How much does it cost to rent or buy a home in Peterborough?Several factors will affect 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.
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. The average cost to rent a bachelor apartment in Peterborough in the Fall of 2015 was $666.00.
The Community Counseling & Resource Centre's (CCRC) Housing Resource Centre (HRC), provides a range of services to help people find and keep housing in Peterborough City and County. HRC's services are free and confidential for anyone living in Peterborough, regardless of their length of time or status in Canada. Drop-in services include housing assistance, housing information, vacancy listings and referrals to other community organizations. HRC is sometimes able to provide financial assistance to eligible individuals for housing related needs such as overdue rent or utility bills, last month's rent and moving costs.
The Housing Resource Centre specializes in helping individuals or families to find and keep their housing and preventing crisis and homelessness. HRC staff and volunteers work with the government and community on issues affecting their clients. This includes issues related to affordable housing, poverty and social justice. Visit their website at www.housingpeterborough.com for more information, or call them at 705-743-2272 ext. 207.
Housing Access Peterborough (HAP) is where you go to apply for subsidized housing programs for the City and County of Peterborough. Subsidized housing provides affordable housing for people whose income prevents them from finding adequate housing in the private rental market. Staff will determine if an applicant is eligible for subsidized housing (rent-geared-to-income, rent supplement, housing allowance). Applications can be picked up at the HAP office.
To see prices of rental units in Peterborough, you can compare the listings at the following websites: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
While the price of real estate has been rising in the last few years, it is cheaper to rent and buy in Peterborough than in large cities, such as Toronto or Ottawa. In a study conducted by Canadian Real Estate Magazine, Downtown Peterborough has been identified as one of Canada's top 100 neighbourhoods to invest in for 2013. For recent information on the real estate market in the Peterborough Area, please consult this comprehensive report compiled by Canada Mortgage and Housing Corporation. You can also visit Peterborough and the Kawarthas Association of Realtors website to view current real estate listings for the Peterborough area. Once you know what you need in a house (number of bedrooms, bathrooms, etc.) then you can enter in the search information and see the average prices for homes in the Peterborough area. Please keep in mind that there are many factors that affect the price of a house, such as neighbourhood, size, 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. 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.