The small municipality about two hours outside the city of Toronto has shown impressive performance over the last couple of years.
According to the Kingston and Area Real Estate Association, residential property sales tumbled 11.3 per cent year-over-year in February, totalling 267 units.
The real estate association’s data found that the MLS® Home Price Index , which is considered to be a more accurate measure than average or median price, soared at an annualized pace of 30.9 per cent to $622,200.
The Ontario real estate market recorded an 11.1-per-cent decline in unit sales in February, with about 19,300 units being sold.
“Sales activity came in at the second-highest level for the month of February in history.
Active residential listings also declined 31.6 per cent to 193 units, a more than three-decade low.
This is a crucial gauge since it represents the number of months it would take to exhaust current housing stocks at the current rate of sales activity.
And new housing construction activity has been subdued so far this year.
What is supporting this red-hot market? Buyers who live outside the region, many of them coming from Toronto.
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