Housing Outlook for PEI
So we were at the CMHC Housing Outlook Seminar for PEI this morning and had a chance to connect with many wonderful people in our industry, but the point of it was to tell you what's been happening and what's to come, so here it is in a snapshot:
- PEI was the strongest Maritime province for full time job creation from 2011-2014!
- We had the 2nd highest increase in retail sales in 2014 in Atlantic Canada matching growth in weekly earnings
- There is a strong growth pattern in our export markets
- There is positive growth in GDP and employment expected for PEI in the next couple of years
- Vacancy rates for 3+ unit buildings are predicted to remain flat in Charlottetown over the next couple of years (the rate is around 6%)
- New construction both in residential and multi units will slow over the next few years. We think contractors will likely be busier with renovations.
- Existing home sales in Charlottetown increased from 2013 to 2014
- We are officially in a BUYERS MARKET in PEI, so great time to be buying a home!
That is just a quick overview of stats for you from this morning. If you have any questions about buying a home or would like to work with a Partner here at Centum Mortgage Partners, just start here
Posted by Kim Reddin
on March 5, 2015