Prince Edward Island is a beautiful pastoral province that draws people in for its panoramic scenery. Its quality of life makes it an attractive location to live for average Canadian families. PEI boasts a quiet lifestyle with small towns and cities, a thriving economy, affordable housing, and access to everything within a short drive. Here is everything you need to know about buying a home in PEI
Prince Edward Island’s Economy
Prince Edward Island has a rich economic history with a mixture of traditional resources and growing industry sectors. There are many opportunities in various job sectors, including agriculture, fishing, tourism, food, bioscience, and advanced manufacturing. PEI is also one of Canada’s leaders in renewable energy.
According to the 2021 Annual Statistical Review, there have been economic increases in recent years in many areas:
- Total labour income increased by 10.2 percent.
- Retail sales increased by 19 percent.
- International exports increased by 12.5 percent to reach $1.7 billion.
- The 2021 GDP increased by 6.6 percent.
PEI continues to experience the highest population growth in Canada due partly to increased international immigration. Most of PEI’s inter-provincial migrants come from Nova Scotia or Ontario. As of October 2022, the population is estimated to be 172,707. PEI is also the only Atlantic province in which the population is becoming younger.
Cost of Living in PEI
One of the many reasons that Prince Edward Island is one of the most appealing provinces in Canada is its low cost of living. Depending on location, it tends to rank at or below the average cost of living in Canada and lower than in many of Canada’s major cities.
Although PEI is a bit removed from other Canadian provinces, it is still close enough to be accessible for food and transportation, which helps keep costs down. Its status as an agricultural hub impacts the grocery price range and is supplemented by its fishing and food industries. Local transportation is affordable whether you travel by car, bus, or taxi.
Buying a Home in PEI
Prince Edward Island has one of the highest home ownership rates in Canada due to its low housing and real estate costs. During the pandemic, Canadians flocked to the island for its affordable housing and low cost of living. However, the housing market in PEI is balanced. Home sales in 2022 dropped close to 13 percent compared to 2021, and new housing construction has been subdued. Because PEI welcomes many new residents but needs to build more housing, they are currently experiencing a shortage similar to other places in Canada.
The average price of homes on PEI has risen to $394,837, still well below Canada’s national average, while the average in Charlottetown reached $407,000 in 2022. The average rent for a one-bedroom apartment is $1,017, having seen its most significant increase in a decade.
Popular Cities and Neighbourhoods in PEI
If you are considering moving to the beautiful province of Prince Edward Island, several desirable cities and neighbourhoods are well-suited for many residents. Here are a few of the most popular:
Charlottetown – Charlottetown is the capital of PEI and is an attractive city filled with amenities and affordable housing. Its residents come from diverse cultural backgrounds and fill the city with life and energy.
Summerside – Summerside is famous for its shipbuilding history and now boasts a growing economy and quiet lifestyle. Although smaller than Charlottetown, it has a flourishing downtown with amenities and affordable housing.
Stratford – Stratford is renowned as a city where residents can live a quiet lifestyle in an affordable house. It has low-expense transport and a low cost of living, making it an ideal location to set down roots.
Cornwall – Cornwall ranks highly for liveability score among PEI’s cities. The residential real estate is affordable, with moderate living costs, while the infrastructure makes it a comfortable place to settle down.
Kensington – Kensington is a quiet, quaint location with a vast green environment. Combined with its affordable housing and access to amenities, it is a picturesque location to call home.
Residents of Prince Edward Island enjoy a quiet, comfortable lifestyle with low costs of living, housing, utilities, food, and transportation. If you’re considering buying a home in PEI, a RE/MAX real estate agent can help you scout the island and find your perfect location to buy a house in this underrated province.