Dominic Cole, a real estate broker with RE/Max and president of the Peterborough and Kawartha Association of Realtors, made the comments following the association’s release of sale stats, which showed a 14 per cent increase in real estate sales in January compared to 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 Cole in an interview with REP. “Last year was tougher due to the weather but still we 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 investment in their respective real estate markets from investors in Toronto looking to make a buck and foreign investment who find it to be a beautiful place to live, said 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.
Out of 166 sales in January, 145 came from residential sales while eight sales came from cottage and recreational sales; four sales came from farms and five from the purchase of vacant lands.
Peterborough, Ont., experienced its best month since 2007 due to a boost in downtown development, a cut to interest rates and investments to post-secondary schools.