The PEI real estate market has cooled and is now experiencing a more balanced pace—prices are relatively steady, listings are higher than a year ago, and PEI homes are generally taking longer to sell—while the rental market remains tight, with low vacancy and limited choice in many areas. Renting can still make sense for flexibility, but higher rents and competition often make buying appealing for people planning to stay put, because ownership offers more stability and control while building equity over time. The key is mortgage readiness: a solid pre-approval, enough down payment and closing costs, and a repair/emergency cushion—so buying is a smart move when it fits your timeline and budget, not just because renting feels frustrating.
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Selling your PEI home goes best when you treat it like a planned project: set a clear timeline, understand your true “net” proceeds after fees and mortgage payout, then choose a pricing and marketing strategy based on PEI real estate comparable sales and current competition. Prepare your PEI property to reduce buyer doubt—declutter, deep clean, fix small issues, and present it for strong photos—because your first 7–10 days on the PEI real estate market often set the tone. When offers arrive, compare terms as well as price (financing strength, conditions, closing date), negotiate using facts—especially after inspections—and stay responsive through the conditions period. A smooth closing comes from good logistics and legal prep: finalize documents with your lawyer, handle utilities and move-out cleanly, and keep the home in agreed condition until keys are released. Here’s some more information about selling your PEI Home. Source

Buying a home on PEI is easiest (and safest) when you follow a clear order: confirm a realistic monthly budget, strengthen your credit, understand down payment and closing costs, then get a mortgage pre-approval so you shop with confidence. From there, narrow your must-haves, view homes with an eye for real-world risks (heating, moisture, structure, and major systems), and write an offer that protects you with conditions like financing and inspection. After inspection and negotiations, you finalize the mortgage, complete the legal closing, and take possession—then focus on smart first-month basics like changing locks, setting up utilities, and building a repair fund so homeownership stays comfortable long-term. If you need help or have a question about the PEI Real Estate market, ask one of our Century21 REALTOR® Team Source

In many cases, the minimum is 5% on the first $500,000 of the purchase price, and 10% on the portion above $500,000 (rules vary by situation). If you put less than 20% down, you’ll typically need mortgage default insurance. Source

Yes—pre-approval helps you shop with real numbers (budget + rate + lender conditions) instead of guessing. Lenders review your finances and usually run a credit check to estimate how much they may lend you. Source

Buyers are often surprised by closing costs like legal fees, inspection, appraisal (sometimes), insurance, and adjustments. A common rule of thumb is to keep extra cash available beyond your down payment so nothing blindsides you. Source

A home inspection often runs around a few hundred dollars and can help you avoid big surprises. Many buyers make inspection a condition so they can renegotiate—or walk away—if something major shows up. Source

Pre-qualification is usually a lighter estimate; pre-approval is more formal and commonly involves documentation + a credit check. In hot markets, pre-approval tends to be taken more seriously when you offer. Source

This is money you put down to show you’re serious. Whether you keep it usually depends on your contract terms (and whether you had conditions like financing/inspection). It’s a super common pain point in buyer forums because it feels stressful and “high stakes.” Source

An appraisal is the lender’s way of confirming the home’s value supports the mortgage amount. If it comes in low, you may need to renegotiate, bring extra cash, or rethink the deal—so it’s smart to plan for that possibility. Source

People ask this nonstop. The practical answer is: if your budget can handle the full monthly cost (mortgage + taxes + insurance + maintenance), you have a stable plan for the next few years, and you’ve got an emergency buffer, buying can make sense—even if the market is imperfect. Source

Sellers usually pay the commission out of the sale proceeds, and it can vary by brokerage and agreement—it’s not “standard,” and it’s negotiable. Sellers also commonly pay legal fees and sometimes discharge/closing-related fees. Source

Staging is one of the most-searched seller topics—and yes, it can help buyers picture themselves in the space. Research often highlights key rooms like the living room/primary bedroom/kitchen as the most impactful areas to stage. Source

On PEI, the “typical” cost to buy a home is most often in the high-$300Ks to low-$400Ks, depending on where you’re shopping and the type of property. For example, the PEI MLS® benchmark (HPI) was about $375,500 (Sept 2025) and the average sale price was about $402,231.Source

Beyond the price itself, you’ll usually need a down payment (minimum in Canada is 5% up to $500,000, with higher minimums above that) plus closing costs like PEI’s Real Property Transfer Tax (1%), legal fees, inspection, appraisal, and tax/utility adjustments. As a rough example, on a ~$375,500 purchase, 5% down is ~$18,775 and the 1% transfer tax is ~$3,755, before the other typical “few-thousand-dollars” closing items. Source

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Right now, PEI home prices aren’t broadly “dropping” so much as flattening: after the big run-up in the 2018–2022 period, recent PEI real estate data shows the MLS® Home Price Index (benchmark) has been basically steady with only small year-over-year movement (e.g., the PEI benchmark was up about 0.9% year over year in Sept 2025), while average sale prices were modestly higher year over year. More Info Source

If you’re a non-resident of PEI, you can generally buy land without IRAC (Executive Council) approval as long as your total PEI land holdings (combined/aggregate) stay at 5 acres or less and your shore frontage stays at 165 feet or less. If a purchase would put you over either limit (even by combining multiple properties), you typically need to apply for approval. Source

PEI is known for a slower pace, tight-knit communities, short commutes, and easy access to beaches and nature, which is a big part of why people move here. On the practical side, many people find the lifestyle “high value,” but it’s worth being realistic: housing and affordability pressures have risen, and access to services can vary depending on where you live (rural vs. Charlottetown/Summerside). In short: it can be an amazing place to live if you like community, nature, and a calmer day-to-day—just plan carefully for housing and day-to-day costs. Source More Info

Prince Edward Island’s main sources of income come from a mix of traditional industries—especially agriculture (notably potatoes), fisheries/aquaculture, and tourism (accommodations + food services)—plus major service-sector employers like health care/social assistance, public administration, and real estate/rental/leasing. In recent years, PEI has also been growing higher-value sectors such as bioscience, aerospace/defence, advanced manufacturing, and ICT, which add more year-round, export-oriented jobs alongside the seasonal economy. Source More Info

As part of Century21, we are the largest real estate brand, not only on the island, but around the world. Featuring 30+ agents speaking 10languages and located across the island to ensure our clients, buying or selling, a stress-free real estate experience.

We have a strong marketing program including streetside digital sign, social media, multiple websites, as well as our unique, proprietary publication, the Island Real Estate Book, delivered quarterly to 35,000 island homes and pickup points.

We are proud to be able to say that we list more properties than any other brokerage on the island, and that we have sold the most expensive island property to date. We handle all categories of property including, but not limited to: waterfront, commercial, and multi-unit. We can find you a small family home or a large multi-unit investment.

From our newly renovated 6000 sq ft offices with 3 closing rooms, we work with our clients: first time purchasers through experienced investors. We are as comfortable working closely with and educating first time buyers as we are working on larger property transactions, using our close working relationships with developers, as well as municipal and provincial contacts, to help bring projects to fruition.

Whatever your real estate needs, we are able and willing to help. Give us a call at (902) 436-2265 and let’s see how we can help you.