Vacancies: 2.6% ↓
Rents: $1,083 ↑
City Steeped in History Sees Strong Market, Bright and Stable Future
Located in eastern Ontario where Lake Ontario meets the St. Lawrence River, the City of Kingston isn’t a large centre. Its centuries-long history, including a period as the capital of the colony of Canada, gives it a downtown core steeped in heritage, and the challenge of reinventing itself as economies change over time. Currently, the economy is heavily based on the education and government sectors, including a military base and training centre (Royal Military College), a major university, and a large corrections centre.
Kingston’s apartment market is large and well established. In recent years, however, this large market has seen a lot of interest. Vacancies dropped sharply from 3.2% in 2007 to 1.3% in 2008, giving it the lowest vacancy rate in Ontario at the time.
One large apartment operator is building at a rapid pace, putting pressure on older properties, but vacancies keep heading downwards. With interest in the Kingston rental market so high, rents are rising in response. All of this activity has helped spur new construction.
While too far from Toronto or Ottawa to ever be seen as a bedroom community, Kingston’s transportation connections offer a bright future. Its proximity to Highway 401 and Highway 416 and the St. Lawrence River give it easy access to Toronto, Ottawa, Montreal and the U.S. market. Kingston’s potential as a gateway can not be overlooked. With its large market already heated, the centre is a good place to consider for future investment.
- Kingston will remain, for its size, one of the most stable rental markets in the province.
- On a risk-rated basis, Kingston is and will remain a good buy.
- Opportunities for student housing, either new construction or repurposing.
INTERESTED IN NEW APARTMENT CONSTRUCTION IN THIS REGION? FILL OUT THE FORM BELOW TO REQUEST THE RECENT TRANSACTIONS.
Global Director Buildings
Mansoor Kazerouni is an Architect with over 27 years of experience and a significant portfolio of projects completed or underway across Canada, the United States, the UAE, Jordan and India. These include high density high-rise residential buildings, hotels, office, retail, institutional, and complex urban mixed-use developments. A number of these projects have been nominated for and received Urban Design and Architectural Design awards.
Mr. Kazerouni is the Global Director of Architecture at IBI Group, leading a team of over 1,400 Architects, designers and Engineers located in 60 offices worldwide.
Mr. Kazerouni has been a guest lecturer on the subject of architecture and mixed-use design at universities, conferences and various panels. He has also been interviewed on the subject by newspapers, architectural publications, television and other media.
Mr. Kazerouni's abilities and expertise in his field have been recognized by his appointment to the City of Mississauga's Urban Design Advisory Panel, the City of Markham’s Urban Design Advisory Panel and the City of Vaughan's Urban Design Advisory Panel. He is also a past Advisory Board Member of the Urban Land Institute, a member of the Ontario Association of Architects, the Alberta Association of Architects, the Nova Scotia Association of Architects, the Architects Licensing Board of Newfoundland and Labrador, and a member of the Royal Architectural Institute of Canada. He has testified as an expert witness at the Ontario Municipal Board and at Arbitration Hearings related to development sites.
Darryl McCullough CCIM SEC
Broker - Royal LePage Lakes of Muskoka Realty Inc., Brokerage
President - Crescent Equity Management Inc.
Since 1972, I have been given the opportunity to interact with seasoned partners and clients in structuring and organizing both simple and complex real estate transactions involving acquisition, disposition, finance, and consulting in Canada and throughout the United States. It has trained me to bring a unique, personal client-centered approach to each assignment, from simple to complex transactions and the diverse clientele who own them.
In 1984 I received the Certified Commercial Investment Member, CCIM, designation (www.ccim.com); an internationally recognized identity confirming amortized knowledge in the disciplines of investment, development etc.
Another prominent membership I thankfully am able to continue holding is with the U.S. based Society of Exchanges Counselors (www.secounselors.com). This organization shares my belief in pursuing and demonstrating problem solving techniques in the real estate industry based on proven principles of integrity, professionalism, and accountability. Through this organization I continue to dedicate myself to what is true in the discipline of real estate problem solving.
Technology coupled with a learned research and analytical skill set now allows me to carry out these functions with selected projects from my adopted Muskoka home.
I continue to maintain an ever changing “student” learning status not only related to the physical asset, but equal or more importantly, drawing out corporate/personal situations and objectives and then knitting together ultimate benefit packages based on creative solutions via time honoured formulas.