Mike Heffernan, President of the Peterborough and the Kawarthas Association of REALTORS® Inc. states, “February’s stats were very impressive! The total number of sales are up with a whopping 226 sales. This is the best February monthly sales of all time. Residential sales for the month came in at 180, making it the highest February residential sales since 2010. Farm, vacant land, and cottage/recreational sales were also strong, and it’s looking like 2016 is following the upward trend that we saw in 2015.
The Government of Ontario announced the creation of a new program to help Ontarians improve the energy efficiency of their homes by investing $100 million from the Ontario Green Investment Fund to provide rebates for home owners who conduct an energy audit on their property and then complete retrofits recommended by the auditor.
Additionally, the City of Peterborough has been investigating a solution to regulate and keep a closer eye on rooming houses after a series of fires broke out across the city in various houses of this nature. At the end of February, the City of Peterborough’s Planning committee moved to accept the following recommendations regarding rooming houses:
- In a three bedroom house, each bedroom can be rented out separately.
- In a four bedroom house, the landlord would require a business licence to rent out the rooms.
- If the house has five bedrooms being rented out, the landlord would need a business licence and the house would also have to be re-zoned.
Many more steps still have to be taken, including a more public consultation, before any changes are made. Contact your Local REALTOR® to find out more information as it becomes available, especially if you are in the market for a potential rental income property.”