Central Mortgage & Housing (CMHC) reports that Prince Edward Island waterfront properties remain very attractive to investors. In the year 2000, the average price of a recreational property in PEI was $48,360. In contrast, by the end of 2007, the value had increased to $120,620., an increase of nearly 150%. Going along with the higher prices, was also an increased level of sales of properties. In 2000 the number of recreational properties sold in PEI was 76, by the end of 2007, the number of recreational property units sold was an astonishing 131 units. One reason for this increase is from former residents of Prince Edward Island who have left the province and gained money to come back and purchase waterfront cottages, etc.
Recently a lot of Prince Edward Islanders have gone to the oil rich province of Alberta to work for good wages. These same islanders will eventually be buying PEI Real Estate and probably retire in PEI.
That's it for now,
George, Red Soil Real Estate Inc., 902-962-2050, http://www.buysellpei.com