Housing market hot on P.E.I.

Low interest rates mean plenty of business for real estate agents, and more money for people selling a house. The Island is coming off one of the healthiest years ever with housing prices up in every sector.

According to figures from Royal LePage, the average price for a bungalow was $115 thousand up nearly three per cent from 2000. Two storey homes increased in price by 2.3 per cent to $135 thousand and condominium prices averaged $85,000 and increase of 6.3 per cent.

"The interest rates are exceptional, if not the best they've probably ever been," says Ken Peters of Peters & Lank Realty. "We feel that will remain into 2002."

Peters says his office is also receiving a lot of calls from people who are interested in moving to Prince Edward Island.