Everything you need to know when considering completing a real estate transaction from off Island
PEI has so much to offer from its affordable vibrant communities, to the stunning beaches surrounding the Island, to the many amazing restaurants tip to tip – there is something on PEI for everyone to love! Given all that this beautiful little red Island has to offer, it is no surprise that so many have chosen to relocate or purchase seasonal property on PEI.
“Much of the beauty of the Island is due to the vivid colour contrasts – the rich red of the winding roads, the brilliant emerald of the uplands and meadows, the glowing sapphire of the encircling sea. It is the sea which makes PEI in more senses than geographical. You can’t get away from the sea down there. Save for a few places in the interior, it is ever visible somewhere, if only in a tiny blue gap between distant hills, or a turquoise gleam through the dark boughs of spruce fringing an estuary… no matter where we wander in lands afar, the murmur of its waves ever summons us back.” – Lucy Maud Montgomery
Completing a property purchase or sale is no small feat – especially if said property is in a different province or country! Between the viewings, paperwork, signatures, and deadlines a lot goes into a successful property purchase or sale. Below you will find helpful links and important information you need to know when completing a property transaction on PEI from out of province.
PEI is divided into three counties:
- Prince County (Western PEI – ‘service town’ : Summerside, PE)
- Queens County (Central PEI – includes Charlottetown, Cornwall, & Stratford)
- Kings County (Eastern PEI – ‘service towns’: Montague, Souris)
You do not need to be a Resident of Prince Edwards Island (or Canada) to own land on PEI but there restrictions in place for non-residents looking to purchase property on the Island. Due to the Prince Edward Island Lands Protections Act, a non-resident of PEI can currently purchase property that is less than 5 acres or 165ft of shore frontage without an Island Regulatory & Appeals Commission (IRAC) application. The cost of an IRAC application is the greater of $550 or 1% of the purchase price and it takes approximately 1 month to complete the application process. A lawyer familiar with the IRAC application process is your greatest asset in purchasing a PEI property requiring an IRAC application.
Currently, PEI’s provincial borders are closed due to the COVID-19 Pandemic, but those wishing to relocate to PEI are still able to do so. Please click here to find more information about moving to PEI. While most people choose to come to PEI to complete their property transaction I am happy to offer my clients the ability to purchase or sell property on PEI completely electronically.
Not only have I helped dozens of families and professionals move to PEI from another province, I’ve done it! I moved from southern Ontario in 2015. Please don’t hesitate to contact me if you are considering a move to PEI, I’m always happy to talk about my experience so far on the Island.