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Spring Real Estate Market in Peterborough: How to Get Ahead
Spring is one of the busiest seasons for the real estate market in Peterborough, Ontario. As the snow melts and the weather warms up, both buyers and sellers become more active, making it a competitive time for anyone looking to make a move. If you’re thinking about buying or selling this spring, here’s what you need to know and how to stay ahead of the competition.
What to Expect in the Spring Market
The spring real estate market is known for increased listings, higher buyer demand, and quicker sales. Here’s what you can anticipate:
- More Inventory – Many sellers wait until spring to list their homes, meaning more options for buyers.
- Higher Demand – Warmer weather and better moving conditions attract more buyers into the market.
- Competitive Bidding – With increased demand, homes often receive multiple offers, driving up prices.
- Quicker Sales – Properties tend to sell faster, so buyers need to act quickly when they find the right home.
- Lower Interest Rates – Today, March 12th 2025, the Bank of Canada announced a 25-basis-point cut to its policy interest rate, bringing it down to 2.75%. This move aims to support economic growth amid escalating trade tensions with the United States. Lower interest rates may make borrowing more affordable for buyers, increasing market activity.
How to Get Ahead as a Buyer
- Get Pre-Approved for a Mortgage – In a competitive market, having pre-approval shows sellers that you’re serious and financially prepared.
- Work with a Local REALTOR® – A knowledgeable real estate agent can help you navigate the fast-paced market and give you access to new listings as soon as they hit the market.
- Be Ready to Act Fast – Homes sell quickly in spring, so when you find a property you love, don’t hesitate to make an offer.
- Know Your Budget – Set a realistic budget and stick to it. Bidding wars can be intense, so knowing your financial limits is key.
- Consider Off-Market Listings – Some homes sell before they even hit the market. Ask your REALTOR® about exclusive or coming-soon listings.
How to Get Ahead as a Seller
- List Early – Getting your home on the market before the peak of spring can give you an edge over the competition.
- Stage Your Home – A well-presented home sells faster. Declutter, deep clean, and add fresh flowers or a pop of colour to create a welcoming space.
- Price Strategically – Pricing your home competitively can generate more interest and potentially lead to multiple offers.
- Boost Curb Appeal – First impressions matter. Freshen up your landscaping, clean your driveway, and consider repainting your front door.
- Market Effectively – High-quality photos, virtual tours, and social media exposure can help attract more potential buyers.
The spring real estate market in Peterborough is fast-paced and competitive, but with the right strategy, buyers and sellers can position themselves for success. Whether you’re looking to buy your dream home or sell for top dollar, preparation and professional guidance are key. If you’re ready to make a move this spring and don’t already have a REALTOR®, reach out to us today at 705-743-4444 and one of our agents will help you navigate the market with confidence!
Real Estate Market Analysis for February 2025
The February 2025 real estate statistics for Peterborough, Ontario, show some significant shifts compared to the same time last year. With fewer sales, a lower average price, and more inventory available, the market dynamics are noticeably different from February 2024.
Key Market Highlights:
- Average Number of Sales: 56 (-36.4% year-over-year)
- Average Sale Price: $597,205 (-3.0% year-over-year)
- Active Listings: 161 (almost double last year’s 81)
- Average Days on Market: 32
Sales Slow Down, Inventory Rises
One of the most notable changes in the market is the sharp decline in the number of homes sold. In February 2024, there were 88 sales, whereas this year saw only 56—a 36.4% drop. This suggests that either buyer demand has weakened, or sellers are holding out longer to get the prices they want.
At the same time, inventory has nearly doubled. With 161 active listings compared to 81 last year, buyers have more options to choose from, which could be contributing to the longer average time on the market.
Prices Dip Amid Changing Market Conditions
The average sale price in Peterborough has also seen a slight decline, dropping by 3% from $615,937 in February 2024 to $597,205 this year. While this is not a dramatic decrease, it indicates a cooling market where sellers may need to adjust their expectations and pricing strategies.
What Does This Mean for Buyers and Sellers?
- For Buyers: With more listings available and fewer competing buyers, this could be an opportunity to negotiate better deals. However, with the average home still selling in about a month, desirable properties won’t stay on the market forever.
- For Sellers: Pricing competitively and ensuring your home stands out will be key in a market with rising inventory and fewer buyers making offers. Working with a knowledgeable real estate professional can help you navigate these changing conditions.
Looking Ahead
As we move into the spring market, it will be interesting to see if buyer activity picks up or if inventory continues to build. Mortgage rates, economic conditions, and consumer confidence will all play a role in shaping the real estate landscape in Peterborough for the months ahead.
If you’re thinking about buying or selling, reach out to discuss how these market changes may impact your plans. Staying informed is the best way to make confident real estate decisions! Looking for a reliable and knowledgeable REALTOR®? We always have an agent on duty to help. Call our office at 705-743-4444 and we will be happy to direct you to a REALTOR® to answer your questions.
*All data from CLAR/TRREB 2024 & InfoSparks®© 2023 MLS® Resale Residential. Information deemed reliable but is not guaranteed.
Highlighted below are some of the major areas we cover with our stats:
How Rising Interest Rates and a Recession Could Affect Homeowners in Canada
With new tariffs emposed by the US Government and a looming trade war, Canada’s economy is facing uncertainty. High interest rates and the possibility of a recession seem to be on the horizon. For homeowners, this combination can create financial challenges and impact the real estate market in significant ways. Whether you currently own a home or are considering buying, understanding how these economic factors interact can help you make informed decisions.
The Link Between Interest Rates and the Housing Market
Interest rates play a crucial role in the real estate market. When the Bank of Canada raises rates, borrowing becomes more expensive. This affects mortgage rates, which in turn influence home prices and buyer demand. Here’s how rising interest rates can impact homeowners:
- Higher Mortgage Payments: If you have a variable-rate mortgage, you’ve likely already seen your monthly payments increase over the past 2 years. Fixed-rate mortgage holders may also face significantly higher payments when their term is up for renewal.
- Decreased Home Affordability: Higher rates mean buyers qualify for smaller mortgages, reducing their purchasing power and leading to weaker demand in the housing market.
- Slower Home Price Growth (or Declines): As fewer buyers can afford to enter the market, home prices may stagnate or decline in some areas, particularly in overheated markets.
What Happens If Canada Enters a Recession?
A recession occurs when economic activity contracts for an extended period. It often leads to job losses, lower consumer spending, and declining business investment. If Canada enters a recession, homeowners could face additional pressures:
- Risk of Job Loss: A weaker economy could lead to layoffs, making it harder for some homeowners to keep up with mortgage payments.
- Declining Home Values: In past recessions, Canadian real estate markets have been resilient, but certain regions may see price corrections depending on local economic conditions.
- Tighter Lending Standards: Banks may become more cautious about approving new mortgages or refinancing applications, making it harder to access home equity.
How Homeowners Can Protect Themselves
If you’re a homeowner, there are steps you can take to prepare for rising rates and a potential recession:
- Review Your Mortgage: If your mortgage is coming up for renewal, explore your options early. Locking in a fixed rate might provide stability if rates are to rise.
- Build an Emergency Fund: Having a financial cushion can help cover unexpected expenses or temporary job loss.
- Cut Unnecessary Expenses: Reducing discretionary spending now can help you stay ahead of financial challenges.
- Consider Additional Income Sources: A side hustle or rental income can provide extra financial security during uncertain times.
- Seek Professional Advice: A mortgage broker or financial advisor can help you navigate the changing economic landscape and find the best strategies for your situation.
While rising interest rates and a possible recession bring challenges, Canadian homeowners can take proactive steps to protect themselves. By staying informed, managing debt wisely, and preparing for potential financial shifts, you can navigate these uncertain times with confidence.
If you have questions about the current real estate market or how to make smart housing decisions in today’s economy, reach out to a trusted real estate professional for guidance. Don’t have an agent yet? Call us at 705-743-4444 — we always have an agent on duty!
Spring Cleaning: Declutter Your Home for a Fresh Start
As the days grow longer and the weather begins to warm up, spring offers the perfect opportunity to refresh your home. Decluttering is a great way to welcome the new season, creating a more organized and inviting space. Here are some practical tips to help you declutter efficiently and effectively.
1. Start with a Plan
Before diving in, take a few moments to assess each room. Identify areas that need the most attention and create a checklist. This will keep you focused and prevent the process from feeling overwhelming.
2. Follow the “One-Year Rule”
If you haven’t used an item in the past year, it may be time to let it go. Be honest with yourself about what you truly need and use. Donate, sell, or recycle items that no longer serve a purpose in your home.
3. Declutter Room by Room
Tackling your entire home at once can be daunting. Instead, focus on one room at a time. Start with smaller spaces, like a closet or pantry, before moving on to larger areas. This method allows for steady progress without burnout.
4. Use the “Four-Box Method”
To streamline the process, use four boxes labeled: Keep, Donate, Trash, and Store. As you go through each item, place it in the appropriate box. This system helps with decision-making and keeps everything organized.
5. Maximize Storage Solutions
Once you’ve decluttered, use smart storage solutions to maintain order. Invest in bins, baskets, and shelves to keep items neatly arranged. Consider vertical storage options to free up floor space.
6. Digitize Where Possible
Paper clutter can quickly accumulate. Scan important documents and store them digitally to reduce paper piles. The same applies to photos—consider creating digital albums to save space while preserving memories.
7. Get the Whole Family Involved
Decluttering shouldn’t be a solo effort. Encourage family members to participate by assigning them specific areas to clean. Making it a team activity can make the process faster and more enjoyable.
8. Set a Maintenance Routine
To keep your home clutter-free beyond spring, establish a regular decluttering routine. A few minutes each day or a dedicated weekend every few months can help maintain a tidy and organized space.
By following these tips, you’ll create a more spacious and peaceful home and set the stage for a fresh and energized spring season. Happy decluttering!
Understanding Market Value vs. List Price in Real Estate
When buying or selling a home, you’ll often hear the terms market value and list price. While they may seem interchangeable, they serve different purposes in the real estate process. Understanding the distinction can help buyers make informed offers and sellers set realistic expectations.
What is Market Value?
Market value is the estimated amount a property would sell for in the current market, given fair conditions. It’s determined by several factors, including:
- Comparable Sales – Prices of recently sold homes in the area with similar features.
- Location – Proximity to amenities, schools, and transportation can affect value.
- Condition & Features – Upgrades, renovations, and overall maintenance play a role.
- Market Conditions – A seller’s market (more buyers than homes) can drive prices up, while a buyer’s market (more homes than buyers) can push them down.
Market value is often assessed by real estate professionals through a Comparative Market Analysis (CMA) or by appraisers during a formal valuation process.
What is List Price?
The list price, or asking price, is the amount a seller chooses to advertise their home for on the market. This price is influenced by multiple factors, including:
- Seller Expectations – Some sellers aim high, hoping to negotiate; others price low to generate multiple offers.
- Marketing Strategy – A lower list price can create urgency and competition.
- Agent Guidance – Real estate agents help set the list price based on the home’s market value and selling strategy.
- Market Trends – In a hot market, homes may be listed slightly below market value to spark bidding wars.
Why Market Value and List Price May Differ
While ideally, the list price aligns with market value, there are instances where they differ:
- Overpriced Listings – Sellers may list too high due to emotional attachment or unrealistic expectations, leading to a stagnant listing.
- Underpriced Listings – Sometimes, homes are priced below market value to attract multiple buyers and encourage bidding wars.
- Shifting Markets – In a rapidly changing market, a home’s list price may not keep up with fluctuations in market value.
How Buyers and Sellers Should Approach Pricing
For Sellers:
- Work with a real estate professional to determine an accurate market value.
- Be realistic about pricing; overpricing can deter buyers and extend time on the market.
- Consider market conditions when setting your price strategy.
For Buyers:
- Research comparable sales to assess if a home is fairly priced.
- Be prepared for negotiation, especially in competitive markets.
- Work with a real estate agent who can provide insight on whether an asking price reflects true market value.
Understanding the difference between market value and list price is crucial for both buyers and sellers to make informed decisions. While the list price is a seller’s starting point, the true market value is what a buyer is ultimately willing to pay. Working with an experienced real estate agent can help navigate these differences and ensure a successful transaction. Don’t have a REALTOR® yet? Give us a call at 705-743-4444. We always have an agent on duty to help answer your questions!
What Buyers and Sellers Should Know About Winter Open Houses
Winter might not be the most traditional season for real estate, but it comes with unique advantages for both buyers and sellers. Open houses in colder months present distinct opportunities and challenges that can impact the sale of a home. Whether you’re listing your home or searching for the perfect property, here’s what you need to know about winter open houses.
For Sellers: How to Make a Great First Impression
1. Keep Walkways Safe and Clear
First impressions start before buyers even step inside. Snow and ice can be a hazard, so make sure driveways, sidewalks, and entryways are well-shoveled and salted. A safe and easy entry sets the right tone for your open house.
2. Create a Warm and Inviting Atmosphere
A cozy home is appealing in winter. Set the thermostat to a comfortable temperature, light a fireplace if you have one, and use soft lighting to make your space feel inviting. The contrast between the chilly outdoors and a warm, welcoming interior can leave a lasting impression.
3. Maximize Natural Light
Winter days are shorter, and natural light is limited, so open all curtains and blinds to brighten your home. Consider adding extra lamps or light fixtures to create a warm glow that highlights your home’s best features.
4. Keep Your Home Clean and Dry
Snow and slush can easily be tracked inside, making floors messy. Have a designated area for shoes and provide guests with disposable boot covers to protect your flooring. Regularly wipe down entryways and high-traffic areas to maintain cleanliness throughout the event.
5. Showcase Winter-Friendly Features
If your home has winter perks like energy-efficient windows, a heated garage, or a well-insulated basement, make sure to highlight these features. Buyers will appreciate knowing that the home is comfortable and cost-efficient during the colder months.
For Buyers: How to Make the Most of a Winter Open House
1. Pay Attention to Heating and Insulation
A winter open house is a great opportunity to evaluate a home’s heating system. Does it feel warm and evenly heated? Check for drafts around windows and doors, and ask about the home’s insulation, furnace age, and heating costs.
2. Look Beyond Seasonal Decorations
Sellers may have holiday decorations up, but try to picture the home without them. Consider how the space will look year-round and if it suits your long-term needs.
3. Assess Exterior Maintenance Needs
Snow can hide landscaping issues, cracks in the driveway, or damaged roof shingles. Ask for photos of the home in other seasons or a home inspection report to uncover potential maintenance concerns.
4. Be Flexible with Scheduling
Winter weather can be unpredictable, so keep an open mind if a seller needs to reschedule an open house due to a snowstorm or icy conditions. If you’re interested in a home but can’t attend the open house, request a private showing at a later date.
5. Take Advantage of Less Competition
Fewer buyers are house hunting in winter, meaning less competition and a greater chance of negotiating a better deal. Sellers may be more motivated, making it an excellent time to make an offer.
Winter open houses present unique opportunities for both buyers and sellers. By being prepared and keeping these tips in mind, both parties can make the most of the winter real estate market. Looking to buy or sell before the spring? Give us a call at 705-743-4444. We always have an agent on duty to answer your questions!
Essential Home Maintenance to Do After a Snowstorm
Winter storms can leave a mess in their wake, and while fresh snowfall can look beautiful, it can also pose risks to your home. Once the snowstorm has passed, it’s important to assess your property and take care of key maintenance tasks—especially outdoors—to prevent damage and ensure safety. Here’s what you should do after a snowstorm:
1. Check Your Roof for Ice Dams and Heavy Snow
A heavy snowfall can put a significant strain on your roof. Ice dams—formed when melting snow refreezes along the eaves—can cause water to back up under your shingles, leading to leaks and damage. Use a roof rake to clear excess snow, especially near the edges, and ensure your attic is well-ventilated to reduce the risk of ice dams.
2. Clear Walkways, Driveways, and Steps
Shoveling snow as soon as possible helps prevent ice from forming, making walkways safer. Use sand or ice melt on slippery surfaces, but choose products that are safe for concrete and landscaping. If you use a snowblower, be mindful of where you direct the snow to avoid blocking drains or creating hazards.
3. Inspect and Clear Gutters and Downspouts
Heavy snow and ice can clog gutters, leading to potential water damage when everything starts to melt. If safe to do so, remove ice buildup and ensure that downspouts are directing water away from your home’s foundation.
4. Check for Tree Branch Damage
Snow and ice accumulation can weigh down branches, causing them to snap and potentially damage your home, fence, or power lines. Carefully remove any hanging or broken branches and consider trimming overhanging limbs before the next storm.
5. Look for Exterior Damage
Strong winds and heavy snowfall can take a toll on your home’s siding, windows, and doors. Inspect for any cracks, leaks, or drafts that might have developed, and make necessary repairs to keep your home insulated and protected.
6. Ensure Outdoor Vents Are Clear
Blocked furnace or dryer vents can lead to dangerous carbon monoxide buildup inside your home. After a storm, check that all vents are clear of snow and ice to keep your appliances functioning safely.
7. Check Fences and Outdoor Structures
Wooden fences, sheds, and decks can be vulnerable to snow and ice damage. Look for any warping, sagging, or loose boards, and make repairs as needed to prevent further deterioration.
8. Assess Your Driveway and Sidewalks for Cracks
Freeze-thaw cycles can cause cracks in concrete and asphalt to expand. If you notice any new damage, consider sealing cracks in the spring to prevent further wear and tear.
9. Monitor Your Foundation and Basement
As snow begins to melt, water can pool around your home’s foundation. Make sure your sump pump is functioning properly and that water is draining away from your home to prevent leaks or flooding.
10. Prepare for the Next Storm
Once you’ve addressed immediate concerns, restock essentials like salt, sand, and fuel for your snowblower. Having everything ready will make it easier to handle the next storm that comes your way.
By taking these proactive steps after a snowstorm, you can protect your home, prevent costly repairs, and keep your outdoor areas safe. Stay ahead of winter’s challenges with regular maintenance, and your home will remain in great shape all season long!
Top Family Day Activities in Peterborough for 2025: Fun for All Ages!
Family Day is just around the corner on Monday, February 17, 2025, and Peterborough, Ontario, is brimming with activities to help you and your loved ones make the most of this special day. Here’s a curated list of events and activities to enjoy:
Snofest 2025 (February 14-17):
Peterborough’s annual winter festival, Snofest, offers a variety of family-friendly activities throughout the Family Day weekend. Highlights include public skating, swimming, and a pancake breakfast. For a detailed schedule, visit the Snofest Activity Guide.
Family Day Free Skate:
Enjoy a free public skate at the new Miskin Law Community Complex.
- Time: 12:00 p.m. to 1:50 p.m.
- Location: Miskin Law Community Complex, 271 Lansdowne St.
Peterborough Petes Hockey Game:
Cheer on the Peterborough Petes as they face the Kitchener Rangers in their annual Family Day game.
- Time: 2:05 p.m.
- Location: Peterborough Memorial Centre, 151 Lansdowne St. W.
- Tickets: Available for purchase online at memorialcentre.ca or by calling the Grant Thornton Box Office at 705-743-3561.
Quaker Foods City Square Outdoor Rink:
Lace up your skates and enjoy the outdoor rink, weather permitting.
- Time: 10:00 a.m. to 7:00 p.m.
- Location: 215 Charlotte St.
Peterborough Sport and Wellness Centre:
The centre will be open with various activities, including Snofest Drop-in Sports featuring pickleball, badminton, and basketball.
- Time: 6:00 a.m. to 2:00 p.m.
- Location: 775 Brealey Dr.
YMCA Family Day Carnival:
Join the fun with activities for all ages, including bouncy castles, face painting, family swim, crafts, carnival games, and an open Treehouse.
- Time: 10:00 a.m. to 2:00 p.m.
- Location: 123 Aylmer St. S.
- Admission: $10 per family for members, and $20 per family for non-members. All proceeds support the Strong Kids foundation.
Peterborough Museum and Archives:
Explore local history and current exhibitions.
- Time: 12:00 p.m. to 5:00 p.m.
- Location: 300 Hunter St. E.
Additional Information:
- Public Transit: Peterborough Transit will operate on a Sunday/Holiday service schedule on Family Day. For details, visit peterborough.ca/transit.
- Waste Collection: There will be no changes to curbside Green Bin and garbage collection on Family Day.
For a comprehensive list of events and any updates, check out the Peterborough Tourism Events Calendar.
Bundle up and enjoy the festivities Peterborough has to offer this Family Day!
Best Restaurants in Peterborough, Ontario for a Romantic Valentine’s Day
Valentine’s Day is just around the corner, and Peterborough has some fantastic restaurants to make your date night extra special. Whether you’re looking for an elegant steakhouse, authentic Italian cuisine, or a unique dining experience, here are some top spots to consider this weekend.
1. The Keg Steakhouse + Bar – Peterborough
For a classic and elegant dining experience, The Keg is a top choice. Their high-quality steaks, fresh seafood, and cozy atmosphere make it a perfect spot for a romantic evening. Pair your meal with a glass of wine or a handcrafted cocktail to complete the experience. Given its popularity, reservations are highly recommended. (thekeg.com)
2. One Fine Food
If you’re in the mood for authentic Italian cuisine, One Fine Food offers a warm and intimate setting. Their menu features house-made pastas, wood-fired pizzas, and an excellent wine selection. Whether you’re sharing a charcuterie board or indulging in their decadent desserts, One Fine Food is an excellent choice for a cozy and romantic evening. (onefinefood.com)
3. The Venue – Valentine’s Dinner & Comedy Show
For couples looking to mix romance with entertainment, The Venue is hosting a special Valentine’s Dinner, Comedy Show & Dance on February 14th. The evening includes a three-course dinner, performances by award-winning comedians, and a dance party to end the night. Tickets are $130 per couple, and doors open at 6 PM. Be sure to book in advance! (venueptbo.ca)
4. Agave by Imperial
For a vibrant and unique dining experience, Agave by Imperial offers modern Mexican cuisine with a focus on fresh, high-quality ingredients. Their menu features elevated tacos, ceviche, and a great selection of tequila and mezcal-based cocktails. The lively yet intimate ambiance makes it a great choice for couples looking for something different this Valentine’s Day. (agavebyimperial.com)
5. Madoi Sushi
If you and your partner love sushi, Madoi Sushi is a must-visit. This hidden gem in Peterborough serves beautifully plated sushi and sashimi, along with delicious Japanese appetizers and entrées. Their fresh ingredients and artistic presentation make for a dining experience that’s as visually appealing as it is delicious. A sushi dinner for two is a great way to celebrate love and share something special. (madoisushi.ca)
6. Bar Vita
Located in downtown Peterborough, Bar Vita is known for its stylish atmosphere, creative cocktails, and delicious Italian-inspired menu. With its cozy lighting and modern décor, it’s a great place for a romantic night out. Try their house-made pasta, fresh seafood, or gourmet small plates, paired with a glass of wine or a handcrafted cocktail. (barvita.ca)
7. Love You Mean It
For a laid-back but charming Valentine’s date, Love You Mean It is an excellent option. This trendy café and wine bar offers a curated selection of wines, artisanal cheeses, and small plates that are perfect for sharing. If you’re looking for a cozy and intimate setting with a relaxed vibe, this spot is ideal for unwinding and enjoying each other’s company over a glass of wine. (lymi.ca)
8. Capra Toro
Capra Toro is a great choice for couples craving Italian cuisine with a fun and lively twist. Their menu features a mix of traditional and modern Italian dishes, including fresh pasta, gourmet pizzas, and rich, flavourful sauces. The warm ambiance and friendly service make it a fantastic spot for a memorable Valentine’s dinner. (capratoro.ca)
Keep the Night Going with Drinks
If you’re not ready for the night to end after dinner, Peterborough has some fantastic spots for a nightcap. Bijou Bar is a stylish cocktail lounge with an intimate vibe, offering expertly crafted drinks that are perfect for a romantic toast. For couples who love live music and a fun atmosphere, Jethro’s Bar + Stage is a great choice, featuring live performances and a fantastic drink selection. Whether you want a quiet, cozy setting or a lively music scene, these spots provide the perfect way to extend your Valentine’s celebration.
Make Your Reservations Early!
Valentine’s Day is one of the busiest nights of the year for restaurants, so be sure to make reservations as soon as possible. Whether you’re celebrating with a fancy steak dinner, a sushi feast, or a relaxed wine and cheese night, Peterborough has plenty of great options to make your evening special.
Real Estate Market Analysis for January 2025
As we step into 2025, it’s time to take a closer look at how the Peterborough real estate market performed in January compared to the same time last year. The numbers reveal some interesting trends that both buyers and sellers should be aware of.
Home Sales Hold Steady, but Prices See a Decline
In January 2025, the average number of sales in Peterborough remained unchanged from last year, with 61 homes sold. However, the average sale price dropped to $564,618, representing a 2.4% decrease from January 2024’s average price of $578,312. This suggests that while demand has not significantly declined, home values have seen some downward pressure. The dip in prices could be attributed to factors such as increased inventory, shifts in buyer demand, and broader economic conditions impacting affordability.
More Listings, More Choices for Buyers
One of the biggest changes in the market is the number of active listings. In January 2025, there were 153 active listings, a significant increase from the 90 active listings in January 2024. This represents a 70% increase in inventory, giving buyers more options and reducing competition. More available homes mean that buyers can take their time making purchasing decisions, potentially leading to longer negotiation periods and more favourable terms for them. Sellers, on the other hand, may need to adjust expectations and consider pricing their homes more competitively to attract serious buyers.
Homes Taking Longer to Sell
Another key indicator of market conditions is the average number of days a home stays on the market. In January 2025, homes in Peterborough took an average of 46 days to sell. This increase suggests a shift toward a more balanced market, where buyers have the upper hand in negotiations. Sellers should focus on ensuring their homes are in top condition, well-presented, and marketed effectively to stand out from the competition.
What Does This Mean for Buyers and Sellers?
- For buyers: The increased inventory and slight price dip present a great opportunity to enter the market with more negotiating power. More choices mean buyers can be selective and take the time to find the right home without the pressure of bidding wars that were common in previous years.
- For sellers: With homes staying on the market longer, pricing competitively and ensuring strong marketing strategies are crucial to securing a sale. Staging, professional photography, and strategic pricing will be key factors in attracting buyers in a more competitive landscape.
Looking Ahead
While the start of 2025 shows a softening in home prices and longer selling times, the stability in the number of sales suggests that buyer interest remains steady. As we move through the year, factors such as interest rate changes, economic conditions, and seasonal market fluctuations will continue to shape real estate activity in Peterborough.
If you’re considering buying or selling a home in Peterborough, now is the time to stay informed and work with a knowledgeable real estate professional who can guide you through the changing market. Staying up to date with market trends and adjusting your approach accordingly will be key to making the most of current conditions. Looking for a reliable and knowledgeable REALTOR®? We always have an agent on duty to help. Call our office at 705-743-4444 and we will be happy to direct you to a REALTOR® to answer your questions.
*All data from CLAR/TRREB 2024 & InfoSparks®© 2023 MLS® Resale Residential. Information deemed reliable but is not guaranteed.
Highlighted below are some of the major areas we cover with our stats:
