P.E.I.'s housing market starting to cool, but some Islanders say they're still priced out
CBC
Prince Edward Island's housing market is becoming more balanced, according to new data.
A report from the Canadian Real Estate Association and the P.E.I. Real Estate Association shows sales and home prices are both up in 2025 compared to last year. Sales in November, however, were down 11.2 per cent compared to the same month in 2024.
The median home price for the year is now $380,000, compared to $365,000 by this time last year.
Jeff MacKay, an agent with ReMax Charlottetown Realty, said there is currently a lot of inventory on the market, which allows buyers to have more options.
And while home prices are up, he said, they still tend to be a bit lower on P.E.I. in comparison to other provinces.
"It's not COVID-pandemic levels anymore where, you know, people would list the house and it would sell really quickly no matter what price," MacKay said.
"Now we need to be a little more careful with the pricing of the house, the geographical area of the house… that reflects in the price as well."
In a statement to CBC News, the P.E.I. Real Estate Association said the housing market in the province is settling down and creating more of a balance between buyers and sellers.
"Sales have slowed a bit compared to last year, but prices have largely stabilized and there are more homes available for buyers to choose from," the statement reads. "This means buyers have more time and options, while sellers need to price their homes realistically to succeed."
Some who are looking to buy a home, however, feel they can’t realistically reach that goal.
Maggie Campbell, who lives in New Annan, hopes to eventually buy a house on the Island.
Having previously lived in Halifax, she felt that she had a better chance of owning a home on P.E.I. — but said she's starting to feel that isn't the case.
"Even with two full-time incomes, it’s not even a remote possibility within the next decade to us," she said. "We stopped even really trying at this point."
MacKay said there are options that help people with down payments, such as the province's program for first-time home buyers.
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