Below is information that was released by Century 21 Canada for various areas of the country.
Let's face it, nobody wants to be average. It's the terrain of the unremarkable-the realm of the safe middle ground. But while "average" is by its very definition nothing to brag about, it does have its place in our world. It shows us the big picture. It reminds us where we stand, right?
Well, to a point. In real estate, average prices in the form of market statistics help us establish broad market trends. These figures convey the lay of the land, and help homeowners compare, at-a-glance, the overall market in a given province, region, or city. But these sweeping generalizations lose relevance the moment you try relating them to the largest single asset you will likely ever own: Your home.
Many PEI homeowners would like to know how well their properties are holding their value these days, while others, lured by low interest rates, are wondering about getting into the market for the first time. In either case, the average prices of a given city or region-the ones we see so widely reported, because they understandably intrigue the widest range of people-likely have little bearing on your own situation in your neighbourhood in PEI.
A more useful measure of your home's value is the selling price of homes that are similar to yours and located nearby - in other words, "typical" homes in your neighbourhood. Different neighbourhoods have different ages, sizes and types of homes and varying proximity to parks, schools, transit, shopping and other amenities. So, the price of a typical home in one neighbourhood will be different from prices of typical homes in other neighbourhoods - and different from the average price of all homes in PEI. It is difficult to compare Charlottetown properties to Stratford or Summerside or rural properties for that matter.
That said, it is difficult for homeowners to do their own surveys because listing prices - not selling prices - are available to the general public on the local MLS®. The best course is to ask a realtor of your choice to show you statistics of selling prices of homes similar to yours in your neighbourhood. You will incur no obligation and, depending on your evaluation of the statistics you are shown, you will have a head start on your search for a realtor should you decide to sell your home.
The point? When it comes to residential real estate, average and typical prices are like apples and oranges. The former sketches out the very rough outlines of a given market, the latter fills in the details that are most relevant to you. If you're considering a move, the only prices that matter aren't in the headlines-they're down the street and a few blocks over from where you live today.