Last year proved to be an important year for real estate in Peterborough, Ontario. It was the re-set year as I like to call it – gone are the days of crazy multiple bid offers and homes selling in hours. We returned to a ‘normal’ market and that’s a good thing. Certainly, those that were thinking of selling but weren’t ready lament over ‘lost value’, but if they are also buying, it’s a wash. It’s never a good thing when a market is in a hyper state of inflation – buyers end up paying too much, or are unable to properly assess the product they are purchasing. Peterborough saw record home prices the past few years and as markets have settled back, we now present great value, especially to those looking to move from the Toronto and Durham areas. I’ve assembled a few simple tips to help those considering buying or selling a home in Peterborough in 2024.
Peterborough Home Buying Tip Number 1 – Where in Peterborough should I buy a house?
LOCATION. LOCATION. LOCATION. Peterborough is typically divided into four geographic sectors based on compass headings – North, South, East and West. There are sub-areas within – example ‘The Old West End’ (I own a century home in this area), or ‘The Teachers College Area’ (where I grew up). Each area has its own distinct set of attributes that will appeal to different buyers. Within these areas, there are neighbourhoods and streets that are better than others. As a local resident, born and raised in Peterborough, I’m familiar with these areas. As example, some streets see a lot of extra traffic as people use them for ‘short cuts’. Other areas have great schools, while others attract investors seeking to rent homes. Be very careful when purchasing a home in Peterborough – as a local Realtor, I can help steer you search. It’s invaluable experience gained from years of calling Peterborough my home town.
Peterborough Home Buying Tip Number 2 – Is it possible to buy a house in Peterborough and rent a room or basement?
The recent Build Faster Housing Act (Bill 23) was introduced by the Ford government to try and alleviate the housing crisis. This bill addresses many issues related to construction of homes and red tape but it also has opened up opportunities for rental housing. Basically, up to three units can be constructed on a single residential lot. Of course, there is lots of ‘fine print’ but a unit may be ‘tiny house’ on the same lot, or a ‘legal secondary suite’ in the basement. The key is that you’ll still need permits and meet the building code requirements – Peterborough has created a booklet to help homeowners get started. The challenge is that if this income generating ‘apartment’ isn’t done to code and someone complains, the home owner will be notified to stop immediately and they’re facing potential fines and tenant relocation expenses. Peterborough has an extremely low vacancy rate for apartments, partially due to students attending Trent University and Fleming College. While building a basement apartment may present an income opportunity, you’ll need to purchase a property very carefully as properties may not meet certain criteria such as parking or ceiling height requirements. As Past President of the Peterborough Landlords Association, I’ve heard countless stories of ‘rentals gone bad’. As an owner of several rental properties, I’ve also experienced great success. If you’re thinking of buying a home in Peterborough and want to consider rental income, I’d be happy to help you find the right house in Peterborough.
Peterborough House Buying Tip Number 3 – Will House prices drop in Peterborough this year?
It’s a good question but of course, no one has a crystal ball and therefore the answer. As a Peterborough Realtor, I can share that we are continuing to see increased interest in the region as people from the GTA look to the quality of life and affordability that the Peterborough area offers. As a region in Ontario, Peterborough is situated for growth. Our municipality and its countless studies attests to this as we scramble to extend infrastructure to meet growing construction demands. I can also share that as I show prospective home buyers the area, they are amazed at all that Peterborough has to offer! As I skated on New Years Eve at the new downtown, outdoor, refrigerated skating rink, I couldn’t believe it. We have arrived! Now add in the amazing hiking, cycling and walking trails PLUS boating and paddling opportunities, and its easy to see why Peterborough is attracting home buying interest from young and old alike, who value fitness and the outdoors! Many of my clients knew Peterborough through cottaging in the area or going to Trent and they are excited about moving back here. This is a sure sign of continued demand for the years ahead.
Interest rates certainly helped slow the markets but with talk of rates beginning to drop again, we may see further interest. Fact is that even at 5% – 6% mortgages, Peterborough represents great value for buying a home.
If you’d like to buy a home in Peterborough, feel free to call or text me at 705.933.9191. I’d be thrilled to put my local Peterborough experience and home buying expertise to work for you. Your Peterborough Realtor who cares.
*Not intended to solicit those under contract.