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Lands and lots for sale in PEI

Explore our impressive range of Lands and Lots for sale in PEI

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For sale $299,900
121 Creekside Drive, stratford, Prince Edward Island

121 Creekside Drive

Stratford, Prince Edward Island

For sale $350,000
LOT DONEGAL Lane, stratford, Prince Edward Island

Lot Donegal Lane

Stratford, Prince Edward Island

For sale $245,000
67 LARKSPUR Street, stratford, Prince Edward Island

67 Larkspur Street

Stratford, Prince Edward Island

For sale $150,000
26 Albion Crescent, albion, Prince Edward Island

26 Albion Crescent

Albion, Prince Edward Island

For sale $49,900
Lot Osprey Drive, mill cove, Prince Edward Island

Lot Osprey Drive

Mill Cove, Prince Edward Island

For sale $339,000
Route 20, springbrook, Prince Edward Island

Route 20

Springbrook, Prince Edward Island

For sale $119,000
Lot 1 Alexander Drive|Dunedin Estates, clyde river, Prince Edward Island

Lot 1 Alexander Drive, Dunedin Estates

Clyde River, Prince Edward Island

For sale $35,500
0 Enman Shore Road, north enmore, Prince Edward Island

0 Enman Shore Road

North Enmore, Prince Edward Island

For sale $39,900
0 St Charles Road, souris, Prince Edward Island

0 St Charles Road

Souris, Prince Edward Island

For sale $53,900
0 Rte 12, east bideford, Prince Edward Island

0 Rte 12

East Bideford, Prince Edward Island

For sale $58,000
0 MacKinnon Road|Brae River, derby, Prince Edward Island

0 Mackinnon Road, Brae River

Derby, Prince Edward Island

For sale $52,000
0 Curtis, selkirk road, Prince Edward Island

0 Curtis

Selkirk Road, Prince Edward Island

Vacant Land and Lots for Sale in PEI: A Comprehensive Guide

PEI Lands & Lots for Sale

Nestled in the Gulf of St. Lawrence, Prince Edward Island (PEI) is renowned for its picturesque landscapes, coastal beauty, and fertile soils. For those looking into the real estate market, especially in the category “Lands and Lots for Sale in PEI”, there’s an array of options available. However, understanding the types of land and lots for sale in PEI and the regulations surrounding their purchase is essential.

PEI vacant land and lots for sale are divided into several categories. These include:

Bare Acreage

This refers to the vast stretches of land which can be treed, partially treed, or completely cleared. Typically found in outlying regions, these don’t have any services.

Waterfront Lands or Lots

Encompassing a wide spectrum, these can range from large tracts without any services to developed plots in subdivisions like Granville on the Water or Sunset Dunes.

City Subdivisions

Think of places like Starlite Estates, where lots are fully serviced, with paved roads, curbs, and sometimes even sidewalks.

Standalone Lots

These are scattered in or around urban regions. Their closeness to cities makes them less expensive to service than bare acreage. These can be small acreages with or without services.

Cottage Lot Subdivisions

Primarily rural, these lots are designed for up to three seasons of habitation. They don’t usually have paved roads, and the winter season sees them not cleared.

Beyond these categories, it’s also important to determine the land’s purpose – residential, recreational, or agricultural?

Regulations with PEI Land Ownership

PEI has a distinct set of rules under the Island Regulatory & Appeals Commission (IRAC) dictating 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? The introduction of the Lands Protection Act in 1982.

Key Points to Consider for Prospective Buyers of lands and lots for sale in PEI

Application Requirement

Non-resident entities must apply if they:

Approval Conditions

Government might sanction the land purchase with stipulations such as limited subdivision rights, land identification for non-development, and mandated residential status within a 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 (five acres) or more, and land with more than 165 feet of shore frontage.

Application Time

On average, the application processing takes 3-4 weeks, but complex cases might take longer.

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 a relevant fee.

Moreover, recent federal laws restrict land purchases in Canada by foreign entities. It’s 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 with the nuances of PEI’s real estate landscape to make informed decisions. Whether it’s a serene waterfront lot or a standalone plot near the city, PEI promises a piece of land that’s perfect for every dream.

PEI has always placed controls on how much land any one person or corporation can own. Find out the “nitty-gritty” from Michael Poczynek

Canada has passed a law prohibiting non-resident buyers from purchasing homes for at least the next 2 years.