This Ontario City Has The Fastest Rising House Prices In The Country & Here's Why

It's without a doubt that buying a house in Toronto is a next-to-impossible feat, which has pushed many first-time homebuyers outside of the GTA to get settled in. Since so many out-of-towners are moving to this one Ontario city, their house prices jumped up so much so that it was one of the highest rates in all the country.

In a recent Royal LePage article, the real estate company pointed to Kingston as the top city that has seen the highest home price appreciation rate in all of Canada toward the end of last year.

Due to its "perfect combination of downtown lifestyle and suburban comfort", and with short commute times to the downtown core, Kingston has reportedly become a sought-after place to live in.

Based on the data from the Royal LePage House Price Survey, the aggregate house price in this Ontario city rose to 38.1% to a whopping $722,100 in the last quarter of 2021. But, the median single-family detached home is going for even more than that at $780,600.

As for Kingston's condo prices, the median price also rose up by 20.1% to $423,600. So, with all of these figures, Kingston clinched the number one spot of all 62 regions considered in the quarterly report.

"Kingston continues to see high demand for properties, which are selling at record prices as inventory remains limited," Bob Armer, area manager for Royal LePage ProAlliance Realty said.

"This is largely driven by an influx of out-of-town buyers who are looking to move away from large urban centres or purchase recreational properties."

So, which out-of-towners are snatching up Kingston homes?

The majority of buyers are coming from the GTA (likely to run away from Toronto's out-of-this-world prices for homes.)

While Kingston isn't as big as the 6ix, the article points to its bumping job market, variety of restaurants, and short drive to cottage country as some of the reasons why it's becoming a popular place to buy a home in.

But, non-local homebuyers are making it difficult for born-and-raised Kingston residents looking to score their first-time homes.

"Almost every listing sells in a multiple-offer scenario, which makes it very challenging for locals and first-time buyers to compete," Armer said.

A recent survey from U-Haul also pointed to North Bay, Belleville, and Greater Sudbury as other top choices for Canadians move to.