The average house price in the Canadian province of Prince Edward Island stood at 382,659 Canadian dollars in 2023 and was expected to decline in the next two years. By 2025, the average house price is forecast to reach 375,867 Canadian dollars. Compared to other provinces in Canada, Prince Edward Island stood below the national average in terms of house prices. Nevertheless, housing was still significantly more expensive than in Newfoundland and New Brunswick.
House prices in Canada
Prince Edward Island is one of the most affordable Canadian provinces for buying a house, with prices almost half below the national median in 2023. The national figure is somewhat skewed however by the extremely high cost of housing in British Colombia, and, to a lesser extent, Ontario. A better measure of affordability is the provincial house-price-to-income ratio, which shows Prince Edward Island to be the second most affordable province.
Global comparison
Canada is one of the most expensive countries in the OECD in terms of house-price-to-income ratio. In 2022, Canada scored higher than the United States, the UK, and Korea. That means that the cost of housing has increased at a much higher rate than the average income in the country.
Average house price in Prince Edward Island, Canada from 2022 to 2023, with a forecast by 2025
(in Canadian dollars)
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CREA. (January 15, 2024). Average house price in Prince Edward Island, Canada from 2022 to 2023, with a forecast by 2025 (in Canadian dollars) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/604265/median-house-prices-in-prince-edward-island/
CREA. "Average house price in Prince Edward Island, Canada from 2022 to 2023, with a forecast by 2025 (in Canadian dollars)." Chart. January 15, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/604265/median-house-prices-in-prince-edward-island/
CREA. (2024). Average house price in Prince Edward Island, Canada from 2022 to 2023, with a forecast by 2025 (in Canadian dollars). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/604265/median-house-prices-in-prince-edward-island/
CREA. "Average House Price in Prince Edward Island, Canada from 2022 to 2023, with a Forecast by 2025 (in Canadian Dollars)." Statista, Statista Inc., 15 Jan 2024, https://www.statista.com/statistics/604265/median-house-prices-in-prince-edward-island/
CREA, Average house price in Prince Edward Island, Canada from 2022 to 2023, with a forecast by 2025 (in Canadian dollars) Statista, https://www.statista.com/statistics/604265/median-house-prices-in-prince-edward-island/ (last visited November 21, 2024)
Average house price in Prince Edward Island, Canada from 2022 to 2023, with a forecast by 2025 (in Canadian dollars) [Graph], CREA, January 15, 2024. [Online]. Available: https://www.statista.com/statistics/604265/median-house-prices-in-prince-edward-island/