Prince Edward Island is experiencing a balanced market, with an influx of Millennial buyers looking for year-round waterfront properties. According to the latest RE/MAX 2019 Recreational Property Report, Prince Edward Island properties have experienced year-over-year price increases across all property types. Touted as the warmest waters north of the Carolinas, Price Edward Island properties are often scooped up by tourists who have previously vacationed in the region. Properties are marketed as both primary residences and recreational properties, and there is a growing trend of buyers purchasing multiple properties; staying in one and renting out the others to tourists.
Prince Edward Island market conditions:
- Waterfront properties up 21% year over year
- Non-waterfront properties up 9% year over year
- Balanced market conditions
Prince Edward Island at a glance:
Primarily a summer destination, Prince Edward Island properties attract recreational buyers who love to swim, boat, bike and golf in the warmer months of the year. Famous as the home to Anne of Green Gables, the island is also known for its red sand beaches, small-town lifestyle, restaurants featuring local seafood, excellent golf courses, cultural festivals and events.