PEI gets neither the booms or busts when it comes to real estate. A recent article on the CBC website further supports this argument…
“Prince Edward Island’s housing market appears to have withstood the pressures of the recession in the first six months of 2009, according to recently released sales figures from the Canadian Mortgage and Housing Corp.
Stratford is Prince Edward Island’s fastest growing community and many of the new houses being built in the community are selling for higher prices.
CMHC figures show that a newly constructed home in the bedroom community is selling for an average price of slightly less than $300,000.
Meanwhile, a new home in Charlottetown costs on average $224,000.
The average price of an older home in Charlottetown is $182,000 compared to $175,000 for the same period last year.
The housing corporation also found that in the first six months of 2009, the number of new apartment units built on Prince Edward Island also jumped.
The CMHC indicated that 105 apartments were built in the first part of this year compared to just 34 for the same period last year.”
See more from the article at CBC here: PEI Real Estate Withstands Recession
If anyone can find the webpage where this data is located on the CMHC, leave a comment and let me know. I’d like to review it further.
Tags: news