Prince Edward Island is one of Canada's most beautiful provinces. This smallest province is surrounded on all sides by the Atlantic Ocean. The recent opening of the Confederation Bridge made transport on and off the island much easier for both residents and others, and added a whole new dimension to the island economy.
It has always been the scenery that has attracted both tourists and permanent residents to the island. Made famous by the movie Anne of Green Gables, Prince Edward Island's rolling flatlands, picturesque seascapes and unparalleled sunsets lend a sense of paradise to the whole island.
Of particular interest are oceanfront properties. Like any other type of property, the factors which determine whether or not a piece of real estate is affordable depend both on the buyer and on the features of the property in question.
The Buyer
Most oceanfront property on Prince Edward Island is very reasonably priced, especially when compared to oceanfront real estate on the Pacific Ocean to the west (Vancouver Island properties are typically 25% costlier than PEI properties). Average house prices that front on the ocean are around $200,000, while undeveloped land hovers around $20,000 an acre. The affordability of any one piece of property, therefore, is primarily determined by the amount a prospective buyer has to spend.
Features
Features are another important factor when it comes to property prices on the island. For houses, the number of bedrooms, bathrooms, and square footage will manipulate the price. The price of undeveloped oceanfront property, for the most part, is determined by the number of acres involved, though the per acre price will vary based on the total lot size, its suitability for construction, its proximity to services, and its beauty.
Location
When it comes to asking price, location is the biggest deciding factor. Typical family units on the oceanfront are affordable all over Prince Edward Island. Residences in Charlottetown with three bedrooms and 1.5 bathrooms are generally around $259,000. These houses are around $20,000 more than similar properties in Summerside, and $40,000 more than other parts of the island. Real estate in the northwest of the island is particularly affordable, with some real bargains to be found particularly in small fishing villages located on sheltered harbours.
Whether your preference is for the bustling community of Charlottetown or the rustic quiet of rural living, you can enjoy oceanfront living on PEI and have it all.
