Housing prices in Kingston, Ont. start to cool off
Real estate brokers say house prices have fallen in recent months but is it enough to make home buying affordable?
“So the average is still over asking price by about two per cent to two-point-five per cent, but it was up to as high as 14, 15 per cent over asking price as an average,” said Lee, who works with Royal LePage ProAlliance Realty.Lee cites a few reasons why housing prices are starting to decline – the hike in interest rates, general inflation, and a simple change in supply and demand.“What we’re looking at is a supply-and-demand shift, a little bit.
“The piece of the market I’ve seen cool is the timing. We’re still seeing things being listed based on part of the frenzy, but what we’re experiencing is that things are staying on the market a little longer than they used to,” said Valerie Miles, a ReMax real estate agent.Story continues below advertisement
She believes that buyers will still continue to migrate, and they’ll have options when they do decide to buy.
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