Prince Edward Island Real Estate

Economic Overview

Agriculture is the leading industry in Prince Edward Island, with over 1,500 farms operating throughout the province. The main crop is potatoes, and there are over 300 potato growers in the province. Prince Edward Island produces approximately 25% of all potatoes grown in Canada, and is also a major producer of seed potatoes, which it exports to countries around the world. Along with the processing of frozen fried potatoes, the province also has companies processing green vegetables and berries for freezing and packaging.

Other industries in the province include aerospace, bioscience, information and communication technology, renewable energy, and shellfish fishing and farming (including lobster, oysters, and mussels). Renewable energy has been particularly important more recently, with a global push to find better energy sources that do less damage to the environment. About 15% of electricity consumed on the island comes from renewable energy sources, mostly wind turbines. The province wants to see this percentage grow, leading to future employment opportunities in this sector.

Entertainment and Tourism

Prince Edward Island has a number of provincial parks, which provide recreational opportunities such as hiking, fishing, camping, biking, and wildlife watching. Some of these parks include Jacques Cartier Provincial Park, on the northwestern tip of the island; Argyle Shore Provincial Park, located on the coast of the Northumberland Strait; Basin Head Provincial Park, located on the northeastern tip of the island; and Kings Castle Provincial Park, in the southwestern corner. The province also has Prince Edward Island National Park, located in the centre of the province on the northern coast.

Historical sites in Prince Edward Island include Province House, located in Charlottetown, where the Charlottetown Conference took place in 1864 (which would be the first meeting of many that would lead to the Canadian Confederation); a number of churches, such as All Souls Chapel, St. Dunstan's Roman Catholic Basilica, and Tryon United Church; government buildings such as Alberton Court House, Charlottetown City Hall, and Former Summerside Post Office; and small museums and preserved properties such as Strathgartney Homestead, which illustrates the land tenure system in the province used until 1875.

Arts and culture activities can be found throughout the province, but especially in the more populated cities/towns. The PEI Museum features exhibits about the natural and social history of the province, while the Anne Museum celebrates L. M. Montgomery’s literary character, Anne of Green Gables. Prince Edward Island is home to the PEI Symphony Orchestra and the Confederation Centre of the Arts. The Island Hill Farm and The Dunes Studio Gallery and Café are also popular spots. Festivals include the Cavendish Beach Music Festival, the PEI Shellfish Festival, Old Home Week Festival, and the Island Fringe Festival.

Main cities in the Province

Charlottetown, with a population of over 34,000, is Prince Edward Island’s largest city as well as the province’s capital. The city is located in the centre of the province, on the southern coast. It is home to many of the province’s largest companies, as well as numerous arts, cultural, and recreational activities/events. Summerside has over 14,000 people and is located along the southwestern coast. Stratford, with over 8,000 people, is located southeast of Charlottetown. There are over 5,000 people in Cornwall, which is located west of Charlottetown. Montague is located southeast of Charlottetown and has close to 2,000 people.

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Real Estate Market

Single-family homes in the northwestern part of the province mostly come at affordable prices, and are often on large, rural-style lots, sometimes with garages. Plenty of reasonably priced vacant land is available in this area, some of which backs onto water. Commercial spaces in the area sometimes include attached residences.

The central section of the province includes the capital city of Charlottetown, where single-family home prices tend to be higher. Condos are also an option in this area, and can range in price depending on location and size. Vacant land is still reasonably priced in this area, and can be zoned either residential or commercial. In the more rural areas of this section, single-family homes tend to be on larger lots than in the city, and there are numerous vacant lots to choose from.

On the island’s southeastern side, single-family homes tend to be on very large, rural-style lots, and neighbours are often too far away to see. These homes tend to be lower in price than those found in the central section of the province. Commercial properties are also available in this section, with prices reflecting their size and location. Vacant land is plentiful in this section of the province, with prices dependent on size and location.

Home Style	Average Price
Home	$186,573

Source: CREA's National Average Price Map for December 2016.

Education

Prince Edward Island has two school districts, one operating English schools and one operating French schools. These schools follow a curriculum developed by the province. There are four private schools on the island (some of which are religious-based), and these schools are also required to follow the provincial curriculum. The University of Prince Edward Island is the province’s only university and is located in Charlottetown. Holland College, the province’s community college, has campuses across the island and includes specialized facilities for police, marine, and culinary training. There are also private college options, including the Maritime Christian College. Other post-secondary options are available through adult education classes and private specialty training.