Peterborough Is Growing: Where Are All the New Homes Being Built?
If you’ve driven around Peterborough lately and thought, “There seems to be construction everywhere,” you’re not imagining it.
Peterborough, Ontario continues to grow, and new residential development is happening in several areas of the city. From apartment buildings and higher-density housing to entirely new neighbourhoods, the way Peterborough looks over the next decade could be quite different from what we see today.
For anyone thinking about buying a home in Peterborough, selling a home, investing in Peterborough real estate, or relocating to the area, understanding where that growth is happening is worth paying attention to.
Here are some of the major areas to watch.
North End Peterborough and the Towerhill Road Area
Peterborough’s North End continues to be an important area for residential growth.
One project currently in the spotlight is 689 Towerhill Road, near Hilliard Street. The property has approvals that could accommodate up to six apartment buildings and approximately 612 residential units.
Adding hundreds of homes to one area can eventually influence much more than housing supply. Population growth can create increased demand for nearby shopping, services, recreation, transportation and infrastructure.
For buyers considering North End Peterborough real estate, this is also a good reminder to look beyond the property you’re purchasing. Understanding what is planned for surrounding vacant land and nearby development sites can help you get a better picture of what the neighbourhood may look like in the future.
The Chemong Road Corridor
If there is one part of Peterborough where growth is particularly easy to see, it’s the Chemong Road corridor.
According to the City of Peterborough, approximately 5,372 residential units are approved or progressing through development applications along the Chemong Road corridor.
That is significant.
This area already offers access to shopping, restaurants, schools and established North End neighbourhoods. As additional housing is built, continued investment in roads, transportation and other infrastructure will be an important part of supporting that growth.
For people wondering where new homes are being built in Peterborough, the north and northwest portions of the city are definitely areas to watch.
Coldsprings: A Major Future Growth Area
Another name Peterborough residents may start hearing more often is Coldsprings.
The City is planning infrastructure that could support approximately 2,908 new residential units in the Coldsprings area.
Projects of this scale don’t happen overnight. New neighbourhoods require roads, water and wastewater services, stormwater management, transportation planning and other municipal infrastructure before thousands of people can eventually call them home.
For Peterborough real estate, Coldsprings represents part of the city’s longer-term expansion rather than simply another individual subdivision.
Growth Isn’t Only Happening on the Edge of Peterborough
Peterborough’s housing story isn’t just about building new subdivisions.
We’re also seeing intensification within existing neighbourhoods, where more housing is added to areas that are already developed.
East City is one example.
The former Mark Street United Church property is moving forward with redevelopment plans that include a 17-storey residential building with approximately 205 units.
Projects like this represent another side of Peterborough’s growth: adding more people and housing choices within established neighbourhoods rather than continually expanding outward.
That means the Peterborough of the future will likely include a combination of new subdivisions, townhomes, apartments, condos and higher-density redevelopment.
Why Does Peterborough Need More Housing?
Peterborough has committed to supporting the creation of 4,700 new homes by 2031.
Like many communities in Ontario, the city is balancing population growth with the need for additional housing supply.
But building thousands of homes also raises important questions.
Where will people live? How will traffic patterns change? What infrastructure will be required? Will new shops and services follow residential growth? How will established neighbourhoods change?
Those are questions worth following whether you’re a homeowner, buyer, investor or simply someone who loves living in Peterborough.
What Does Peterborough’s Growth Mean for Current Homeowners?
New development does not automatically mean your home’s value will increase or decrease.
Real estate values are influenced by many factors, including housing supply, buyer demand, interest rates, property condition, location and comparable sales.
However, major development can change the character and functionality of an area over time.
New housing may bring additional amenities, infrastructure and services. It can also bring increased density, construction and changing traffic patterns.
That’s why homeowners should pay attention to what’s happening beyond their own property line.
What Should Peterborough Home Buyers Look For?
When you’re buying a home, it’s easy to focus almost entirely on the house.
How many bedrooms does it have? Is the kitchen renovated? How big is the backyard?
But location is about more than what exists today.
Before purchasing a home in Peterborough, buyers should also consider:
Nearby vacant land and proposed developments
Current zoning and land-use designations
Planned road or infrastructure projects
Future residential density
Nearby commercial development
Parks, trails and recreational amenities
Schools and transportation
How the surrounding neighbourhood may evolve
You might absolutely love the development planned nearby, or you may decide it isn’t right for you.
The important part is knowing about it before you buy.
Where Can You Check Future Development in Peterborough?
The City of Peterborough publishes information about planning applications, development proposals, zoning changes, infrastructure projects and City Council decisions.
If you’re seriously considering a property, researching the surrounding neighbourhood should be part of your due diligence.
This is also one of the reasons working with a local Peterborough REALTOR® can be valuable. Someone who actively follows local neighbourhoods, developments and housing news can help you know what questions to ask.
Is Peterborough Still a Good Place to Buy a Home?
Peterborough continues to offer something that attracts people from across Ontario: a balance between city amenities and access to the outdoors.
We have established neighbourhoods filled with century homes, newer subdivisions, rural properties just outside the city, easy access to the Kawarthas and cottage country, the Otonabee River and Trent-Severn Waterway running through our community, and Toronto within driving distance.
Growth will undoubtedly change parts of Peterborough.
But it also creates an opportunity to be thoughtful about where and how you want to live within the city.
Whether you prefer the character homes of East City and the Old West End, established North End neighbourhoods, or newer communities developing around the edges of Peterborough, understanding the city’s growth can help you make a more informed real estate decision.
Thinking About Moving to Peterborough?
If you’re considering moving to Peterborough, Ontario, buying your first home, relocating from the GTA, or wondering how development near your current home could affect your future plans, I’m always happy to talk about Peterborough real estate.
I live and work here, and a big part of what I share is not simply homes for sale, but the neighbourhoods, developments, local businesses and lifestyle that make Peterborough and the Kawartha Lakes such a special place to call home.
Carrie Brockhurst | REALTOR®
Peterborough & Kawartha Lakes Real Estate
