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'Great time to buy': Real estate sales on P.E.I. up 52% in June, setting a monthly record
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Real estate numbers for Prince Edward Island show a major increase in June sales, breaking a monthly record, while other Canadian cities saw a downward trend.
Patty Castle, owner of Power House Realty, said one reason for the increase in sales could be that homes are cheaper on P.E.I. compared to other provinces.
"[It's a] great time to buy right now, lots of inventory, lots of great prices," Castle said.
She said she has clients from other provinces wanting to cash in on the Island's prices.
WATCH | Housing market in P.E.I. stronger than in many other parts of Canada:
Housing market in P.E.I. stronger than in many other parts of Canada
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Numbers from the Canadian Real Estate Association show a 52 per cent increase in home and commercial sales in June compared to the same month last year. National average was up just 3.5 per cent over the same timeframe.
But according to MLS system, which the association uses to track sales, last month's average home price was $403,987 — an increase of nearly 7 per cent over June 2024.
Castle said the average time a house will be on the market in P.E.I. is about 60 days, and houses that are still priced as high as they would have been during the COVID-19 pandemic are sitting unsold for longer periods of time.
'Lots of opportunity'
Tim Jackson, president of the P.E.I. Real Estate Association, said the Island housing market is becoming more balanced, but it still leans in favour of sellers.
But, he said, prospective buyers have more options than they did in previous years.
"Buyers have lots of opportunity to browse the market, they don't have to jump on the property right away, and buyers are able to make an informed decision," Jackson said.
While there are government programs to help with affordability and more people are looking at rural areas or mini-homes, some Islanders are still finding the market to be a challenge.
Even if the prices of houses are lower, you can't even make the money for a down payment. — Susan McGuirk, P.E.I. resident
Island resident Marion Miller said home prices are still too expensive for everyone, especially for younger people.
She bought her home in the 1970s for $40,000, but said people now are in different circumstances. With prices of most goods going up, she said, buying a house is no longer an option for a lot of people.
"I think [prices] are very inflated as they are everywhere. People can't afford it," Miller said.
Susan McGuirk echoed Millers remarks about the market on the Island.
"Our wages here compared to the rest of Canada are not the same at all," McGuirk said. "Even if the prices of houses are lower, you can't even make the money for a down payment."
A further sign that highlights how strong the market is on P.E.I. is the number of real estate agents.
There are currently around 500 working in the province — about twice as many as there were five years ago.
