PEI Vacant Land and Lots for Sale
PEI vacant land and lots for sale are divided into several categories. These include:
Bare Acreage
This refers to the vast stretches of land that can be treed, partially treed, or completely cleared. Typically found in outlying regions, these properties usually do not have services in place.
Waterfront Lands or Lots
Waterfront lands and lots can include a wide range of properties, from large tracts of undeveloped land without services to developed plots in subdivisions such as Granville on the Water or Sunset Dunes.
City Subdivisions
City subdivision lots are found in areas such as Starlite Estates, where lots are fully serviced and may include paved roads, curbs, and sometimes even sidewalks.
Standalone Lots
Standalone lots are scattered in or around urban regions. Their closeness to cities often makes them less expensive to service than bare acreage. These can include small acreages with or without services.
Cottage Lot Subdivisions
Cottage lot subdivisions are primarily rural and are often designed for up to three seasons of use. They do not usually have paved roads, and these roads are often not cleared during the winter season.
Beyond these categories, it is also important to determine the intended purpose of the land. Is it residential, recreational, or agricultural?
Regulations with PEI Land Ownership
PEI has a distinct set of rules under the Island Regulatory and Appeals Commission, commonly known as IRAC, which helps determine how much land or shorefront an entity can own.
In the infancy of PEI’s history, the province was divided into sixty-seven 20,000-acre lots. Interestingly, these lands and lots were given to a select group of absentee proprietors before any real settlement occurred. Over the centuries, the land gradually returned to local hands as it was bought from these non-local landlords.
Fast forward to the 1960s, when the spectre of absentee ownership of PEI lands and lots once again loomed large. Non-residents, sensing the potential of PEI real estate, started investing heavily, leading to significant portions of coastal areas slipping out of local control. This was addressed in 1972 with amendments to the Real Property Act, which put restrictions on lands and lots for sale in PEI from being purchased by non-residents.
However, it was an application in 1981 by a non-resident corporation to buy 6,000 acres that truly shook the public conscience. There were fears of one entity dominating PEI’s agricultural industry. The result was the introduction of the Lands Protection Act in 1982.
Key Points to Consider for Prospective Buyers of Lands and Lots for Sale in PEI
Land ownership rules can change. The information below is a general overview and should not be considered legal advice. Buyers, particularly non-residents and corporations, should confirm current requirements with the Island Regulatory and Appeals Commission (IRAC) before purchasing PEI land.
Application Requirement
Non-resident entities must apply if they:
Approval Conditions
Government may sanction the land purchase with stipulations such as limited subdivision rights, land identification for non-development, and mandated residential status within a set timeframe.
Denial Reasons
Applications can be turned down for various reasons, including non-resident control over a large acreage, surpassing the Act’s limits, speculation motives, and more.
Land Holding Limits
An individual can own up to 1,000 acres, while corporations have a cap of 3,000 acres. Cabinet must approve non-resident purchases of two hectares, or five acres, or more, as well as land with more than 165 feet of shore frontage.
Application Time
Processing times can vary depending on the application, completeness of the submission and the IRAC and Executive Council meeting schedules.
Application Essentials
Applicants wishing to purchase lands and lots for sale in PEI must provide a detailed form, relevant maps, legal descriptions, advertising details if applicable, a submission relating to the Prohibition on the Purchase of Residential Property by Non-Canadians Act, and the relevant fee.
Moreover, recent federal laws restrict land purchases in Canada by foreign entities. It is advisable to consult with your Century21 REALTOR® for further details.
The allure of purchasing vacant land and lots in PEI is undeniable. However, prospective buyers must be well-versed in the nuances of PEI’s real estate landscape to make informed decisions. Whether it is a serene waterfront lot or a standalone plot near the city, PEI offers a piece of land that can suit many different dreams, plans, and lifestyles.
What to Check Before Buying Vacant Land in PEI
- Zoning and permitted land uses
- Whether the property can receive a building permit
- Septic suitability and perc-test results
- Well and water-service options
- Year-round road access and road ownership
- Survey boundaries and easements
- Restrictive covenants or subdivision requirements
- Flooding, erosion and coastal setbacks for waterfront land
- Utility, internet and electrical-service availability
- Whether Lands Protection Act approval may be required
