The Bank of Canada increased interest rates a full one percent since mid-April to combat rising inflation. We are now starting to see some of the effects. But what does that mean for our local market? Let’s take a look.
- In May, we saw 242 residential transactions in Kingston, up from the 216 we saw In April. Year to date, we are down 22% over the same time period last year.
- We averaged ten days on the market in May, one day longer than in April. Year to date, we are still down 35%.
- The average sale price for May was $694,000, down from the $703,000 we saw in April. The average sale price year to date is up 21% over the same time period in 2021.
That concludes your Kingston real estate market recap for May 2022. The local market is undoubtedly changing from what we saw earlier this year; homes are on the market a little longer, and pricing is coming down ever so slightly. But despite the headlines, the Kingston market is overall holding steady. Thank you for watching, and see you next month!
For previous market recaps, click here.