New Listings February 2025

The number of new listings rose 13.8% from February 2024. There were 231 new residential listings in February 2025. This was the largest number of new listings added in the month of February in more than 15 years!

New listings were 17.9% above the five-year average and 23.3% above the 10-year average for the month of February.

Sales Activity February 2025

The number of homes sold through the MLS® System of the PEIREA totaled 126 units in February 2025. This was a gain of 9.6% (11 sales) from February 2024.

Home sales were 2.3% below the five-year average and 4.6% above the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 237 units over the first two months of the year, up by 8.2% from the same period in 2024.

Active Listings February 2025

Active residential listings numbered 908 units on the market at the end of February, up by 9.5% from the end of February 2024. Active listings haven't been this high in the month of February in more than five years.

Active listings were 35.9% above the five-year average and 8.3% above the 10-year average for the month of February.

The average price of homes sold in February 2025 was $373,993, a decrease of 6.2% from February 2024. This number however is still relatively stable as it has only varied slightly in almost 2.5 years on PEI.

On January 1, 2023 the federal government introduced an Act called the Prohibition on the Purchase of Residential Property by Non Canadians Act. A long name but based on the regulations sent out in conjunction with this Act some basic points are fairly clear.

1. This Act applies to anyone who is not a Canadian Citizen or has achieved permanent resident status. There are a few exceptions based on work visas and students studying in Canada. These exceptions are limited by years spent in Canada during a prescribed period.

2. Residential property is defined as 3 units or less. So other types of real property are available to be purchased by foreigners. The focus is to free up “homes” for Canadians.

3. The ban as it pertains to PEI is only in certain areas. As defined by Canadian census there is a map available that shows where the ban is and other areas outside that mapped are available for foreigners to buy, including the 3 units or less residential. The Maps are available to view below!

Charlottetown census agglomeration map

Summerside census agglomeration map

4. The ban is in force until Jan 1, 2027. It was originally set to expire Jan 1, 2025 but was since extended.

5. REALTORS® are required at point of sale to ascertain the status of our buyers. That means we will be asking buyers to confirm their status prior to writing a contract.

Remember! PEI is still subject to the Lands Protection Act which sets out limits non residents may buy before they have to apply for permission from the Island Regulatory and Appeals Commission. That is another layer of rules already in place specifically for Prince Edward Island.

New Listings for 2024

The best word to describe real estate on PEI in 2024 was “stable”

Statistics showed very little change from 2023 stats across different data, including new listings, sales & average price.

3,491 New 🏡 Listings came on the PEI MLS® Listing System in 2024. Up by 9.3% from last year.

Sales Activity for 2024

The best word to describe real estate on PEI in 2024 was “stable”

On an annual basis, home sales totaled 2,028 units over the course of 2024. This was an increase of 8.7% from 2023. Certainly this was down from the highs of 2021 Covid times but quite a solid year for sales on PEI on average.

Active Listings Average for 2024

This number is the average of how many listings were on the market at the end of each month in 2024, so as you can see inventory has steadily improved over the last couple of years which helps prices and selection stay stable!

The average inventory at the end of every month in 2024 was 1,044 homes! Good selection!

And Finally the average home price on Prince Edward Island in 2024 was $389,428. This number hasn’t really dramatically changed since the end of 2022. It has been very stable despite interest rates fluctuating and inventory changing on the Island. So likely 2025 will see more of the same. We’re predicting that we’re going to see a much stronger and resilient 2025 where we’ll probably hover around a balanced-to-a-seller’s market.

Most Islanders have heard of the Island Regulatory and Appeals Commission because they’re responsible for regulating gasoline prices, car insurance rates, and electricity rates on PEI. So they play a direct role in many people’s lives whether they are aware of it or not. However, they are important in certain areas of real estate as well because they administer land ownership regulation on PEI. This is usually not a factor for most residential transactions in real estate on Prince Edward Island, but the Lands Protection Act sometimes has special requirements especially for people who “Come From Away” and are non-residents of the province who wish to buy land here.

It can be quite complicated to navigate these special regulations but your REALTOR® can obtain advice on how best to navigate these particular rules.

More information about IRAC can be found on their site, but when it comes to your real estate transaction, any of our REALTOR® professionals will be able to let you know if IRAC will need to be involved in any way!