PEI

Home prices on P.E.I. rise as supply continues to tighten

The price of a home on P.E.I. rose almost 20 per cent in the last year, according to the most recent report from the Canadian Real Estate Association.

March set a record for total value of homes sold

Houses are selling like hotcakes, and the ripple effect is being felt by virtually every business related to real estate.
Total value of home sales topped $60 million in March. (Richard Buchan/The Canadian Press)

The price of a home on P.E.I. rose almost 20 per cent in the last year, according to the most recent report from the Canadian Real Estate Association.

The average cost of a sale on MLS in the first three months of 2021 was $320,917, a 19.1 per cent increase over the first quarter of 2020. The average price has more than doubled in the last decade.

The CREA report also suggests the home real estate market is only getting tighter.

The number of active listings, which rose as high as 1,737 homes in the first quarter of 2015, has fallen precipitously since. In 2021, it fell to just 431. This is despite the number of new listings remaining relatively constant over the last five years.

The trends in the last year were similar in every part of the province: east, central, west, Charlottetown, Summerside, Cornwall and Stratford.

The dollar value of all home sales in March 2021 was $62.4 million, more than double the levels from a year earlier, up 121.5 per cent. It was a new record for the month of March.

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