This Ontario City Has One Of The 'Hottest' Real Estate Markets Across Canada & Here's Why

While Toronto is well-known for its ridiculously pricy real estate, there is another Ontario city that's having its moment.

"The Kingston housing market is one of the hottest in Ontario and the rest of the country," an April blog post from Re/Max reads and notes that this city has grown a lot over the past couple of years.

According to the Kingston and Area Real Estate Association's data for April 2022, just under 380 units were sold, which was actually a 28.8% decrease from last year. But, even though house sales dropped last month, Kingston's prices were heating up.

Per the MLS Home Price Index, the average house prices in the city spiked to $622,200 in April this year, which is up by 24.8% compared to the same time last year.

So, how does that price compare to the rest of Ontario?

The Ontario Real Estate Association saw that the average price of resale homes was $985,354 in April 2022, which is a 13.3% increase since April 2021.

On top of that, the average house price across Canada was $746,146 last April, which was up by 7.4%, according to the OREA.

So, even though the costs are lower in Kingston, the city saw a huge price jump in what houses were going for on the market on average.

"Benchmark price gains are still well in double-digit territory and price levels are currently trending at or near all-time highs," President of the Kingston and Area Real Estate Association, Mark Malinoff, said in a news release.

Re/Max noted that for a city of about 136,000 people, Kingston might just have the hottest housing market across Canada.

Some of the reasons why Kingston's real estate is sizzling right now is partly due to the buyers who live outside of the city (especially those coming from Toronto.)

"With North America's fourth-largest city becoming too expensive for many young families and professionals (despite exceptional incomes!), many of these households are reconsidering where they live," the Re/Max post reads.