After a productive 2013, the outlook is positive for Prince Edward Island in 2014. With markets remaining stable and economic growth in the forecast, investors may soon be flocking to PEI for future purchases. Prince Edward Island is the smallest province in Canada with big things to happen in 2014.
- One factor that has helped Prince Edward Island to become an investment hotspot is the performance of its economy. In 2013, the province's economy saw some steady growth, and this trend is expected to continue in 2014. The GDP(gross domestic product) saw an increase of 1.7 percent, and that figure will likely see a slight increase going forward.
- Average home prices on PEI were affordable in 2013, checking in at $155,400, according to CMHC market data. They will remain at an affordable rate in 2014, increasing by 1% to $156,500.
- New residential builds are expected to decrease, but not by a rate that would deter potential buyers. PEI saw 885 new housing starts in 2013, and 2014, the amount to drop to 870.
- MLS(multiple listing service) sales in PEI were 1,575 for 2013. In 2014, this figure may fall to 1,550 making for a difference of only 25.
- Vacancy rates grew from 5.7 to nine percent from 2012-2013, but this rate will likely tail off as more buyers and tenants become active in the market.
- Although some decreases are expected in certain areas, they should not be viewed as potential deterrents by interested buyers. the combination of lower short-term interest rates and affordable average property prices will ensure that no investors are marooned on this Island.
- Prince Edward Island may be diminutive in size, but investors may be able to make some big-time deals if they play their cards right.
- We have seen over the last 5 years a decline in our American visitors who have bought waterfront and seasonal properties on PEI. We feel that with the dollar where it stands, is going to bring them back to PEI. We are looking forward to having them back and those that already have property here may look to invest more.
In conclusion, I feel that PEI has so many qualities to offer. With its beauty and uniqueness, I think that everyone should own a piece Prince Edward Island!