Kingston, Ontario – (February 11, 2025) – Last month, the Bank of Canada cut its overnight lending rate by 0.25% to 3.00%1 with fixed mortgage rates falling recently to 4.39%, the lowest since spring of 20232. This comes amidst the uncertainty of wide reaching US tariffs in the near future.
The benchmark price for a home in the Kingston area decreased 0.7%, however the year over year increase was at a healthy 7.5%3. Much of this surge was attributed to the increased demand brought on by a decrease in interest rates over the second half of 2024. The upcoming year in real estate may be the hardest to predict in many years given the uncertainty of international trade policy with the United States, however, all traditional signs are pointing to a strong 2025 in the real estate market.
Listing inventory was up 14% from this time last year, and is the highest it has been in January in a decade4, giving consumers more choice of homes on the market than we’ve seen in recent memory for this time of year.
There is a lot of political uncertainty between Canada and the USA at the moment, and navigating how this affects your real estate plans can be difficult. Give us a call today, and let us help you plan your strategy for the upcoming year.
1As per the Bank of Canada
2Mortgage rates posted by CENTUM Financial Services LP
3The composite benchmark price for Kingston and Area as published by CREA
4The Kingston and Area market report published by CREA