10.5.22 | Peterborough

Will the Peterborough Real Estate Market Ever Get Back to Normal?

Fall has arrived in Peterborough. It’s hard to believe that another summer has flown by so quickly. It has been a hectic time for anyone watching the real estate market. In an average year, housing sales start slowly in the Winter until the busy Spring market hits. Then, as summer vacation kicks off, conditions slow down again and pick back up in the Fall. 

The only thing anyone can say about this year is that there has been nothing ordinary about it. In fact, you could say it has been the polar opposite of anything we’ve ever come to expect. 

Instead of starting off slow as expected, the Winter started with an uncharacteristic rush and houses sold at lightning speed. When Spring hit, the rush died off as the Bank of Canada implemented a series of interest rate hikes to try to bring inflation under control. From April to August, all we heard about was the slowing market and falling prices. There were hushed whispers that the bubble was about to burst, although “correction” would be a far more accurate description.

However, in the last month or two, there have been signs that the real estate market may be about to stabilize. Will the Fall of 2022 mark the return to normal?

What the Latest Peterborough Stats Tell Us

Housing prices have been falling since March but have always remained higher year over year until August, when we saw a slight 2.9% decline from 2021. However, there are still reasons to feel optimistic about what is happening.

When the market hit its peak earlier this year, very few people could afford to pay the record high prices for a home. Lower prices make homeownership more affordable for more people, which improves economic stability in the city.

The real estate market in Peterborough may have its ups and downs, but housing here will always be in high demand as people move to escape the high cost of living in the GTA.


There are so many great reasons to move to Peterborough! Here are just a few:


When is the Timing Right to Buy or Sell?

Speculation in the market is nothing new. A few very savvy investors made a fortune flipping houses when the prices soared. Now that the market is uncertain, it’s likely a mistake to try to time it one way or another. Experts can make predictions all day long based on current events and historical data. However, no one knows what will happen a month from now, never mind a year from now. Now that more companies are switching to a work-from-home model, the real estate scene may be forever changed.

That’s why it’s essential to make significant decisions like buying or selling a home for your own reasons, not on market predictions. If you’re ready to upsize to a larger home, downsize or buy your first home, it’s because it fits your lifestyle. Look at it this way. If prices skyrocket and the value of your house goes up by $50,000, you’ll feel ecstatic. However, when you go to buy, your new home is also going to cost more.

Those who are selling and buying are the least affected of all by any market fluctuations.


For some people, the time to buy or sell has never been better. Here are some other resources to help you:


The Advantages of a Balanced Market

The fierce seller’s market in Ontario reached its peak earlier this year, but conditions have favoured sellers for a long time. True balanced markets are rare, making this the perfect opportunity to make a move. 

Let’s say you want to sell your home to move up to a bigger house with an extra bedroom and more outdoor space. In March, you’d have been well advised to buy your house before daring to sell your current one. Otherwise, your closing date could come and go before you had the chance to secure a new home.

More available listings make moving easier and far less stressful for both buyers and sellers. Lower prices make it far easier to come up with a down payment on a home. If you can manage 20% upfront, you are not obligated to invest in mortgage insurance, which lowers your monthly payments even more. 

Thinking of selling your home? Our Seller’s Guide will help you achieve maximum results. Download it here for free.

Tips for Succeeding in the Current Market

Whether buying or selling, it’s critical to work with the market as it is, not as it once was or as you wish it were. At the beginning of the year, a seller could almost name their price, and bidding wars would ensue. Now, homeowners have to accept that their property isn’t valued at the same price as it was back in March. 

  • For sellers, trying to command those prices has been their biggest mistake. In a balanced market, buyers and sellers are evenly matched, with no clear advantage on either side.
  • As a buyer, you’ll be happy to know that you finally have some negotiating power. Sellers are often willing to make concessions, especially if their home has been on the market for some time. They’re accepting conditional offers, which would have been unthinkable a few months ago. However, you still have to be realistic about the value of the home and make a compelling offer.

These current conditions may return to the usual ebb and flow we’ve seen over the past few years. Or we may be entering uncharted territory. In any case, working with a local real estate expert will improve your chances of a successful move to your new home.

Should you consider making Peterborough your next home? We are happy to answer any questions you have about the area, whether it’s real estate related or about the incredible amenities Peterborough offers. 

Reach out today by email or call 705-775-2255.