As a local Real Estate Agent in Ennismore, Lakefield, Smith and City of Peterborough, I am always asked the same question. “How is the market”? People want to know if it is a buyers market or a sellers market. Well, it all depends. I know our area is small but we have some major diversity in our market. We have rural residential, city residential, farms, condos, multifamily, residential waterfront, recreational waterfront to name a few areas. So how do I answer that question, same as I always do, it is “running straight with a sprinkle of encouragement”. Why I say that, is we have had a market that has had very little movement since 2007. Most of the movement has been small increases. Ultimately that means we are doing well in the market in Peterborough. People ask if the bubble will burst? I have always said no as we have not had a “bubble” since 2002-2007.
So that all said we do have one segment that has been hurting. Waterfront. Our numbers have been shockingly low. What is the reason? I can not put my finger on one reason. I feel weather has not helped. I also feel money is tight for the average family and waterfront is a luxury that can be lived without. I also worry about the quality of water in our area. It is really poor with weeds and no one seems to be addressing the issue.
All in all there is a ton of optimism out in our market. Interest rates are low, financing is available and inventory seems to be selling in a reasonable amount of time.