The Central PEI cottage market currently favours sellers – conditions that are expected to continue through the remainder of 2023. Over the last year, approximately 70 per cent of homebuyers consisted of out of province buyers, primarily from Ontario and BC; as well as young millennial and middle-aged couples; and those in early retirement (Gen X).
Due to low sales in Q1 of 2022 and 2023, Central PEI was unable to provide price and transactional data; however, the average sale prices in the region are anticipated to remain stable for the remainder of 2023, while the number of sales is expected to decrease by 30 to 40 per cent.
Listings in PEI typically come on the market in May, which will increase traffic in the market for the rest of the year; however, inventory in this area has always been low in this market which will continue to impact sales.
Due to the market being so small and the properties being so affordable, intergenerational or group property purchases are not anticipated.
When it comes to recreational property prices, PEI has been fortunate to not feel the effects of the recession; however, recession fears among the region’s core out-of-province buyers from Ontario and British Columbia have impacted the number of sales in the market. With home-prices falling in these core regions, out-of-province buyers aren’t seeing returns on properties they sell in home-provinces, meaning they’re not moving into the PEI market as they have in years past., according to Rocky Arsenault, Owner, RE/MAX Harbourside Realty.