How much does it cost to rent or buy a home in Peterborough?

Several factors will affect the how much a house costs, including its location, size, condition, and (for rental properties) whether or not utilities (heat and water) are included in the rent.

Renting

Rental costs in Peterborough are lower than in larger cities like Toronto and Ottawa. The Peterborough Rental Market Report compiled by the Canada Housing and Mortgage Corporation shows average rental cost by the size of the apartment building and bedroom type (apartment size). A bachelor apartment is the cheapest option because it is made for one person - it has only a bathroom and one main room for eating, sleeping, and visiting.

To see prices of homes in Peterborough, you can compare the listings at the following websites:

• Peterborough Housing Resource Centre (community organization)
• Peterborough Examiner (Peterborough's daily newspaper)
• Peterborough This Week (Biweekly community newspaper)
• Kijiji (website with classified ads)
• Craigslist (website with classified ads)

There are other costs to think about in addition to the price of rent. Utilities, such as running water and heat, may or may not be included in the price of rent. Heat can be provided through electricity or natural gas. At the Peterborough Utilities website, you can check the average cost of water and electricity at a specific address in the section called Can You Afford It? Remember that heating bills are much higher in the winter than in the summer. If you are paying heating bills, you can save money by keeping the temperature lower, especially at night or when you are not at home.

Other costs include television, internet and telephone.

Buying a Home

The cost of buying a home in Peterborough is also much less than in larger cities like Toronto and Ottawa. Here is a sample of home prices in Peterborough:

Home Prices for Peterborough, Ontario
Price	Definition
$140,000	Townhouse A house built in a row with other houses (row housing) that share walls.
$240,000	Bungalow A small, stand-alone house with a single story
$280,000	Standard 2-storey A stand-alone house with two storeys
$385,000	Executive 2-storey A larger type of 2-storey house
$340,000	Luxury Condominium An individually owned apartment or unit in a multiple unit housing complex

For up-to-date figures, check the Greater Peterborough Area Economic Development Corporation's Community Profile page. Also, keep in mind that there are many factors that affect the price of a house such as the neighbourhood, the size, the age, and the materials used to build the house.

If you own a home in Peterborough, you will also find that property taxes are cheaper than in most other cities in our region. In 2008, Peterborough’s property taxes averaged $300 less per home than other Eastern Ontario cities. The City of Peterborough has information about the property tax that you will pay on your home (calculated as a yearly amount). This should be taken into consideration when considering the purchase price of your home.