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

More to Explore

Best places to live Toronto

Liveability is a Top Selling Feature When Listing Your Home

September 26, 2025

Family moving in and talking about How Much to Budget for Moving Costs

How Much to Budget for Moving Costs

September 25, 2025

Exploring your neighbourhood

Fall Homebuying and Exploring Your Neighbourhood with Man’s Best Friend

September 23, 2025

A couple talking about How Long Does Mortgage Approval Take After Pre-Approval

How Long Does Mortgage Approval Take After Pre-Approval?

September 22, 2025

Selling your Home this Fall

6 Tips for Selling your Home this Fall

September 22, 2025

Design Trends for Fall 2025

Design Trends for Fall 2025

September 19, 2025

Two women in the garden talking about What Is Homesteading in Canada All About

What Is Homesteading in Canada All About?

September 18, 2025

Will the Bank of Canada Cut Interest Rates This Year

Interest Rate Announcement: Bank of Canada Lowers Rate After Six-Month Hold

September 17, 2025

Will Carney’s Build Canada Homes Plan Make Housing Affordable?

Will Carney’s Build Canada Homes Plan Make Housing Affordable?

September 15, 2025

Find the
Right Agent

Sign up
For Our Newsletter

This field is hidden when viewing the form

Next Steps: Sync an Email Add-On

To get the most out of your form, we suggest that you sync this form with an email add-on. To learn more about your email add-on options, visit the following page (https://www.gravityforms.com/the-8-best-email-plugins-for-wordpress-in-2020/). Important: Delete this tip before you publish the form.
Untitled(Required)

*RE/MAX, LLC, 5075 S. Syracuse St., Denver CO, 80237; RE/MAX Western Canada and RE/MAX Ontario-Atlantic, 639 Queen Street West, Toronto, ON M5V 2B7, 905-542-2400

This field is for validation purposes and should be left unchanged.