Buying property in Prince Edward Island - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Jagger · 03-10-2007, 12:43 PM

I'm thinking about purchasing some property on P.E.I. I was wondering whether any of our Maritime friends or posters that know the island could give me some advice on the best places to look and any other things I should know about buying property down there. Are there non-residents taxes to pay too?

I've never been there, just like what I've researched on the net and there are some reasonably priced properties for sale down there.

Thanks for your help.

RedHot25 · 03-10-2007, 12:48 PM

Hey Jagger.

I don't live there, and have only visited once - for an extended long weekend. So obviously I don't have tonnes of info.

However, some random info for you:

-PEI is small. REAL small. You can drive around it in a handful of hours. Not sure if that really relates to your question, but just thought that I would throw it out there anyways

.

-Pretty much everywhere we went people had cabins and cottages available for rent from tourists. Is that what you are looking at doing?

-It is a gorgeous island. Absolutely stunning. But see above.

-I guess for me it depends on what you are looking at having it for. Investment? Business? Build a couple of cabins on there and rent them out, except when you come down to visit? Etc?

Jagger · 03-10-2007, 12:55 PM

I guess it would be somewhat of an investment and a place to visit once or twice a year. We would consider renting it out when we weren't there.

The smallness of the island actually appeals to me. It would mean that you could see a lot in your time there.

Is the property market stagnent though? I have noticed that realtors from there have started advertising out here now which could affect the market in a positive way.

Above all, I'm just intrigued by the idea of having a place I can afford, by the ocean. (I grew up overlooking the ocean you see.)

Maritime Q-Scout · 03-10-2007, 12:59 PM

pppsssstttt wrong island, Cape Breton is that way ----->

RedHot25 · 03-10-2007, 01:01 PM

Quote:

Originally Posted by Maritime Q-Scout

pppsssstttt wrong island, Cape Breton is that way ----->

Ha

.

Well I don't know enough to honestly tell you Jagger. But you're market will likely be people just like you if you bought property and then rented it out - tourists from other provinces who go there to visit.

Jagger · 03-10-2007, 01:06 PM

Quote:

Originally Posted by Maritime Q-Scout

pppsssstttt wrong island, Cape Breton is that way ----->

Yeah, I've looked at Cape Breton a little bit. What can you tell me about the island and property there?

Hey, I notice that you do have Charlottetown in your signature though!!! Rivalry aside, what do you think of PEI?

RedHot25 · 03-10-2007, 01:12 PM

Quote:

Originally Posted by Jagger

Yeah, I've looked at Cape Breton a little bit. What can you tell me about the island and property there?

Hey, I notice that you do have Charlottetown in your signature though!!! Rivalry aside, what do you think of PEI?

They - PEI and Cape Breton - are two really different types of places....

brownie · 03-10-2007, 01:18 PM

I grew up across from PEI,about a 2 hr boat ride.I dont know alot about the real estate there right now aside from what anyone else said.Its small,its about 2 to 2.5 hrs to drive from the east to west of the island.There are tons of great golf courses there.I would buy as close to cavendish beach if possible,but obviously that would be the priciest.Also there isn't alot of winter activities there(no ski hill).But all in all a great spot to vacation.

RedHot25 · 03-10-2007, 01:19 PM

Quote:

Originally Posted by brownie

Also there isn't alot of winter activities there(no ski hill).But all in all a great spot to vacation.

Yah, thats a good point. I don't know enough to say, but I would encourage you to see if you could find out what tourism rates are like in the winter.

Jagger · 03-10-2007, 01:26 PM

Quote:

Originally Posted by RedHot25

Yah, thats a good point. I don't know enough to say, but I would encourage you to see if you could find out what tourism rates are like in the winter.

The winter situation doesn't bother me as I wouldn't be looking to rent the place out that much. That's just something we're considering. Winter rental rates look to be about $500 or so a week but tourism then is obviously at a very low ebb.

Thanks for the replies so far.

brownie · 03-10-2007, 01:29 PM

Are you into golf?

RedHot25 · 03-10-2007, 01:33 PM

Quote:

Originally Posted by Jagger

The winter situation doesn't bother me as I wouldn't be looking to rent the place out that much. That's just something we're considering. Winter rental rates look to be about $500 or so a week but tourism then is obviously at a very low ebb.

Thanks for the replies so far.

Well Jagger, obviously take what I say with a grain of salt, but if it doesn;t bother you that much...I would say go for it. It is ABSOLUTELY gorgeous in PEI. Stunning. Just keep in mind that it is going to cost you, per person, anywhere from say 800ish on a good deal to 12to 1500 to fly here and back (assuming you are coming from Calgary).

Jagger · 03-10-2007, 01:43 PM

Quote:

Originally Posted by RedHot25

Just keep in mind that it is going to cost you, per person, anywhere from say 800ish on a good deal to 12to 1500 to fly here and back (assuming you are coming from Calgary).

That is a consideration for sure. We have three kids so the airfare sure does add up. Westjet though do seem to have some good prices to Charlottetown. I've found prices as low as $179 plus taxes one way, if you're willing to fly at weird hours.

RedHot25 · 03-10-2007, 01:45 PM

Quote:

Originally Posted by Jagger

That is a consideration for sure. We have three kids so the airfare sure does add up. Westjet though do seem to have some good prices to Charlottetown. I've found prices as low as $179 plus taxes one way, if you're willing to fly at weird hours.

Wow, you should let me know when the deals come up like that.

We fly Halifax - Calgary a lot. In general, we find about mid-300s/per person for one way seems like the usual and typical price. Sometimes you can get in the low 200s, but its pretty periodic.

brownie · 03-10-2007, 01:51 PM

That is good,I've flown Cgy-Hfx twice a year for the past 7 and this year july was my cheapest $$504 return.Its usually around $700 to $900

Maritime Q-Scout · 03-10-2007, 03:58 PM

Quote:

Originally Posted by Jagger

Yeah, I've looked at Cape Breton a little bit. What can you tell me about the island and property there?

Hey, I notice that you do have Charlottetown in your signature though!!! Rivalry aside, what do you think of PEI?

I wish I could tell you a lot about the real estate markets in both. I know along the Bras d'Or Lakes you'd be looking at mega bucks in order to buy, possibly cheaper along the southren parts of the Bras d'Or as the Highlands are to the north.

Along the Mira is really quite nice, a good friend of mine has a cottage out on the river. I really enjoy it there. My grandmother also had a cottage on the Mira when I was little, it was great heading out that way in the summers.

As for PEI, I don't know much. I've visited Charlottetown a few times, but nothing that would leave an impression that would give me the ability to comment on having a summer place or investing in property there.

Personally I like the ability to be able to drive up to the Highlands from Sydney in the summer (about 45 minutes or so) and hike all day, then enjoy a nice drive back to the "city".

Also you're on the ocean so there's a number of beaches around as well. World class golf if you're into that sort of thing. Mind you, you get those in PEI though too.

I know I'm typing a lot without saying anything, but if you have any questions on specific places on Cape Breton I'd be able to answer further.

Oh but most importantly PEI Rocket suck, Cape Breton Eagles rule

HalifaxDrunk · 03-10-2007, 11:47 PM

How much land are you looking to buy? My wife is an P.E.Islander, her Dad owns quite a bit of land, we own "retirement" land over there.

2 Years ago he was looking to sell some land (a few acres) on the Northumberland Straight, not sure of the situation right now, but I can ask. Below is the cover of the PEI 2003 tourism guide, the picture is taken from the bottom of my inlaw's road. The land he was selling is the "brownish/green" field behind this schoolhouse (yes, it is an old schoolhouse). He does still own this land (and more) but I'd have to check on the current situation.

Flames89 · 03-11-2007, 12:46 PM

I lived there for 6 months. There is basically zero chance you can expect any type of income from the place between Novmeber - May. The population of ths island is about 140000, but will boom to about over 1M in summer - so there is a HUGE overcapacity of winter homes to rent.

And the area around Cavendish is likely the nicest, but I am not really sure. I do know that is the tourist hotspot.