We share our thoughts, observations, and experience, buying and selling property in PEI...
Whether you are interested in Summerside or Charlottetown real estate, (or other areas of PEI), there are important things you need to know about buying property in PEI.
In particular; waterfront, acreage, or farmland... (especially if you are not an island resident).
An experienced PEI Real Estate agent can answer pertinent questions for you.
First and foremost, you'll need an agent who will find the perfect home for you (like this steal of a deal on a derelict house).
Just kidding! I'm sure the owners are hoping you'll steal it...lol
I suggest you do an extensive realtor search.
Look for a top real estate agent who will professionally guide you in all aspects of purchasing or selling property in PEI.
Whether you are a foreign investor, or a local resident, working with an agent will prove invaluable as you navigate PEI's real estate statutes and regulations.
Some agents are more experienced than others in certain types of property such as waterfront homes or farm operations.
Find out what each agent specializes in.
Not all agents are equally experienced or dedicated to their profession.
Sadly, some do not have your best interests in mind.
Some agents will help you relocate, others will guide you in staging your home for selling.
Most agents will appraise your property for free.
Some agents snap a couple of pictures of your home through the screen door... ouch!
That is just plain lazy!
I've seen ocean front homes (and other waterfront properties for sale) without one single photo of the water!
Are you kidding me?
A good agent will provide a professional photographer and videographer who will capture the essence of what your home has to offer your potential buyer.
Although housing prices have definitely risen since we moved here in 2016, (by about 38%), it's still a great time to consider purchasing PEI Real Estate.
Now could be your opportune time to buy an affordable home before the prices on PEI houses rise considerably.
Mortgage interest rates are pretty good right now but I'm sure they will inevitably increase (although the Bank of Canada is not expected to raise rates in 2020).
Multi Family Housing
Some renters are doing what they can to buy their first home and build equity while the going's good.
It might be near impossible for young people to afford a home in another few years or qualify for a mortgage in Canada.
The multi family housing trend seems to be increasing which in other countries is the only way young people can afford to put a roof over their heads these days.
With the right strategy, purchasing a multi family home, or apartment building, could provide you with a good cash flow.
Shortage of Homes for Sale
There aren't a lot of new PEI listings of older homes coming on the market at the moment.
There appears to be an increase in cottages for sale perhaps due to Covid-19 travel restrictions.
However, new home construction has been underway in the past few years.
Demand for housing has increased because of population growth due to immigration.
As well, many islanders are returning to PEI from out West due to job losses.
It's quite possible that there could be a change in the present circumstances as far as the number of homes available for sale in PEI.
There could be a lot of foreclosures in the near future because of businesses closing and laying people off due to Covid restrictions.
PEI houses may drop in price because of the number of houses that may flood the market.
Time will tell.
The PEI government is offering incentives to landlords/developers willing to build affordable rental units so that may be something of interest to you.
There are a number of farms for sale in Prince Edward Island as farmers are aging and their children are not interested in taking over the family farm business.
The island saw an influx of members of the Mennonite community over the past few years as farms with acreage in PEI are a lot more affordable than land in Ontario.
Farmland prices are definitely increasing in Prince Edward Island so whether you want to farm on a large scale, homestead, hobby farm, or invest for cash flow, now might be a good time to buy.
We think Prince Edward Island is a great place for the homesteading movement to take hold and it would be fantastic if we could attract farmers willing to grow organic produce here.
Ultimately, my husband and I and many others would love to see this entire province be GMO free!
There is a significant shortage of rental properties in Prince Edward Island currently due to some extent on the rise in immigration.
Rent prices are soaring.
Investors might want to take advantage of that and build their portfolios by purchasing income type homes and apartment buildings.
The city of Summerside and Charlottetown, and the town of Stratford, are some of the places worth checking out.
Most definitely, check out properties for sale in Queens County, which is the central region of PEI.
Prince Edward Island AirBnB's
Many people are buying up houses that can be turned into AirBnB's but authorities are cracking down on the numbers of short term rentals.
They believe AirBnB's are contributing to the long term rental shortages in P.E.I.
I personally do not think that AirBnB's are significantly affecting rental availability but I could be wrong.
Although Prince Edward Island Real Estate is increasing in value, the average price of sold homes in the PEI Real Estate market through the MLS system for August, 2020 was $288,302.
Compare that to the national Canadian average of $586,149 and you'll realize that buying a home in Prince Edward Island is still pretty affordable in relation to other provinces.
Those price stats are according to CREA, which is the acronym for Canadian Real Estate Association.
There are at least five very important things to consider before making a move to Prince Edward Island and buying property in this province so do your due diligence.
Taking a good look at those CREA housing stats does show Prince Edward Island Real Estate as an attractive investment whether you are a foreigner or a local resident.
However, we are not real estate advisers.
We simply share our thoughts about the PEI housing market and information about our personal experience with buying a home here.
You should definitely contact a professional Real Estate agent for advice before putting an offer on any PEI real estate property or if you plan on selling your home, farm, or business.
We sold our house in Ontario just as housing prices in the region were rising and we were able to purchase a home in Prince Edward Island without a mortgage and for about half the price it would have cost us in Ontario for the same type of dwelling and lot so we feel we received great value for our money.
That was the perfect formula to solidify our decision to retire to PEI.
We had visited Prince Edward Island for a few summer vacations and fell in love with the ocean, the people, and the scenery.
We soon began looking at property and eventually purchased a home in PEI that we found on the internet while we were still living in Ontario.
You might be in the same situation where you live in another province but want to buy a home in PEI.
You probably wonder how you can make that work.
We wondered too!
We didn't know how we could buy a house in Prince Edward Island when we lived so far away.
We certainly couldn't keep driving or flying to PEI to look at every home that interested us.
Time and money just wouldn't allow for that.
Although we did drive to PEI two times specifically to look at houses for sale, that was the extent of our house hunting "in person" and we didn't find anything suitable at that time.
We continued looking for houses for sale in PEI on the internet while we struggled with the thought of moving so far away from family and friends. (Another story for another day!)
We searched the MLS listings, went directly to PEI Real Estate agent's websites, checked out property for sale on Kijiji, and houses and land for sale on Craigslist, Facebook, Property Guys, Zillo, and other "For Sale by Owner" sites.
We even checked out PEI houses for sale on Youtube videos.
We mulled over so many different scenarios such as:
While we thought on these different options, we continued looking online and inquired about a lot of houses for sale from many different Real Estate agents.
It wasn't until we settled on working with just one agent that we got the help we needed to pin down what we were really looking for in a house, what our goals were, and what we needed to do to make the move to Prince Edward Island run as smoothly as possible.
Settling on one agent to work with really solidified in our minds that we were serious about moving to PEI.
Our agent helped us understand the PEI real estate map as far as where properties were located in relation to Charlottetown and Summerside (which are the only two cities in the province).
We eventually bought a cute little chalet on nearly two acres in the rolling country side of Bonshaw which we plan to turn into a Bed and Breakfast.
We named our Airbnb, "Apple Tree Chalet".
It's a much nicer home than what we owned in Niagara Falls, Ontario and it was only seven years old at the time we purchased it.
Our home in Ontario was 88 years old!.
On top of that, we would never have been able to buy almost two acres in Niagara Falls like we were able to do in Prince Edward Island.
Our house is not water front. We call it, water "peek" as we get a tiny glimpse of the West River through the trees from our back deck with binoculars... lol
Nevertheless, we are happy with our home :)
Our PEI Real Estate Agent helped us do all the legal paperwork of purchasing our home in Prince Edward Island all by electronic negotiations via email.
A storage place for our furniture and personal belongings was also arranged by our agent as well as a lawyer for the legal stuff.
If you've been doing a realtor search looking for a top PEI Real Estate agent to represent you, we encourage you to work with "one" agent who is licensed to practice in Prince Edward Island and has your best interests at heart (whether you are buying or listing) Real Estate on PEI.
A good PEI realtor will advise you on government rules and regulations especially in regard to purchasing PEI waterfront properties or agricultural land if you are not a resident of Prince Edward Island.
List as much detail about the property as you are able. Please do not just copy and paste from another website where you have your house listed. We want original content.
At least one image is necessary or your listing will not be posted. Four pictures is better!
Note: You can post your listing for FREE which includes your property description, your name, your phone number, and your website address (not-hyperlinked).
If you want a "live" link directed to a website where your home for sale in PEI is listed, please read the instructions in the followup email that comes from me once you submit your listing.
Also... Once the property is sold, please contact me via my contact form so I can mark it sold or remove it. Thanks.