Navigating the Prince Edward Island (PEI) real estate market can be complex, but assembling a team of seasoned professionals can make the process seamless and rewarding. Here’s your insider’s guide to building your real estate dream team in PEI.
1. Partner with a Knowledgeable REALTOR®
Your first step is to engage a licensed REALTOR®—a member of the Canadian Real Estate Association (CREA) with specialized training and expertise. In PEI, REALTORS® possess in-depth knowledge of local neighbourhoods, market trends, and property values. They will guide you through negotiations, provide critical advice, and coordinate with other professionals to ensure a smooth transaction.
2. Secure Financing with a Trusted Lender
Most buyers in PEI combine personal savings with a mortgage. Starting your financing journey early is crucial. Your REALTOR® can recommend reputable lenders who offer favourable rates and terms. Exploring options with your current financial institution and comparing offers from various lenders can help you secure the best deal.
3. Engage a Real Estate Lawyer Early
A real estate lawyer is essential for both buyers and sellers in PEI. They review offers, ensure clear property titles, and guide you through land transfer taxes and other financial adjustments. Involving a lawyer early in the process can prevent legal complications and protect your interests.
4. Hire a Certified Home Inspector
For buyers, a thorough home inspection is vital, especially for older properties. A certified home inspector will identify structural issues and potential problems, providing you with a clear understanding of the property’s condition before finalizing the purchase.
5. Consult with an Insurance Broker
Mortgage lenders in PEI typically require home insurance. An insurance broker can help you find a policy that offers adequate coverage at a competitive rate. Starting with your current insurance provider may yield discounts, but it’s wise to compare policies from multiple insurers.
PEI Real Estate Market Insights
As of the fourth quarter of 2024, PEI’s real estate market has shown significant activity. Residential property sales numbered 503 units, marking a 23.9% increase compared to the same quarter in 2023. Single detached home sales rose by 44.6% during this period. Annually, 2,028 residential properties were sold in 2024, an 8.7% increase from 2023.
The average price of homes sold in September 2024 was $387,436, a modest gain of 1.4% from September 2023.
By assembling a trusted team of professionals, you can confidently navigate the PEI real estate market and achieve your property goals.
