Demand raises prices

Housing rates continue to rise

If you’re looking to sell your home, the market is in your favour.

Experts say the Island is now in a sellers’ market, with average homes going for around $190,000.

This number is up from 2010, when the average home in this province sold for about $150,000.

It has continued to increase since then.

The Island doesn’t usually see ups and downs statistically in the market, said Judy Crossman of Century 21 in Summerside.

“P.E.I is being seen as one of Canada’s most desirable destinations to both retire and to reside.” Judy Crossman

Back in 2008 and 2009 the average house didn’t sell for much less than $150,000 and the numbers seems to be on a steady climb, increasing every year, she said.

The shift comes from homeowners taking advantage of low interest rates and opting to refinance, meaning less homes are on the market.

“As long as the interest rates remain lower, the market should remain strong.” Higher demands are also driven up due to millennials reaching prime age to buy a home, as well as growing families looking to upsize, said Crossman.

More demand and less homes on the market can lead to a bidding war of multiple offers, which also drives the price up, she said. Crossman predicts to see a steady climb in prices, and population on the Island, creating a strong market for P.E.I over the next five to 10 years.

“P.E.I is being seen as one of Canada’s most desirable destinations to both retire and to reside.”