“There’s something for everyone” is a phrase many people like to throw around. However, when it comes to variety in the Peterborough housing market, it really does apply! This city is one place that has it all: affordable living, a diverse housing market with a perfect blend of old and new, and a vibrant lifestyle with all the excitement and conveniences anyone could ever need. It’s easy to see why Peterborough is one of the top choices for those relocating from the GTA and other provinces. What kind of houses will you find sprinkled throughout the various neighbourhoods? In this post, we’ll give you the grand tour of the many exciting options Peterborough has to offer.
An Ode to History
Dreaming of a heritage home where you can feel connected to the past while enjoying the best of modern life? Peterborough has a rich and fascinating history, one that you’ll see reflected in the many designated historical buildings throughout the city. This includes numerous residential homes in various architectural styles, including:
Queen Anne: A classic 2.5-story brick home style that was popular in the early 1900s. Nearly always asymmetrical, the massive porches and stunning stained glass windows make them a sight to behold!
Victorian: Victorian styles are famous for their decorative brickwork, deluxe bay windows, and high-pitched roofs. They are also generally large and stately. Imagine feeling as thought you’re walking into your own castle every time you come home!
Colonial: A Colonial home is characterized by its symmetrical and grand appearance from the outside, with a large, majestic staircase in the interior. They are always at least two storeys and often feature high ceilings, intricate crown moulding, and large, central fireplaces.
Why should you make Peterborough your next home? Here are just a few things you have to look forward to:
- Is Peterborough Dog Friendly?
- What Are the Top Reasons to Pack Your Bags to Live in Peterborough?
- 5 Fun Things To Do In The City Of Peterborough Right Now
Who Should Buy a Heritage Home?
Century homes tend to be large and spacious, making them top choices for affluent buyers and wealthier families. Though old, they tend to be well-maintained and beautifully landscaped.
The advantages of a heritage home are beautiful, unique designs, larger-than-average lot sizes, and plenty of living space. The disadvantage is that they can be less energy efficient and need more maintenance as time goes on. If you have enough equity behind you and enjoy a high income, one of Peterborough’s majestic century-old homes can be the perfect place to put down roots!
The Best of Modern Life
Do you prefer modern styles and custom designs? Peterborough is a city undergoing constant development and revitalization, and you will love exploring a few of the modern wonders you’ll discover in the various neighbourhoods.
A world of energy-efficient and creatively designed homes awaits you, from bright, spacious condos to large custom builds that have recently finished construction.
The Joys and Trials of Pre-Construction
If you’re a first-time buyer or planning to downsize a few years from now, perhaps one of Peterborough’s exciting upcoming developments is right for you. However, buying pre-construction is not without some challenges, and one of the biggest obstacles is the wait time. The schedule is often tentative and delays can happen, which means you may be in for a long wait until you can move into your brand new home.
Another less talked about disadvantage is that the landscaping is often more barren than in a well-established neighbourhood where you find plenty of mature trees and foliage. Nevertheless, if time is not a deciding factor, buying into pre-construction can be one of the best investments you ever make.
Picture this: You’ve just received the call you’ve been waiting for that your new home is finally ready. You turn the keys for the first time, filled with a sense of joy and satisfaction as you walk through each room. It’s hard to beat the thrill of owning a home that has never been touched. Everything is new and up-to-date, with no maintenance issues to worry about.
How Old Is the Average Home in Peterborough?
With such a vast and diverse housing market, this is a tough question to answer. As described above, you will find many historic homes that are well over 100 years old that have been lovingly and meticulously maintained. Plus, you’ve got those brand-new residences and upcoming developments. However, most of the housing stock in Peterborough falls somewhere in between. Here is a snapshot courtesy of the Canada Mortgage and Housing Corporation.
- Approximately 18% of Peterborough’s homes were constructed before 1946.
- 16% were built between 1946 and 1960.
- 28% are from 1961 to 1980.
- 23% of homes were constructed between 1981 and 2000.
- 13% were built from 2001 to 2016.
Are you planning to sell your Peterborough home? The resources below will help you hit the ground running:
- What a Concierge Realtor® Can Do to Sell Your Home
- A Guide to Peterborough’s Luxury Housing Market
- Need to Sell Your House in Peterborough? Here’s What Buyers Are Looking For
How Will You Decide?
Affordability may be your primary deciding factor when it comes to buying your dream house in Peterborough. However, remember that there is more to this topic than meets the eye. For example, an older home may be less expensive, but is it really a better deal? If it just needs a fresh paint job and a few minor touches, it could be the perfect opportunity to get into the market, especially for a first-time buyer.
On the other hand, a house with a crumbling foundation might cost more to repair than if you purchase a newer home to begin with. Fortunately, this is not a decision you must make alone. Your local real estate expert can help you navigate a fast-changing market to find an ideal home that fits your budget and feels just right for you. Whether you’re drawn to the style and convenience of modern life or have fallen head over heels for the charm of a historic home, one thing is clear–Peterborough welcomes you with open arms!
Are you ready to begin your home search? We are happy to guide you through the many options you’ll find in Peterborough. Reach out today to 705-243-9797 or team@jeffandkatie.ca with any questions you have or to get started.
