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If you are looking to invest into a city that is home to both great tourism potential and a favoured city for Canadian retirees, Peterborough may be the place for you.
Located between Toronto and Ottawa, Peterborough is a modest city with an estimated population of over 84,000 people, and a total of roughly 128,000 people if you include the sounding towns that make up Peterborough County.
However, what truly makes Peterborough real estate valuable is its thriving tourism sector both within the city and in surrounding regions as people pass through to the Kawartha Lakes.
So, if you would like to learn more about how this city maintains such a strong amount of potential for real estate investors, let’s dive in together.
But first, if you would like to learn how to properly invest and finance Peterborough real estate, click the link below to book a free strategy call with our team at LendCity.
The Electric City
Peterborough is a city rich with a history of innovations so vast that many of the major developments in the region have become standard parts of our modern society. Notably, innovations in hydro-electrical power and the early adoption of the electric streetlamp earned Peterborough the nickname ‘The Electric City’ as people marveled at the forward thinking that dominated the early days of this city.
Much of that innovative and forward-thinking spirit lives on today as manufacturing and technology remain one of the primary driving forces in the city’s economy.
Tourism in Peterborough Real Estate
One of the reasons that it is great to invest in both short and long-term real estate in Peterborough is the city’s history of strong tourism industry that attracts both long-term residents who want to live somewhere entertaining and fun, and travelers who wish to take part in the excitement.
One of the main year-round tourism draws in Peterborough is the variety of local attractions the fill and enrich the city. These include a variety of museums, heritage and cultural exhibitions, theatres, and art galleries.
There are also many unique experiences offered for people to explore in the region including the Farm to Forest Getaway, and Paddle Carving at the Canadian Canoe Museum. These and many more tourism experiences offered in the city are meant to offer a relaxing, rustic, old-fashioned experience that you cannot typically find in other major tourist markets.
The city is also home to a variety of events that draw crowds such as Peterborough Folk Festival or Peterborough Music Fest – two local music festivals that offer plenty of entertainment that attracts thousands into the region who will need a place to stay during their stay.
Education in Peterborough Real Estate
For students looking for a place to live and study, Peterborough is a great option to consider. With four major post-secondary institutions and a variety of career colleges in the city, there are options for all kinds of people looking to further their education. The schools in the region include Trent University, Fleming College, Kawartha Lakes Bible College, Master’s College, and Seminary, and more.
Discover How To Buy Unlimited Rental Properties With This Step By Step Guide
Affordable Family and Retirement Real Estate
Many of the residents who populate Peterborough are one of two types of people, families looking for an affordable place to live, or retirees who want a quiet location to spend their retirement years. Fortunately for both of them, Peterborough provides the ideal location and market conditions for both of those groups.
While the current estimated price to buy a home in Peterborough is approximately $700,000 at the time of writing this article, there are plenty of excellent properties that sit well below that average that do not require a ton of work to make move-in ready. However, for those looking to provide a luxury rental experience, there are higher-end homes on the market that you can also consider.
The current average rent in Peterborough is approximately $1600 per month and the rental market is tightening. Compared to last year alone, rents in the city are 13 per cent higher and well outpacing the rate of inflation currently facing Canadians. So, that means that rentals in Peterborough will usually remain a strong investment and contribute to long-term success for opportunistic investors.
However, it is important to note that over the last few years, Peterborough has experience large amounts of growth and as a result rental rates and housing prices are trending higher than they used to. Fortunately – at the time of writing this article – the market is currently slowing down across the province so there is currently time to dive into the market before prices climb back up.
The Employment Market is Strong
Currently the average unemployment rate in Canada is 5.2 per cent and the provincial average in Ontario is 5.2 per cent. However, the current estimated unemployment rate in Peterborough is only 4.8 per cent – lower than both average rates. This shows that the job market in Peterborough is generally more stable and reliable than that in other parts of the country.
In addition to that the average household income in the city is approximately, $81,000 before taxes while the provincial average is currently estimated to be $80,000 before taxes. (However, the median household income for the province does hold higher than the median for Peterborough residents.)
Peterborough Real Estate – An Electric Tourism Hotspot
The Electric City is alive and growing with plenty of life and culture around the city constantly flowing in order to make the city a great place to live for residents of all ages.
However, if you plan on making this city home to your next real estate investments, you need to secure the best available financing in order to keep your investments on track and moving forward. That is why at LendCity we try our best to match you with the best available products from the best available lenders for each and every one of your investment properties.
To get started today, visit us online at LendCity.ca or give us a call at 519-960-0370.
Peterborough Real Estate Professionals
Here is a list of trusted professionals that service the Peterborough real estate market.
Mortgage Brokers
LendCity Mortgages
If you would like to learn how to properly finance you Peterborough real estate investments, click the link below to book a free strategy call with our team at LendCity.