Buying a home in Prince Edward Island

Thinking about buying a home in Prince Edward Island? Like everywhere else, buying a home requires a good plan and thorough preparation. Most importantly, you need to have patience. Especially if you are buying a home for yourself and you plan to live there full time. To help you make a good choice, one of the best relocation companies Canada has to offer will take you through the entire process of buying a house and will even help you relocate there in the end.

Things you need to consider when buying a property in Prince Edward Island

Prince Edward Island (PEI) is a beautiful province in Canada with a lot to offer, from stunning beaches to vibrant cultural events. If you’re considering buying a home in PEI, there are a few things to keep in mind:

• Location
• Housing market
• Property taxes
• Home inspection
• Financing options

Of course, let’s not forget the real estate agent and all the other experts involved in the process.

Buying a home in Prince Edward Island requires patience

Finding a good location

Naturally, the very first thing you need to think about is the location. Prince Edward Island has many lovely towns and communities. And each has its own unique character and attractions. Here are some of the best places to buy a house in PEI:

• Charlottetown
• Stratford
• Cornwall
• Montague
• Kensington
• Summerside

Charlottetown

Charlottetown’s got history in its bones. Cobblestone sidewalks, 1800s row houses, pubs with live fiddle music on a Tuesday night. As the capital city of PEI, it’s where arts, politics, and everyday island life meet in one very walkable downtown. Want coffee? There’s a café on every corner. Need to see a show? The Confederation Centre of the Arts runs something nearly year-round.

It’s also surprisingly familiar if you’re moving to PEI from Ontario, especially if you’re used to places like Stratford. Same small-theatre vibe. Same older homes with creaky floors and tons of charm. You won’t feel too far from what you know, but you’ll probably pay a lot less for it.

Stratford

Stratford sits just across the Hillsborough River, but it feels like a quieter cousin. More driveways, fewer tourists. You’ll find new subdivisions mixed with farmland and ocean views. Families love it for the schools, some of the best on the island, and the fact that you can get from hockey practice to home in under ten minutes.

It’s also where some of the best movers Prince Edward Island has to offer are based. Not a big deal until you’re trying to get a couch up a narrow PEI stairwell. Then it really matters.

This place has the best schools on the island

Cornwall

Cornwall’s got this in-between energy. Close to Charlottetown, but with enough space to breathe. The houses here feel newer. The streets wider. You’ll see a lot of kids on bikes and local shops that remember your name after one visit.

If you’re moving with kids, or planning to, Cornwall makes sense. Schools are solid. The people are friendly. And there’s enough going on that you won’t feel isolated, even if you’re not big on the whole “urban center” thing.

Montague

Over on the eastern end sits Montague, small, scenic, and slightly artsy. It’s the kind of place where your neighbor might be a painter, and your mechanic might also play in a folk band. The waterfront’s lovely, with sailboats, shops, and boardwalks that glow pink at sunset.

It’s slower-paced out here. If you crave space, quiet, and a little creative spark, this one’s for you.

Kensington

Right in the island’s heart, Kensington delivers small-town energy without being remote. The main street’s got that postcard look, vintage signs, tidy storefronts, and people who nod at you whether they know you or not.

There are schools, parks, and beaches close enough for weekend trips. If you’re raising a family or just want less chaos and more routine, this place fits.

Summerside

Summerside’s bigger than it looks. Second-largest city on the island, but still feels friendly. Downtown hums with shops, galleries, and seafood joints where the waitress might remember your order from last week. The waterfront boardwalk’s a favorite, especially in July when the festivals kick off.

It’s well-rounded. Families do great here. Retirees settle in, too. And if you’re somewhere in between? It still works. Summerside just has that flexible, welcoming vibe, like whatever life stage you’re in, it has space for it.

Summerside is one of the best places to live in PEI

The housing market in PEI

While scanning for location, you also need to think about home prices in those specific areas you are interested in. As of June 2025, the median home value in Prince Edward Island (PEI) is around $430,000 CAD, which is a 5.1% increase since 2024. Naturally, different places have different home prices. Here are the average prices in the places we mentioned above:

• Charlottetown – $450,000
• Stratford – $428,000
• Cornwall – $345,000
• Montague – $329,000
• Kensington – $376,000
• Summerside – $380,000

Don’t forget to think about property taxes when buying a home in Prince Edward Island

Property taxes are another important thing that you need to think about when buying a home in Prince Edward Island. Here, it is based on the assessed value of the property, at $1.50 per $100 of assessed value. Naturally, depending on the location and the municipality. These taxes are then used to fund local services such as education, roads, and waste management.

The average property tax rate in PEI is around 1.1%, which is lower than the national average of 1.5%. Property owners are required to pay their taxes annually and can do so through their local municipal government. Bear in mind that it’s important to stay up-to-date on property tax rates and deadlines to avoid any penalties or interest charges.

Property taxes are a must when considering buying a home here

A good home inspector can save your sanity (and wallet)

Let’s be honest—skipping a home inspection in PEI is a gamble. You might think that charming century-old house with the wraparound porch “just needs a little love.” But behind the salt-weathered shingles? Mold, rot, or a sketchy electrical panel from 1983. That’s why bringing in a solid home inspector isn’t just smart—it’s essential.

Here’s what matters most: they need to be legit. Look for someone registered with CAHPI or InterNACHI—PEI doesn’t mess around with licensing, and neither should you. Ask your realtor for local names. Then ask your neighbor. Then check Reddit, just in case.

And talk scope early. Will they check the crawlspace? Septic? Oil tank? Some inspectors here still treat certain older systems like they’re cursed. You want someone curious, not squeamish. Expect to pay between $250 and $550, depending on the size and age of the home. And yeah, it’s worth every penny—especially when they catch that foundation crack you missed while swooning over the ocean view.

Truth? A bad inspector tells you it looks “fine.” A good one hands you a flashlight and walks you through the spider-y basement. You want the second kind.

Don’t lock yourself into a mortgage without looking around first

Buying a home in PEI means committing. Like, really committing—possibly for 25 years. That’s why financing deserves more than a Google search and one bank appointment.

Conventional mortgages are the go-to, sure. But have you looked into government-backed options? In some cases, they offer better terms for first-time buyers. There’s also private lending if your credit’s not perfect—or if you’re self-employed and banks give you the side-eye.

In 2025, average interest rate for a five-year fixed-rate mortgage hovered around 4.58%, give or take. Not outrageous, but not cheap either. So shop around. Call a broker. Read the fine print. And don’t forget things like bridge loans or vendor take-back mortgages—they sound niche, but they’ve helped people land dream homes before.

Money decisions are stressful, especially in PEI where inventory’s tight and emotions run high. So if it doesn’t feel right? Wait. That house by the water? It’ll either be yours—or something better will show up the week after lobster season ends.

There are many financing options to choose from

Make sure that you have a good realtor with you through the entire process

Working with a good realtor when buying or selling a home in PEI is crucial for a smooth and successful transaction. A knowledgeable and experienced realtor can help you navigate the complexities of the real estate market, negotiate offers, and provide valuable guidance throughout the process. Some of the best real estate agencies in PEI include Century 21, Remax, and Exit Realty, among others.

Stay mentally strong during the homebuying process in PEI

Buying a home in Prince Edward Island isn’t just about signing papers, it’s a deeply personal experience shaped by salt air, slow living, and the kind of small-town energy where everyone really does know your name. But don’t be fooled by the laid-back island vibe: house hunting here can still fry your nerves like a codfish on a church-basement griddle.

If you’re relocating for emotional reasons, like moving from Toronto to Charlottetown PEI, the weight of that decision can hit hard. You’re not just changing addresses, you’re trading rush hour for tractors, and fast food for fresh seafood rolls at the corner gas station. That culture shock is real, and it sneaks up when you’re elbow-deep in real estate listings or waiting three days for your mortgage broker to call back.

Ground yourself with island rituals. Walk a red clay road at sunset. Visit a local farmers’ market and talk to a stranger. Keep a weather eye on your own emotional tides, things move slower on PEI, and so should you. Not every delay is a disaster. Sometimes the house you didn’t get was just a lobster trap in disguise. Stay patient. Trust your gut. And when in doubt, go watch the fishing boats come in. They’re never in a rush, and somehow, everything still gets done.

Smart tips to prepare for your move after closing the deal

Once you’ve sealed the deal on your new Island home, the real work begins, and it’s not just about packing boxes. When buying a house in Prince Edward Island, you need to prep for a move that might involve gravel roads, ferry schedules, or trying to find someone to plow your new driveway who isn’t booked until next February.

First, think seasonally. PEI winters come in strong like a ceilidh fiddle, so if you can swing it, moving in the off-season can save you money and spare you the sweat and ferry congestion of tourist season. Just don’t forget to check when the bridge is under maintenance, or worse, when lobster season closes, because yes, some moving trucks do get stuck behind trap-haulers.

Label your boxes, but also prep for hyper-local logistics. Will the moving truck fit down that winding heritage lane? Is your water system on a well and septic? Call your new municipality; some PEI homes have quirks that don’t exist off-island. And if you’re lucky enough to move near a small town, expect curious neighbors to show up mid-unload, often bearing muffins and five generations of local gossip.

Involve your kids, especially if they’ve never seen a potato farm up close. Pack your gumboots, prep a seafood boil kit for your first night, and remind yourself: you’re not just moving. You’re becoming an Islander, and that means doing things the PEI way, slowly, kindly, and maybe with a free dozen eggs from the neighbor across the lane.

You need to give yourself time to prepare for the move, too

Take things slowly and be patient

And that is all you need to know before buying a home in Prince Edward Island. As you can see, there are many things that you need to think about and consider. So be prepared for a lengthy process that can take a few weeks or even months. You simply cannot rush things up when it comes to buying a home. Be patient, go slowly, and think everything through twice before you make a decision. Once you do, some of the best Canadian moving services will help you get to your new home.