Investing in Kingston Real Estate Market
Kingston started its modern development as a European trading post in the 17th century as a result of which the city is rich in history and older than the country for which it had served as the capital city. The city is full of historical attractions and home to a lively restaurant and bar scene. It has started growing as an urban centre in eastern Ontario and serves as a popular tourist destination. It is often referred to as ‘Limestone City’ owing to its abundance of historic stone-constructed buildings. It has a rich architectural legacy which consists of 21 National Historic Sites of Canada which include the old Kingston Penitentiary and Bellevue House, which is the former residence of Sir John A Macdonald, Canada’s first Prime Minister. Besides its wealth in history along with a population of 176,000, Kingston is also rich in taste. It is home to the highest number of bars and restaurants per capita, helping it earn the title of ‘foodie capital of Canada’, offering a wide range of international cuisines from across the globe.
List of New Condos in Kingston
Why Should You Invest In Kingston Real Estate?
When it comes to investment, the city of Kingston not only is a good investment in terms of profits and dollars, but is also a great investment in terms of an ideal life. Kingston has over the years lost its former glory as a political capital and the centre of manufacturing; however, this is rather reserved for its larger rivals. This is also one of the reasons why the city has succeeded so well. It stays away from problems that plague big cities yet, at the same time it adopts ground-breaking initiatives beyond the scope of a smaller urban area. As a result, it provides a high-quality life for all of its happy residents. Here you will not come across traffic congestion, high taxes or any exorbitant price for real estate. Rather this is a place where residents can finally start living life instead of holding it back. The wonderful qualities of Kingston that the locals have been long taking advantage of have started to become recognized by several publications. This city was listed under ‘Best Places to Live in Canada’ multiple times by MoneySense magazine while Today’s Parent named it the ‘Top City to Raise a Family’. It was also praised by the Journal of American Planning for having the ‘Most Vibrant Downtown’. But even with all these many honors, Kingston has managed to not let pride get in the way of its true objective. Instead of looking for attention as one of the most important cities in Canada, this city has carved out a reputation of being a family-friendly neighborhood that caters to the well-being of its residents before anything else. Dedicated to innovating itself, the area has provided its locals with state-of-the-art health facilities, three of Ontario’s premier post-secondary academic institutions, and a transportation system that is commuter oriented.
Things To Do in Kingston
Kinston has several geographical treasures to offer. It lies in a prime spot which is at the convergence of numerous waterways that include Rideau Canal along with its waterfront which is populated with marinas, making it ideal for boating enthusiasts. This area is also home to famous Thousand Islands tourist attractions along with several hundred lakes which can be covered within a half days drive. One of the best times to be in Kingston is during the busy festival season. Annual crowd-pleasing attractions are abundant here which include the annual Sheep Dog Trials, the 1000 Islands Poker Run and the annual winter celebration called the Feb Fest. During this festival, the city welcomes the best in international street performances with its Buskers Rendezvous, while on the other hand the offbeat Beat Beethoven Run challenges participants to compete. Participants are expected to run an 8-kilometer race or a 4-kilometer-long fun run before the 50 minutes of Beethoven’s music performance is finished by the Kingston Symphony. Kingston has been long regarded as an ideal place for retiring seniors owing to its centralized location in the province along with low taxes that average on annual at just $2644. This city has also caught the attention of a younger generation who are looking towards the future. Real estate portal called Point2 Homes had recently listed Kingston as the ‘8th Best Place for Millennials to Live in Canada’ while Next Cities named it the ‘Best Canadian Hotspot for Young, Talented Workers’. These are both honors that demonstrate the effectiveness of municipal initiatives to promote development and innovation.
Average Prices for Condos in Kingston
The average price of pre-construction condos in Kingston is about $389,900. New listings so far have maintained a price per square foot of $406, while the prices also continue to grow year-over-year. The average resale price for all types of homes including condos in Kingston is around $392,000 approximately, which is a hike of about 8.9 percent to the previous year. The average rental rate here is currently at $1200. The demand for housing is still strong here as the vacancy rate currently stands at 0.6 percent.
Transit And Accessibility
Being the middle point of many interprovincial routes, Kingston is blessed with many transportation options that allow residents an effortless passage in this quaint small city. Connecting Toronto with Montreal to the east, Highway 401 lies to the north and serves as its main transportation arterial route. Highway 15 on the other hand leads northward and provides access to Ottawa, which is the nation’s capital. Interstate 81 to the southeast connects this area to US markets after crossing the Thousand Islands Bridge, one of Ontario’s most efficient, least congested border crossings equipped with a 24-hour customs clearance. Bus and train services are also abundant. Kingston Transit operates the local public transportation consisting of several dozen bus routes that feature a “Rack and Roll” system that allows passengers to take their bicycles along with them. The Kingston Bus Terminal features several routes to Toronto, Montreal and Ottawa with bus services provided by Coach Canada, Megabus, and Greyhound. Passengers take VIA Rail trains from the Kingston Railway Station for interprovincial travel. To the east, regional flights for Air Canada Express in Toronto, Pearson, and SkyLink Express in Hamilton can be found at the Kingston Norman Rogers Airport.
Questions & Answers
There are several advantages to investing in a pre-construction condo, such as being able to customize the design, not having to pay upfront, and condos can be a wise investment since their cost is based on square footage. Pre-construction condos can be customized, including lighting, tiling, flooring, and tabletops. Pre-construction condominiums are paid in incremental payments as the building is constructed. You may be able to make money when you sell the condo unit if there is an increase in value after construction.
An assignment sale occurs when the original buyer of a pre-construction condominium or home sells their contract to another buyer before construction is completed. A contract is sold when the rights and obligations of the original buyer are transferred to the new buyer. Due to the popularity of condo properties, pre-construction and resale assignments are common in these properties. Assignment of property rights allows the seller to transfer ownership before the construction of the property is complete.
The interim occupancy period occurs between the time you move in and the time of final closing (the closing date). Interim occupancy periods can last between four and six months, depending on construction progress. Upon completion of construction, units will be ready for occupancy. Regardless of whether they move into their home during the interim period, homeowners are still responsible for interim occupancy fees. Along with taxes and condo fees, the interim occupancy fee includes interest on the unpaid portion of the purchase price. Once the interim occupancy period is over, the closing date will be notified to the buyers. Upon closing, the property will be registered, and ownership will be transferred to each unit’s respective buyer.