PEI

P.E.I. homes sales set new July record

Home sales on the Island have set a new July record but it's the year-to-date number that's really soared, according to the P.E.I. Real Estate Association.

Housing sales have increased by 30.4% so far this year

Housing sales across P.E.I. have increased by 30.4 per cent so far in 2016. (Mike Cassese/Reuters)

Home sales on the Island have set a new July record but it's the year-to-date number that's really soared, according to the P.E.I. Real Estate Association.

"[In] July we saw record numbers for any July in the history of organized real estate on Prince Edward Island, which is exciting for us," said board of directors chair Mary Jane Webster.

There were 198 residential property units sold last month — up 3.1 per cent from July 2015. 

"Last year was a great July. We had a slow start last year," she said, adding it came from the tough winter the Island experienced in 2014-15. 

"This year we had a great winter in terms of not having any record snowfalls, so things got started a little sooner than the previous year." 

Average price of home up by 5.4%

"Year to date, we're 30.4 per cent above the same period as last year." 

Webster said real estate agents have seen activity in all price markets, with the average price of a home on P.E.I. being up $2,000 to $180,000, or up 5.4 per cent from 2015.

This year we had a great winter in terms of not having any record snowfalls, so things got started a little sooner than the previous year.- Mary Jane Webster

"We are seeing a lot of first time buyers," she said.

"So the $100,000 to $150,000 is booming, we can't keep inventory in ... especially in the Charlottetown area. So from Cornwall right through to the other side of Stratford."    

Webster said newcomers to Canada and people moving from hotter real estate markets such as Toronto and Vancouver account for some of the increase in housing sales on P.E.I.

But she said it's too early to say if the trend will continue. 

With files from Angela Walker

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