker Adam Koven sells a house, he tells clients the game has changed.

“We’re not getting ten, fifteen, twenty bids; that’s not the scenario and now it’s going to be a bid with conditions,” he explains.

New figures by the Kingston and Area Real Estate Association show there was a 20 per cent decrease in the number of homes sold in Kingston in August compared to the same time last year.

After being one of the fastest-growing housing markets in the country, Koven says homes in the city are now sitting for weeks instead of days, as buyer have more power.

“Now they can they say ‘Well, I don’t have to buy today. I think I’d like to see what’s going to happen,’” he explains. “And that’s the wait and see. We can take our time, we can shop around.”

It’s part of a larger trend, with the number of homes being sold slowing nationally.

In Kingston, there are now more homes on the market to choose from, and high borrowing rates are keeping some buyers on the sidelines.

“What we’re seeing now when it comes to real estate is somewhat to be expected,” explains Mat Clancy, who is an owner and broker with Remax Rise Executives. “Everything that happens feels fairly normal. Even though the market feels bad for sellers or feels different, comparatively, to the way it was five or six years ago, it is actually a fairly good market to participate in.”

Despite fewer homes being sold, the report also states the average sale price of a home actually increased slightly.

“The average price of homes sold in August 2022 was $598,468, a marginal increase of 2.1% from August 2021,” reads the report.

Koven says this is a time where home buying and selling is finding more balance in Kingston than we’ve seen in the last few years.

“What’s going on in the market is realistic and now we see expectations of buyer and seller aligning and that’s what we need,” he says.