Even Prince Edward Island is now seeing bidding wars, which in turn have become major drivers of home price growth over the past few years.<\/p>\n
A rental vacancy rate of 0.2% in Charlottetown has helped propel this phenomenon.<\/p>\n
\u201cIt does happen, no question,\u201d Century 21 and Colonial Realty broker\/owner Joel Ives told CBC News.<\/p>\n
\u201cPeople are banging on doors, saying \u2018I really like your house, are you interested in selling?\u2019 And some people say \u2018yes, maybe we are if the price is right.\u2019\u201d<\/p>\n
Competition is especially fierce in the $250,000 to $350,000 price bracket \u2013 all the more because any new construction in Charlottetown tends to be either in the starter home or luxury categories.<\/p>\n
From 2016 to 2019, the average home price in PEI\u2019s capital grew by 38.5%, settling at $277,000 as of mid-year.<\/p>\n
This considerably outpaced other high-volume cities like Victoria (33.3%), Toronto (25.3%), Montreal (17.7%), and Vancouver (10.93%). The only markets that exceeded the Charlottetown figure were Ontario\u2019s Niagara Region and some sections of Vancouver Island.<\/p>\n
PEI Real Estate Association president Greg Lipton noted that a steady influx of new consumers represented further demand. From 2010 to 2018, the province has seen the entry of over 12,000 immigrants.<\/p>\n
\u201cThey came with a lot of money and they wanted something new, and we didn\u2019t really have a lot of new stuff at that time,\u201d Lipton said. \u201cNew construction is very expensive. We\u2019re up to close to $200 per square foot nowadays to get anything built.\u201d<\/p>\n
However, Ives cautioned that more and more young households will be moving to duplexes or semi-detached units, amid the trend towards higher-end offerings among developers.<\/p>\n
\u201cIt\u2019s always been somewhat of a struggle. Parents have helped children buy houses for generations and that’ll continue.\u201d<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
Even Prince Edward Island is now seeing bidding wars, which in turn have become major drivers of home price growth over the past few years. A rental vacancy rate of 0.2% in Charlottetown has helped propel this phenomenon. \u201cIt does happen, no question,\u201d Century 21 and Colonial Realty broker\/owner Joel Ives told CBC News. \u201cPeople […]<\/p>\n","protected":false},"author":5,"featured_media":20738,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8478"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=8478"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8478\/revisions"}],"predecessor-version":[{"id":22148,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8478\/revisions\/22148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/20738"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=8478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=8478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=8478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}