PEI

P.E.I. house prices still rising

The price of a home on Prince Edward Island continues to rise, despite a cooling of the market predicted earlier this year.

Supply continues to be tight

Sales are down on P.E.I., but prices are up. (Mike Cassese/Reuters)

The price of a home on Prince Edward Island continues to rise, despite a cooling of the market predicted earlier this year.

In January, the Canadian Real Estate Association forecast a seven per cent drop in sales and a one per cent drop in prices.

The drop in sales is there, but tight supply is still driving prices upwards.

In the first seven months of 2018, CREA figures show sales are down 7.7 per cent over the same period last year. Prices are up 3.1 per cent in the same period, average $205,768.

There were more new listings in this July than there were last July, but the number of monthly new listings remains below the 10-year average.

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