Depends on who you ask:
http://www.thestar.com/Business/article/415769
http://www.baytoday.ca/content/news/details.asp?c=25274
The Kingston Area Real Estate Association posts our own take on local statistics - http://creastats.crea.ca/king/.
My take - big price adjustments are happening in Kingston this spring. We're seeing an awful lot of new listings, some sales, and a fair amount of price changes. This trend is likely to continue for the spring and balance out for the rest of the year as sellers and Realtors realize that prices are not going to be increasing this year as they have in the past.
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