“You can buy older homes in Peterborough for under $250,000 and the newer homes for around $350,000,” said Neil Oliver, managing partner at Clover Properties. “But as soon as the 407 goes out there, you will see a $50,000 to $80,000 jump in prices, just like that.”
Construction on the 407 extension is currently underway and will continue until 2020. Its first phase, due to be completed in late 2015, covers Brock Road in Pickering to Harmony Road in Oshawa. The second, to be completed by 2017, will link Harmony Road to Taunton Road/Highway 418. And by 2020, the remainder of Highway 407 and Highway 418 will be completed.
“By 2017/2018, it will go all the way out to the 115 (highway), which is the Peterborough line,” added Oliver. “It will dissect with the Lindsay area. The ability to get in and out of Lindsay will be much better.
That is currently more than a 1.5 hour drive from Toronto, but that expanded commuter corridor will improve immensely, cutting right across the 407 and missing all that traffic.
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With the expansion of Highway 407, from the Durham Region out to the Kawarthas, some historically subdued property markets are set to see a revival, according to experts.