I’m starting to get calls from buyers and sellers in the Peterborough area and have been in discussions with some exciting listings to come – stay tuned. But for now, the big question on everyone’s mind – where will home and cottage prices go this year? It’s a tough question, and no one knows for sure. Here are my a few of my thoughts:
Home Price Growth in Peterborough
Most Realtors are describing the current market as a ‘balanced market’ , a big change from the over-heated ‘sellers market’ we saw in the past few years. This means there are ‘balanced’ numbers of both sellers and buyers which in general terms may be the case, but looking into the numbers, we see different trends and its really important that your Realtor® understands these trends. Peterborough is experiencing a growth trend as many people turned East from the GTA during COVID. Affordable home prices continue to be attracting first time buyers and people down-sizing alike. Quality of life, easy GTA access, green space and recreational activities support the move to Peterborough and the Kawartha’s. The extension of Highway 407 to the 115 ignited this trend and it continues. You’d be surprised how important some buyers rank having a Costco here in Peterborough! This is causing strong interest in homes below $750,000.
Stable Interest Prices
Interest Rates have stabilized in the 5% range and while that was a big change from the 2% rates of the past, the truth is that historically speaking, 5% is a decent rate. I can still recall buying my first home at 17% interest! While it’s hard for me to believe now, it was a strong incentive to teach me the significance of interest and paying down mortgage debt. I took an interest in interest…Stabilized rates have lead buyers back into the Peterborough market as they choose ownership over renting.
Rental Markets in Peterborough
Speaking of renting, Premier Ford’s Fast Housing changes has opened up the door for rental income on residential properties. Many first home buyers are considering renting a room or apartment in their homes to augment mortgage payments. Air BnB has made this easier than ever and Peterborough, having both Trent University and Fleming College continues to experience a lot of demand.
Downsizing Help
The trend to Downsizing is very real in Peterborough as our senior population seek different living arrangements. Many of our North End homes were built in the 60’s and with original buyers now turning over,. opportunity exists for smaller homes are nice, private lots. Over the past year, I’ve had the pleasure of working with seniors looking to downsize. My team have responded with a full suite of services – from helping to declutter, pack up, stage and help move. Loads to Vinnies, the recycling centre and more….It’s a true passion and our clients testimonials speak to this focus of my business.
Overall, I believe we’ll see a more stabilized market with historical growth rates. Gone are the days of double digit growth – for now. Many opportunities exist in the Peterborough market for those looking to buy and those seeking to sell. You can search available homes and cottages in Peterborough here.
I encourage you to call and a ‘Coffee with Ken’…Free Market Valuations and some good dialogue. No obligations …and good coffee. You can text or phone me at 705.933.9191 or email me at ken@kenpipher.ca.
* Please note – this message is not intended to solicit those under contract but to assure anyone thinking of buying or selling to reach out.
