January 2021 Real Estate Report


January 2021 Real Estate Statistics for Lennox & Addington

For Lennox & Addington, January was ALMOST like any other January for sales volume. But what did sell, went very quickly. Instead of 56 days on the market, this dropped to 30. To put this into perspective, in previous years (like 5+ years ago) we would see days on market 60 – 90 days or more.

On average, for all of Kingston & area, this was not your normal January. Just like this past December, January saw an increase in sales of 20% from January 2020.

Stats Canada does predict additional price increases for 2021 but we need to be cautious of the price increases when looking at one month by itself. For instance, the chart shows that the prices in Lennox & Addington went up by 35%. Since only 28 houses sold in January (of those, 4 were in Stone Mills) the numbers would be very sensitive to the price bracket the homes sold for ($500k homes vs. $300k homes). Let’s wait till we have more months behind us to judge how L&A prices are doing.

But what we do know is that houses are still a hot item and very competitive no matter where you live. We are also see buyers being more aggressive with their offers as far as the price and conditions (or lack of conditions) goes.

Stats Canada has also noted that there has been movement from major cities to surrounding areas. Read article: Canada’s population estimates: Subprovincial areas, July 1, 2020

It is interesting when you look at what is happening from a broader perspective. The United States is also seeing the same craziness as in Canada. Is this all COVID related? I think this is obviously a factor but we did see much of these trends over the past 5 years but this past year things got just a bit crazier.

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