Facebook
X
Pinterest
Copy Link
As the spring market continues to bloom across Ontario, Peterborough is proving to be one of the most dynamic and attractive real estate hubs outside the GTA. Known for its scenic charm, accessible urban amenities, and growing community, Peterborough has become a hotspot for both first-time buyers and seasoned homeowners looking for a change of pace. But before diving into this competitive market, there are a few key things every homebuyer should know in 2025.
1. The Market Is Competitive—but Manageable
While Peterborough’s real estate market remains competitive, it’s not as overwhelming as Toronto’s. Prices have seen modest increases year-over-year, with detached home values averaging in the mid-$600,000s and townhomes and condos hovering between $450,000 to $550,000. Inventory levels are balanced compared to recent years, giving buyers a little more breathing room.
That said, desirable properties—especially those under $700,000—are still selling quickly. If you’re entering the market this year, make sure you’re pre-approved and ready to act when the right property comes along.
2. Neighbourhood Choice Matters More Than Ever
Peterborough has a diverse mix of neighbourhoods, each with its own personality. Whether you’re looking for family-friendly suburbs, trendy downtown vibes, or quieter rural retreats on the outskirts, there’s something for everyone.
Here’s a quick breakdown:
-
North End: Great for families with access to schools, parks, and trails.
-
East City: Charming homes, walkability, and close proximity to downtown.
-
South End: Growing retail developments and newer subdivisions.
-
West End: A quieter, more residential area with larger lots and mature trees.
Proximity to amenities like schools, public transit, and future development zones (like the new housing initiatives near Trent University) can affect your long-term investment value.
3. Don’t Overlook the Hidden Costs
It’s easy to fall in love with a home based on listing photos and curb appeal—but remember, the purchase price is only part of the equation. Budgeting for closing costs is essential. These may include:
-
Land Transfer Tax (LTT)
-
Lawyer fees
-
Home inspection and appraisal fees
-
Property insurance
-
Adjustments (e.g., prepaid utilities or taxes)
On average, closing costs in Ontario run between 1.5% to 4% of the home’s purchase price. Planning ahead will ensure no surprises on closing day.
4. Older Homes Are Common—So Be Ready for Renos
Peterborough is full of beautiful century homes, but with character often comes needed maintenance. Buyers exploring older neighborhoods like the Avenues or East City should factor in renovation potential, such as:
-
Electrical upgrades
-
Roofing and insulation
-
Plumbing
-
Foundation work
-
Energy-efficiency improvements
Before waiving a home inspection, consider the long-term investment these properties require. A licensed inspector can uncover any hidden issues that may not be obvious during a showing.
5. Incentives and Support for First-Time Buyers Still Exist
First-time homebuyers in Peterborough (and across Ontario) can still benefit from various programs to ease their entry into the market. These include:
-
Land Transfer Tax Rebate: Up to $4,000 in Ontario for first-time buyers.
-
Home Buyers’ Plan (HBP): Withdraw up to $60,000 (as of 2024) from RRSPs to put toward a down payment.
-
First-Time Home Buyer Incentive: A shared equity program from the federal government to lower mortgage payments.
-
CMHC Mortgage Insurance: Allows buyers to purchase with as little as 5% down (though premiums apply).
Speak with your mortgage advisor or REALTOR® to explore what options may be available to help reduce upfront costs or monthly payments.
Knowledge Is Your Strongest Asset
Buying a home in Peterborough in 2025 doesn’t have to be overwhelming. With its balance of affordability, charm, and lifestyle perks, the city continues to attract buyers from across the province. The key to success is preparation: know your budget, research neighbourhoods, and partner with professionals who understand the local market.
Whether you’re looking to plant roots, grow your family, or invest in a thriving community, Peterborough is full of possibilities—and we’re here to help you make the most of them.
Need help navigating the market?
Our team at Sold by Shearers brings experience, local knowledge, and a personal touch to every step of your real estate journey. Let’s find your perfect Peterborough home—reach out today!
📧 admin@soldbyshearers.com
📍 Serving Peterborough, the Kawarthas & beyond
*Not intended to solicit clients currently under contract*
