It’s hard to believe really. I am always sad to see summer pass, I am one who loves that intense heat and humidity. It makes me feels as though I’ve moved to the Caribbean, if only for one month each year. I equally love the change in seasons though, and the signifying moments within each that we look forward to year after year. Fall always represent a shift in many ways. It’s the next and exciting chapter for some as they head back to school, for others just a reminder to get out the do to list as we prepare for the cold winter months ahead and reflect on a year 3 quarters of the way through. (how is that possible?) It’s also generally the last spurt of activity in the real estate market as those making moves rush to do so before the leaves drop, and the snow begins to fall.

Today the Bank of Canada announced another quarter point drop to its benchmark interest rate for the third consecutive time this year to 4.25%. The June and July cuts didn’t have the overall impact that many had been anticipating earlier in the year, as borrowing costs remain comparatively high, though there is wide speculation that this continued downward trend will further stimulate activity in the market. Population growth in the last few years has far outpaced new home construction, and buyers and builders have struggled with borrowing costs, so despite the calmness in the market in comparison to the Covid years, the shortage of housing remains. With more rate drops on the horizon, there should be a gradual easing of costs for buyers though, and in turn a resurgence of sellers to the market as options open for everyone.

For now, the market has remained one where buyers generally put conditions in their purchase agreements and have time to make informed decisions. Sellers can expect that their house will sell with reasonable ease too if well priced and presented, though it can take longer, and buyers often need to sell their property as a condition. There are also some who’ve been in an awkward place of having overspent during the Covid years or haven’t reconciled with the price change between what their neighbour may have sold for in early 2022 and what their current market evaluation says. So, there are properties that sit on market without selling too. And there are multiple bidding situations still happening, though mostly when a property has been intentionally underpriced. Knowing and understanding the nuances of the current market is essential in navigating the changing and evolving complexities but mostly it’s a normalized and balanced market were in here in Kingston now. Comparatively speaking to the GTA, it is far more affordable to live in Kingston as well than most cities in Ontario. Macleans magazine recently listed Kingston as one of the top ten most affordable places to live in Canada, https://macleans.ca/economy/realestateeconomy/kingston-ontario-housing/. Windsor and St Catherines made the list as the two other affordable cities in the province to buy a home.

Regardless of the current market it’s always a good idea to speak with a qualified professional about your options. If you aren’t working with a realtor and would like to discuss your plans for the fall ahead or further down the road, it would be a true pleasure to connect.