Is Kingston, Ontario Still Worth It for Real Estate Investors?
A ground-level view on cost of living, buying power, and whether it makes sense anymore
Let me be straight with you: I’m having a hard time making the numbers work in Ontario right now. And I’m not sure anyone is being honest enough about it.
I work in real estate. I’ve seen how things get built, priced, and sold. So when I look at the cost of living in Kingston - and Ontario broadly - and then compare it to what you’re actually getting for your money, something doesn’t add up.
This isn’t doom and gloom. It’s just an honest look at what the market is actually doing and what it means if you’re thinking about buying investment property here.
The Cost of Living Reality Check
Kingston used to be one of those “hidden gem” cities. Smaller than Toronto, cheaper than Ottawa, decent rental market because of Queen’s University and RMC. That story made sense five years ago.
Today? Not so much.
Groceries, utilities, insurance, property taxes - all of it has climbed. The average person renting in Kingston is paying serious money for what is, honestly, a mid-sized city with limited job market diversity. That gap between what people earn and what life costs is getting harder to ignore.
The mistake I see people make: they compare Kingston to Toronto and think “oh, this is affordable.” That’s the wrong comparison. You should be comparing it to what you’d get for the same dollar in other provinces - or other countries entirely.
What This Means for Investment Property
Here’s the core problem with buying investment property in Kingston right now: the math on cash flow is brutal.
You’re looking at $550K–$700K for a decent duplex or small multi-unit. At current mortgage rates, your carrying costs alone - before maintenance, vacancy, or property management - are going to eat most of what you collect in rent. You’re not cash-flowing. You’re hoping for appreciation. And appreciation without cash flow is just speculation with extra paperwork.
A few things that make this worse:
• Ontario’s rent control and landlord-tenant legislation makes it harder to adjust rents or move problem tenants
• Property taxes in Kingston are not low — they’ve been creeping up steadily
• Maintenance costs are real, especially in older housing stock
• Insurance rates have jumped significantly in the last two years
Put all that together and you’re left asking: what exactly am I getting for this level of financial commitment?
The Honest Comparison Nobody Wants to Have
Here’s where I’ll say something that might be uncomfortable: when I look at property markets in comparable mid-sized cities in the U.S., parts of Europe, or even other provinces like New Brunswick or Manitoba - the value proposition in Kingston starts looking pretty weak.
In some U.S. cities you can buy a solid rental property for $150K–$200K that cash-flows from day one. The regulatory environment is often cleaner for landlords. The cost of living for your tenants is lower, so you have a broader pool of renters.
I’m not saying pack up and leave. I’m saying: if you’re going to deploy serious capital, you should at least be honest about what other options exist. Loyalty to a geography isn’t an investment strategy.
Worth asking yourself: Are you buying in Kingston because the numbers work - or because it’s familiar?
So Is There Any Case For Kingston?
Yes, but it’s narrower than people think.
• Student housing near Queen’s or RMC - consistent demand, higher rent-per-room potential if you rent by the room
• Short-term rentals - tourism and government traffic can support Airbnb-style income in the right location, though regulations are tightening
• Long-term appreciation play - if you have patience and don’t need cash flow, Kingston is a stable city. It’s not going anywhere.
• Live-in investments - buying a duplex, living in one unit, and renting the other still pencils out better than a pure investment purchase
The key word there is narrower. You really have to know what you’re doing and why. Generic “buy real estate, it always goes up” thinking doesn’t hold up here anymore.
The Bottom Line
Ontario - and Kingston specifically - has become expensive enough that the easy investment thesis no longer applies. Cost of living is high, cash flow is tough, and the regulatory environment adds friction. That doesn’t mean you can’t make money here. It means you need to go in clear-eyed, run the real numbers, and be honest about whether the opportunity cost makes sense compared to other markets. If you’re evaluating a property in Kingston right now and the math only works if everything goes perfectly - that’s your answer.
Have questions about a specific property or market? Feel free to reach out - I’d rather have an honest conversation than watch someone make a $600K mistake.
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