World Wide Property Sales
Affordable Oceanfront Property in Prince Edward Island, Canada
By Rob Parker
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.
For more information on this article or Prince Edward Island
relocation, visit BarryWood.ca