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Peterborough is a city on the Otonabee River in Central Ontario, Canada, 125 kilometres (78 mi) northeast of Toronto and about 270 kilometers (167 mi) southwest of Ottawa. According to the 2016 Census, the population of the City of Peterborough was 81,032. The population of the Peterborough Census Metropolitan Area (CMA), which includes the surrounding Townships of Selwyn, Cavan Monaghan, Otonabee-South Monaghan, and Douro-Dummer, was 121,721 in 2016. In 2016, Peterborough ranked No. 32 among the country’s 35 census metropolitan areas according to the CMA in Canada. Significant growth is expected starting in late 2019 when the Ontario Highway 407 extension is completed, connecting it to Highway 115/35 south of Peterborough. The current mayor of Peterborough is Diane Therrien.
Peterborough is known as the gateway to the Kawarthas, “cottage country”, a large recreational region of the province. It is named in honour of Peter Robinson, an early Canadian politician who oversaw the first major immigration to the area. The city is the seat of Peterborough County.
Peterborough’s nickname in the distant past was “The Electric City” as it was the first town in Canada to use electric streetlights. It also underscores the historical and present-day importance of technology and manufacturing as an economic base of the city, which has operations from large multi-national companies such as Siemens, Rolls-Royce Limited, and General Electric, and more local technology businesses such as Dynacast and Bryston. Electricity was one of the reasons Quaker Oats moved to the city, and as part of PepsiCo, remains a major fixture in the downtown area. However, over the years the number of major manufacturing plants has declined, and General Electric closed its last remaining facility in 2018. As a result, employment has been shifting toward the service industries and tourism is now the leading industry in the area.
Peterborough is among the best places to retire in Ontario, according to some studies. Mayor Bennett made this comment in 2017: “We were noted as being one of the best cities in the country as being age friendly and we continue to build on that structure as we move along.” He listed cultural activities and affordable living as some of the factors that attract seniors. In 2017, the city was also among the best places to invest in Canada according to Comfort Life magazine.
Getting a second mortgage is something that many people are exploring today. We offer both second mortgages and home equity loans for homeowners in Peterborough and we can get people in all situations approved for a mortgage that will help them complete their real estate transaction. People get 2nd mortgages for a variety of reasons other than for a mortgage, including paying out consumer proposals, paying off high interest debt without refinancing, paying off property and income tax arrears, or even paying off judgements, garnishments, and liens. We can help you overcome many different financial situations.
Peterborough, Ontario is a growing small community northeast of Toronto that is popular with commuters and people that want to get away from the big city lifestyle. It is a great alternative real estate market for those that don’t want to pay the high real estate prices in Toronto and want to get more bangs for their buck when investing in real estate. With approximately 80, 000 residents, it is a tight knit community that is a great place to establish roots and have a family.
If you are looking to invest in the Peterborough real estate market, We are your go to local mortgage brokerage. We know the area and we work with people with all types of financial backgrounds. What makes us unique is that we lend based on equity, not based on credit. If you have equity, then you have options and most of our mortgages are approved on equity, not credit. We understand the community’s needs, real estate, and we are confident we can find you a mortgage for the property you are interested in purchasing.