More information on the PEI Real Estate Market and retiring to PEI


As mentioned before the PEI real estate market affords the owner of a home in other parts of the country a chance to capitalize on the equity they have built in their home. PEI is known as the setting of the Lucy Maud Montgomery saga of the life of Anne of Green Gables and of course it is also known for the cultivation of potatoes. PEI life is peaceful but there is still a vibrant community and lots to do. PEI has the usual trappings of modern life including fitness facilities with competition sized pools and hockey rinks, a complete island medical system with modern hospitals and access to more in Halifax as well as a full range of restaurants, stores, theatres, art galleries, and special interest clubs and associations. You will find plenty to do and should you want a little extra work in a good cause there is a strong volunteer community as well.

 

PEI real estate investment for your future

Here are the average house prices for each province in Canada as of Sept 2009 (Canadian Real Estate Association)

British Columbia

$474,000

Alberta

$347,000

Ontario

$327,000

Saskatchewan

$233,000

Quebec

$230,000

Newfoundland / Labrador

$204,000

Manitoba

$203,000

Nova Scotia

$193,000

New Brunswick

$152,000

Prince Edward Island

$142,000

Now let’s compare the value of real estate in Canada with PEI real estate prices and determine the difference which is the equity you would have to invest in further PEI real estate for rental.

British Columbia

$332,000

Alberta

$205,000

Ontario

$185,000

Saskatchewan

$91,000

Quebec

$88,000

Newfoundland / Labrador

$62,000

Manitoba

$61,000

Nova Scotia

$51,000

Not sufficient difference for New Brunswick
Western US homeowners and homeowners in the New England States can expect differences similar between PEI real estate and theirs as Alberta and BC.

The figures in the table above are the differences in equity between an average PEI real estate prices for a home and those in the other provinces. These figures represent the amount of money you may have “left over” after selling your current property and purchasing a similar home in the PEI real estate market. Of course this assumes that your current home is mortgage free. In all cases there is sufficent money to make a PEI real estate investment over and above your own PEI home. You could purchase rental property and add the rental income to your monthly retirement income. Of course you could also invest this money in other financial instruments as well.