What to Expect From the Peterborough Real Estate Market in 2022

If you’re thinking of buying, selling, or even renting a new place in Peterborough, you may be thinking about timing. When should you make a move? We’re nearly a month into 2022, which means it’s possible to make some educated real estate predictions.

If you’re wondering what the year ahead looks like for Peterborough’s real estate market, here are a few things to consider…

Buying in 2022

Are you thinking of purchasing property in Peterborough in the near future? You’re not alone. The December numbers are in, and they reveal just how hot the market was when the year wrapped up. Annual sales were up by 15.8 per cent (as compared to 2021), and the average price for the month was $778,957 (an all-time record December). There weren’t enough listings to meet demand, either.

While we don’t have the January figures yet, it’s safe to say that Peterborough properties are still in high demand. Getting into the market may have its challenges, but buyers who are able to do so will likely reap significant rewards.

First off, homes in the region are making for great investments. As home prices in the GTA continue to rise, many buyers are moving further from the area—and discovering the incredible lifestyle that cities like Peterborough have to offer. To a certain extent, the pandemic has accelerated this trend, as many purchasers are opting for more personal space and a yard instead of limited square footage in the concrete jungle. That’s good news if you’re buying today—and selling tomorrow.

If you’re looking for a more affordable way to buy, why not consider purchasing a single-family home and converting part of it into a secondary suite? Doing so could greatly reduce your monthly mortgage—or even eliminate it. Peterborough is blessed with an abundance of these properties, and a real estate professional who knows the lay of the land can help you find the one that’s ideal for you.

While we’re on the subject, there are countless benefits of being a landlord. From passive monthly income to greater long-term financial security to a more diverse investment portfolio, you can start enjoying the advantages by looking for the right Peterborough property today.

Wondering about buying a place to rent out as a vacation rental? Places in cottage country are hot commodities right now. While buyers have been flocking to these properties in Peterborough and The Kawarthas for years now, the pandemic has a whole new group of would-be buyers taking the plunge. They’re enjoying the peace and serenity that comes with cottage life—and renting out their new spaces at a premium. We fully expect this trend to continue through 2022. Do you want to start looking for your own piece of paradise?

Thinking of making the move to Peterborough? Here are a few recent resources to read while you’re considering it.

Thinking of selling?

Needless to say, if you’re planning on selling your home in 2022, you’re in a very good position. Those record-breaking sale prices we were talking about earlier could bode very well for you. To put it in perspective, the average local home price for 2021 was 29.3 per cent higher than it was in 2020.

While we can’t tell you exactly what’s going to happen in the next year (if the ongoing pandemic has taught us anything, it’s to be prepared for anything), we can tell you that all signs point to more of the same.

So, how do you make the most of fantastic seller’s market conditions? To begin with, be aware that you may face some competition. There are bound to be many sellers who are ready to cash in and secure an impressive return, so you’ll have to get serious about your home sale.

Make sure all your ducks are in a row. Get any paperwork pertaining to major repairs, warranties, permits, and zoning (if applicable) ready to go. Stay on top of the market, and (when the time is right) talk to a local real estate agent with a stellar track record. A true professional should have no problem answering your questions about selling during a complimentary consultation.

Thinking about selling in the not-too-distant future? Discover our team’s selling services right here.

A note about renting

Are you a prospective renter or landlord? As Peterborough becomes an even more desirable place to live, rents are on the rise. Whether you’re looking for your first apartment or you’re ready to downsize into a rental that meets your needs, you’ll be impacted by this increase.

The good news? The market is still more affordable than what you’ll find in cities like Toronto. The key is persistence. Keep an eye out for value, and get the word out that you’re looking (social media can be very effective in that regard).

Whether you’re planning to buy, sell, or rent in Peterborough, understanding what the year likely has in store can help. The first step is talking to a team who understands the local market—and its many nuances. We’d be happy to help. Get in touch to ask us about local real estate today.