The average sale price in the Peterborough housing market have decreased by 1.4 per cent year-over-year across all property types, between january 1 and July 31, 2024 (from $701,180 in 2023 to $691,038 in 2024).
The number of sales has decreased by 19.7 per cent for the same time period (from 1,642 in 2023 to 1,318 in 2024), while the number of listings has also decreased by 6.3 per cent (from 3,254 in 2023 to 3,049 in 2024).
Average sales prices across all property types in the Peterborough housing market are expected to rise by three per cent through the remainder of 2024, while the number of sales is anticipated to decrease by eight per cent.
The Peterborough housing market is currently experiencing balanced conditions, with a potential to move toward a seller’s market this fall, if inventory decreases. The price range and potential for multiple offers will be key factors driving this shift.
The biggest factors contributing to the housing shortage in this region include:
• Not enough new construction
• Construction delays as a result of labour shortages and increased material costs
• Exclusionary zoning/land availability
On September 4, the Bank of Canada will share its next interest rate announcement. A further rate cut could boost sales and potentially drive prices up if supply falls short of demand. There has been an increase in the duration waterfront properties stay in the market, with rising interest rates and low consumer confidence decreasing buyer activity and interest in this property type.
blog.remax.ca
blog.remax.ca
Peterborough 2024 Fall
Housing Market at a Glance
Browse Local Listings
Find an Agent
Back to National Outlook
