What is Going On in the Kingston Area Real Estate Market?
It is the beginning of June 2023, and the stats are now out for the May housing market. What are the stats and what do they mean?
First off, we have 50% more active listings than we did in May 2022 and 80% more than May 2021. The past couple of years showcased low inventory and now we see inventory building up. Now if we compare the active listings to 10 years ago we actually see that new listings are 50% lower.
Now if we look at the market from how many homes are entering the market, we see 820 new listings in May. Historically, this number is a little bit low however it is indicating that we have more willing sellers than we have seen recently. Overall, sales activity is about 10% lower than 5 years ago.
What about interest rates? The Bank of Canada came out in early June 2023 with a .25 basis point increase in the interest rate. So, does that put the brakes even more on the housing market? In the short term, it could actually do the opposite! Why is that? Many buyers have locked in interest rates for their purchase with the locked in rate good for sometimes 120 days. So if you have a locked in rate these buyers might become more active and actually spike sales. The goal for the BOC is still to manage inflation and this change in interest rate surprised many observers. Housing and energy prices are some of the key drivers of inflation. The next announcement from the BOC is July 12, 2023.
Reach out today if you would like to learn more about the current market conditions and how we can assist you in achieving your real estate goals.
If you would like a Free Home Evaluation or would like to learn more about how the stats can influence your buying or selling experience give us a call.
Jay – 613-561-4653
Sean – 613-888-9267
Mark – 613-888-3238
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