Canada’s second best place to buy real estate
The MoneySense personal finance website has ranked Peterborough as the second best place in Canada to buy real estate in the 2017 Where to Buy Now rankings released Wednesday.
The first best place is Brantford, Ont., according to MoneySense.
Peterborough climbed from 9th in the 2017 rankings and 24th in 2016, among Canada’s Top 35 cities.
The value of home sales in Peterborough city and county last month hit an all-time record in December.
While residential unit sales were about the same as a year earlier, the average home sale price in December was $384,762, up from an average of around $325,000 in December 2016.
Still, a single-detached house was a lot more affordable in Peterborough in 2017 than in other cities that topped the MoneySense rankings.
In Brantford, the average price of a home last year was $506,106, and in Victoria (third in the rankings) the same home would cost $975,838.
In Guelph (4th in the rankings), the average house price in 2017 was $718,898, and in Kingston (fifth in the rankings) it was $416,028.
MoneySense reported that Brantford came out on top because of its low unemployment rate and affordable yet steadily rising housing prices.
Peterborough was considered attractive in the rankings since it’s part of the Greater Golden Horseshoe, MoneySense reported.
The rankings say the Greater Golden Horseshoe - Peterborough included - has experienced an increase in housing prices lately as prospective homeowners look to buy outside of “priced-out” Toronto.
Housing market factors MoneySense looked at in compiling the list included some income potential, sustained price growth and a strong economy to support it, according to the report.
MoneySense cited the following statistics in ranking the Peterborough housing market:
Average home price (2016): $413,394
Average income to home price: 7.76
5-year annual ROI: 4.62% Average 5-year rent increase: $908
10-year annual ROI: 4.62% MoneySense ceased its monthly print edition in January 2017.