The average price of a home in Prince Edward Island has dropped by 8.8 per cent over the past two years, according to data released Tuesday by the Canadian Real Estate Association.
CREA’s year-over-year data for March is based on P.E.I. Real Estate Association’s listings.
The trend has been steadily downward for several years, with the average residential home price on the Island falling 5.7 per cent last month compared to March 2023, and by 8.8 per cent compared to a year earlier.
As of last month, the average residential price now sits at $376,429, which includes both single-family and condominium housing types.
CREA considers P.E.I.’s market to be “well-balanced,” favouring neither buyers nor sellers.
Last month’s homes sold spent 55 days on the market, according to the CREA report’s median sales times — slightly longer than a year earlier, but nearly double the 28 median days for homes sold in March 2021.
