Vishal Dwivedi is a PEI real estate consultant and he is vast experience in PEI real estate field. If you you want to know more about real estate visit here http://www.peirealtor.info/
We certainly have heard about the US housing market and the disasters it has and continues to face – however here in Canada our housing and real estate market, as indeed our banks and other mortgage lenders, are in much better shape. Top Canadian banks are in excellent financial condition and lenders here are beginning to lend again. Now may just be the best time to re-enter the PEI real estate market or jump into it for the first time.
Canada and PEI in particular is definitely on the mend. Actually the PEI housing and real estate market really did not suffer as serious a dip as many other places in Canada. This is really a result of the fact that in PEI the market tends to not become over-heated as it does in other markets and areas. Our homes start as low as $50,000+.
Obviously a home at this price is not going to lose that much value. Even the average Summerside home which is in the $150K - $200K range is not at the mercy of the market swings to the same extent as an average home in BC which may cost upwards of $450,000.
The largest swings one sees in PEI real estate will be noticed in waterfrontage property. The usual upward pressure on these properties is in the 4-5% per year range. This represents a nice return on a property that you can use for enjoyment and recreation now and sell later with a healthy profit. Waterfrontage is the one category of real estate here on PEI that I can see beginning to jump to higher levels in the coming years as the US economy recovers and once again Americans are looking for water front properties and are avoiding some of the US areas that are already priced above the average means.
I see opportunities in water front property. There are raw tracts of undeveloped land available and for the real estate investor with backing these might represent the best investment. Additionally there are developed subdivisions on water that are ready to build, services already laid-on.
If your interest is in a starter home there are homes from the $50K’s right up to $150K or more. Also if you see yourself as a landlord there is a good rental market here. Homes that might cost you 60 to 70 thousand dollars can be rented in the $500-700 range. I have seen homes converted to duplexes and triplexes that bring an excellent return, examples include an over-under duplex that sold for $55,000 with a combined rent of $1150 per
month and a triplex listed at $65,000 with a combined rent over $1200 per month. There are always people looking for these cheaper accommodations.
The primary thing to keep in mind is that PEI real estate is a finite commodity. You can not really produce more land. I suggest always remembering that the value of a property is tied much to the property (as opposed to the buildings). Make sure that you have a solid land investment when you buy. This will ensure your ultimate real estate investment success.
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