Strong development fuels this Ontario hotspot

A boost to downtown development, investment in post-secondary schools and the Bank of Canada's interest rate cut is fueling this Ontario investment hotspot, according to new figures.

In January 2015, Peterborough, Ont. experienced its best month since 2007, with a 14 per cent increase in real estate sales compared to the same month last year.

“People have a lot of confidence in Peterborough right now and with the interest rate cut from the Bank of Canada, it’s really sparked sales here,” said Dominic Cole, a real estate broker with Re/Max and president of the Peterborough and Kawartha Association of Realtors.
“Last year was tougher due to the weather, but we still finished pretty strong and we expect the same this year.”
With business development bolstering the labour market and the average price of a home set at approximately $272,000, Peterborough and the Kawartha region are seeing strong interest and activity from Toronto investors, as well as foreign investors who find it to be a beautiful place to live, added Cole.
What’s more, with Fleming College and Trent University accruing more students with a series of on-going developments, heightened interest in the area has consumers looking to take advantage of low interest rates and affordable homes.
“It proves that people are noticing that Peterborough is a place to be and with the 407 extension about to be complete along with the railway, access to Toronto is merely an hour away,” said Cole.
Cole added that he expects 2015 to be another marquee year for Peterborough as development continues and the job market flourishes, so investors would do well to start paying attention to the area.

For the latest data on Peterborough's median house prices, monthly growth and stock on the market, visit the CREW website to access the Investment Hotspot tool.

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