It’s been another fairly quiet fall in real estate. After many years of what felt like constant running and frenzied market behaviour that might never end, it’s mostly just slow at the moment, everywhere. Last fall was almost the same. With increased borrowing costs, inflation, and the unknowns still surrounding what the Bank of Canada’s next moves might be, we’re still just in a wait and see state.

But prices remain strong in most of the country, and have in fact increased year over year according to CREA stats nationwide. A few dips here and there regionally, but overall, its mostly activity that has dwindled. In Kingston, the number of home sales are down approximately 35% over the 5 year average according to the Kingston and Area Real Estate Association stats. Which means buyers are mostly waiting for more clarity on the future of interest rates. Sales alone in the last year are down approximately 18%, and the MLS benchmark price has dropped almost 5% from this time last year.

Though at this particular moment there seems to be a window of opportunity for some buyers. Despite the reluctance to make any unnecessary moves at this moment, it will turn around. Real estate just ebbs and flows, it’s an adjustment period. The market is different, the world is different, we are all different from year to year. A new leaf will turn though, and things will undoubtedly continue to normalize in the year ahead. The rates have been much higher than they are now before. And much higher than they were before that. It is always difficult to adjust to a new normal, but after a while we do, and we’ll be just fine. We’ve been through worse, and we are resilient. I have chatted with a few colleagues lately and we’ve suggested ‘ is it quiet or is this just how it used to be?’ Houses historically didn’t sell overnight, or for 100,000 plus over the asking price. Generally speaking, houses are listed at their current market value, and quite often it used to take 30-45 days to sell. So in that respect it’s not really all that odd. Right now it seems there may be a real opportunity for some buyers. It’s a time again where we can do our due diligence, think rationally and reasonably about our moves, take the necessary time and preparations and set new goals. There is always an opportunity to make and create great things when we set our minds to it.

I think 2024 is going to be a good year if we all decide it should be, and can come together on that point.

The short of it:

• The number of sales are down significantly again in the last quarter.
• The average price is still up slightly year over year, meaning the market is holding strong.
• The amount of inventory is up significantly. So more to choose from, and perhaps room to negotiate.
• Days on market are back to being more historical averages, 30-45 days.