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 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

As the capital city of PEI, Charlottetown is a bustling urban center with a vibrant arts and culture scene, excellent shopping and dining, and beautiful historic architecture. There are many charming neighborhoods in Charlottetown, including the highly desirable downtown area. This place is also a good choice if you are moving to PEI from Ontario and you are coming from somewhere like Stratford. That is if you don’t want a big difference from what you are currently used to.

Stratford

Located just across the river from Charlottetown, Stratford is a growing community with a mix of urban and rural properties. It has great schools, parks, and community centers, making it a great place to raise a family. Here you can also find some of the best movers Prince Edward Island has to offer. So, keep that in mind as well when choosing a place to buy a home in PEI.

Cornwall

Located just outside Charlottetown, Cornwall is a rapidly growing community with a mix of residential and commercial properties. It has excellent schools and is known for its friendly community atmosphere. Regardless of whether you are a young family or someone who is looking for work or a place to retire, Cornwall is a place to consider.

Montague

Located on the eastern side of the island, Montague is a quaint town. It has a strong arts and culture scene, beautiful waterfront properties, and easy access to outdoor recreational opportunities. It is recommended for families, retirees, and outdoor enthusiasts.

Kensington

Located in the center of the island, Kensington is a small town with a charming downtown area. It has excellent schools, and easy access to the island’s many beaches and parks. This makes it perfect for young families and retirees.

Summerside

Located on the western side of the island, Summerside is the second-largest city in PEI. It has a thriving downtown area, a beautiful waterfront, and a wide variety of cultural events and festivals. Generally, is a great place to live for families, retirees, and individuals of all ages.

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 January 2023, the median home value in Prince Edward Island (PEI) is around $343,600 CAD, which is a 3,7% increase since 2022. Naturally, different places have different home prices. Here are the average prices in the places we mentioned above:

• Charlottetown – $396,987
• Stratford – $595,244
• Cornwall – $695,000
• Montague – $379,900
• Kensington – $465,179
• Summerside – $370,388

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, they are based on the assessed value of the property and can range from $0.30 to $1.22 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.

Hiring a home inspector can save you from a lot of trouble

Hiring a home inspector is important because it can help identify any issues or potential problems with a property before purchasing. This can save you from costly repairs and unforeseen expenses down the line. Now, when hiring a home inspector in PEI, there are several key factors to consider. First, ensure that the inspector is licensed and registered with a professional organization like CAHPI or InterNACHI. Additionally, consider the inspector’s experience, qualifications, and areas of expertise, and ask for referrals from friends or family members.

It’s important to discuss the scope of the inspection and what will be included in the report, ensuring that all major systems and components of the property are covered. Also, bear in mind that home inspection fees in PEI range from around $281 to $402 or more. To find a licensed home inspector in PEI, consult with your local real estate agent for recommendations, and ask potential inspectors for references from past clients.

Explore all the financing options before you make a long-term commitment

When buying a home in PEI, it’s important to explore financing options to find the best fit for your needs and budget. The most common financing options include conventional mortgages, government-backed mortgages, and private mortgages. In 2023, the average interest rate for a five-year fixed-rate mortgage in Canada was around 2.5%. Other financing options to consider include home equity lines of credit, bridge financing, and vendor take-back mortgages. So, make sure you check all the options before you actually decide to tie yourself up for the next few years or even decades.

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.

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

References:

https://creastats.crea.ca/board/peia

https://www.ovlix.com/for-sale/Prince-Edward-Island/Stratford

https://www.ojohome.ca/market-trends/summerside-pe/

https://www.ojohome.ca/cornwall-pe/63-macarthur-dr-cornwall-pe-c0a-1h4/pid_slwqdjmzqz/

https://www.ojohome.ca/market-trends/kensington-pe/

https://www.angi.com/articles/how-much-does-home-inspection-cost.htm

https://www.cbc.ca/news/canada/prince-edward-island/pei-housing-real-estate-prices-1.6551710