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With the release of the Royal LePage House Price Survey and Market Survey Forecast on Wednesday, January 13th, there was much media attention to the slowdown in rising home prices in major markets. The costs of homes in Toronto and Vancouver have grown out of reach for many, while St. John's experienced a small decrease and Calgary prices are forecasted to fall this year. But what do the trends in major urban centres mean for Peterborough and the Kawartha's?
Peterborough is a growing community with the 407 coming across to the 115, first time home buyers and families can afford a home in a good neighbourhood and still be positioned close enough to commute to jobs. We are also starting to see more jobs for young people in the Peterborough area. With our amazing facilities for children it is truly a desirable community.
In addition, let's not forget our retirement community. People are selling their homes in the GTA and purchasing a home here giving them a little left over for quality of life. This has not changed but will be a constant until prices in our community grow. At present we are still well below the national average.
Finally, we will be watching this year's cottage market. With the low dollar people will be thinking cottage country as their choice for a vacation home instead of a Florida retreat. This is likely to drive some cottage prices higher.
Now all we need to happen is to see some listings come on the market!