Can I Own A Piece Of PEI
You can own a piece of PEI whether you are a resident or visitor. Thousands of non-residents dream of owning a piece of our beautiful Island. As a life long resident it is easy to take for granted the wonderful scenery, great beaches, and the friendly atmosphere. As a Century 21 Realtor in Charlottetown PEI I have met people from many parts of the world who have fallen in love with the landscape and the lifestyle of PEI and want to have their little piece of it to return to year after year.
There are some restrictions on land ownership by non-residents of PEI; however most purchases are very simple and don't require any extra effort on the purchasers behalf. Why are there restrictions? In the 1960's non-residents began investing in PEI real estate. As a result substantial amounts of waterfront land in PEI fell out of the control of local residents. The provincial government acted in 1972 to ammend the Real Property Act; addressing the issue of non-resident land ownership. The Lands Protection Act includes rules for non-residents as well as corporations.
Non-residents can own up to 5 acres or up to 165 ft. of shore frontage without applying for special permission. If more than one non-resident is purchasing (husband and wife for example) the allowable limits would be doubled to 10 acres or 330 ft. of shore frontage. A non-resident purchasing property on PEI that does not exceed these limits will be able to proceed with the purchase without restriction the same as if they were residents.
If a non-resident wishes to purchase property that would exceed these limits it is possible; however they would have to make application to the Island Regulatory and Appeals Commission (IRAC). There are fees associated with the application. IRAC has a schedule posted which explains cut off times for applications; meeting dates; as well as expected decision dates. Although going through this process is not as simple as a normal purchase it is nothing to be afraid of. There are specific rules that apply and most applications are approved. For more information check out the FAQ on the IRAC website.
When you decide to get your piece of PEI start your search on my website and I would be happy to help you out.
Posted by Glen McQuaid
on February 7, 2013