Looking back on the first three weeks of January, we have seen a slight shift in the local real estate market in Kingston. I have been receiving more inquiries from buyers on my listings and have had more prospective sellers reach out for advice on steps they should take to prepare for the spring market. This is good news. For the past 6-8 months, we have experienced a very slow time in real estate. Many buyers went into hiding after the Bank of Canada started to regularly increase interest rates and homes were sitting on the market for quite some time.
As of today, January 24th, 2024, the Bank of Canada has decided to hold its rate at 5.0%, which is the fourth time in a row that we have gone without an increase. In fact, the last time the central bank raised interest rates was July 2023. This is positive news for buyers and sellers and we should start to see activity continue to rise. Although borrowing costs are still high in comparison with rates offered the past couple of years, this rate hold should give buyers confidence to start house hunting. I would suggest that buyers interested in purchasing should act sooner than later and take advantage of the current market where there is good inventory, less competition and the option of offering with conditions. This may not continue as rates could start coming down as early as April, subsequently leading to an increase in prices and the potential for multiple offer situations.
If you are considering a purchase in the Kingston area, please reach out to me and I will get the process started for you. I have an incredible mortgage agent who can get the ball rolling and we will secure you a home before the market changes.
If you are planning on selling your home in Kingston, I would suggest de-cluttering, painting, cleaning and working on making your home show its best for listing. In terms of timeline, I would personally suggest holding off until after the March break. I expect you will see more buyers interested in purchasing as we get closer to spring. Please reach out if you would like an opinion of value and/or suggestions on how to prepare your home to list.
Kim Purcell - Kingston Real Estate Agent