Average price expected to hold steady, while sales take a dive
Central Prince Edward Island
2023 RE/MAX Cottage Trends Report
• Recreational properties in PEI are more affordable relative to other provinces ranging from $350k for a non-waterfront property and as low as $600k up to $3M for waterfront.
• With Baby Boomers set to retire in the next few years, many will choose to settle in PEI; however, the province doesn’t have the inventory needed to host them. It’s predicted many retirees will buy properties to build on them later.
• Damage from 2022’s Hurricane Fiona – which ruined trees and impacted the coastline – has affected the already low inventory of highly-sought after waterfront properties.
Read the National Overview
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$764,000
2023 (January-March)
average price
$682,000
2022 (January-March)
market outlook
-35%
2023 Sales Estimate
No change
2023 Price Estimate
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Expert Insights
"The Central PEI market has always been good – we have some of the world’s best beaches, fine dining, and golf courses, at more affordable prices as compared with larger city centres, so we’re highly-sought after by retirees and even young couples for both vacation homes and permanent residences. Typically, Canadians from Ontario and BC – where properties are averaging $1M - $2M – sell these properties in and purchase a waterfront property in PEI for $600k, and pocket the difference for retirement; however, with our inventory being so low and fears of the recession limiting the purchasing power of our typical buyers, the number of sales are declining year-over-year.”
Rocky Arsenault
Owner, RE/MAX Harbourside Realty