Townhouses and condos and detached homes, oh my! The Peterborough real estate market has a breathtaking array of housing options that are far more accessible than what you’ll find in the GTA. That one fact alone helps to explain the exodus of people from the Toronto area and discovering the joy of Peterborough living. And why not? For what a small condo costs in the big city, you could enjoy a spacious home with your family. In this article, we’ll take a look at the current real estate landscape in Peterborough and what you might be able to expect when searching for a place to put down roots.
Types of Residences
Are you dreaming of condo life, with the freedom to leave home and travel whenever the bug bites? You’ll find a wide mix of older but well-maintained buildings and modern units to suit your lifestyle. Or perhaps you’re dreaming of a beautiful heritage home that combines historic charm with modern-day luxury? Like Toronto, you’ll find architectural beauties in the Georgian, Regency, and Queen Anne styles. But unlike Toronto, these luxury residences are far more affordable. Or do you prefer the open-concept layouts, high vaulted ceilings, and unique designs of a modern home? These are just a few options open to you. You’ll also find everything in between, from old houses that have been completely remodelled to newer residences with every convenience you could ask for.
The diverse real estate landscape almost guarantees you can find a house with all the features you’ve been dreaming of. All you have to do is know what you’re looking for and be ready to act when the opportunity arises. A local real estate agent can help by providing you access to early listings and scouring the market on your behalf!
Why consider Peterborough when relocating? Just take a look at how it compares with other Ontario cities!
- Peterborough vs. Other Small Cities in Ontario
- Living In Toronto Vs Peterborough: What’s Better?
- 6 Peterborough County Towns You Have to Know About
Peterborough in the Works
Are you flexible about your moving date? Peterborough has multiple pre-construction projects currently in the works. Perhaps one of these brand-new homes has your name written all over it!
Buying pre-construction is ideal for students living at home or those looking to downsize within a few years. Or, it could be for you if you’ve always dreamed of being the first to walk through the finished halls of your home. Flexibility is critical because delays can happen, and your possession date can change several times. However, the benefits of pre-construction are many for the right person:
- You can secure your home at the current price. If values increase by the time you take possession, your equity will grow. Alternatively, you could temporarily lose equity if prices fall, but that is almost unheard of in the long term.
- There are no bidding wars to worry about during competitive markets. The prices are set, with units selling on a first-come, first-served basis.
- You can spread your down payment out over time. Typically, you need 5% immediately to secure your purchase, but the rest may not be due for as many as 180 days.
- Pre-construction is an excellent investment! The value of your contract will likely increase before your possession date. In this case, you could sell your unit at a profit before the building is even complete. However, assignment sales can be complex, and the guidance of a professional real estate agent is critical.
- You’ll have a brand new, never touched home that’s bright, spacious, and full of the latest technology. What could be better?
The Vast Potential of Peterborough Real Estate
At the time of this writing, the average selling price for a house in Peterborough stands at $646,254. Even though that is down from the pandemic high in 2022, it still represents significant long-term growth. And, of course, it’s about half the price of a similar home in Toronto!
Now let’s look back at 2018. At that time, you would have paid an average of $424,148 to buy a house. Five years later, you would have made more than $200,000 on your investment.
What if you bought a house ten years ago? In 2013, you could have purchased a property for $244,270, nearly tripling your investment over the years.
Even now, the real estate market is rebounding after a lull in mid-2022. Sellers seem to have adjusted their pricing expectations, leading to a surge in sales activity over the past few months. When it comes to investing, nothing is ever guaranteed. However, you can almost always count on real estate values to rise over the long term. As more people relocate to Peterborough, the demand for housing will increase even more, likely leading to higher prices for the coming year.
Looking for your next great investment opportunity? Peterborough is a great place to start your search! Here are a few resources to help you:
- How to Spot the Perfect Real Estate Investment
- Should You Own Multiple Income Properties in Peterborough?
- What to Know Before Buying Vacant Land in Ontario
- Are Eco-Friendly Homes a Smart Investment in Peterborough?
It’s Not All About the Dollars and Cents
Everyone who buys a house does so with the hopes that it will increase in monetary value. In an up-and-coming city like Peterborough, your chances of that happening are good! However, it isn’t all about the money. This is your home we’re talking about! And Peterborough does not disappoint. Here, you’ll find a healthy career market and some of the best post-secondary education facilities in the province, including Trent University. And when you’re not working, plenty of exciting activities, shopping, and dining await you. And then there are the endless green spaces where you can relax as you explore the beauty of nature! With all of these amenities, Peterborough is quickly becoming known as a fantastic place to work, study, retire, or raise a family.
Do you want to talk more about the incredible lifestyle your family can enjoy in Peterborough? We have lived and worked here since 2018, and we can’t get enough of it. Reach out today at team@jeffandkatie.ca or call 705-243-9797 for more information.
