HousingHouse prices and real estate in Prince Edward Island (PEI) are reasonable with many choices in style and location. You can buy a waterfront condo, a bungalow on a quiet street, or a historic farmhouse on acres of land.
If you're not ready to buy a home, there are many short-term and long-term rental housing options available.
After you find a place to live, you may need to purchase furniture and other household items. A Guide to Shopping from PEI Association for Newcomers to Canada will help you find what you might need.
When you purchase a home or land in PEI, you must pay property tax every year. The amount you pay depends on different things, like the city, community, or town your home is in and the type and size of property you own.
Most homeowners in PEI purchase insurance to protect themselves from loss or damage to their home and/or personal belongings. If you are renting an apartment or house in PEI, you should consider purchasing tenant insurance because, in the event of a fire or other event, the owner of the property’s insurance will not protect your personal belongings. The PEI Business Guide lists numerous insurance agencies.
In Canada, when you finance the purchase of a home through a lender, that is known as a "mortgage." The Canada Mortgage and Housing Corporation offers an online housing guide for newcomers in multiple languages that is helpful for any first-time home buyer.
Island Information has a thorough list of PEI banks and credit unions that may offer mortgages.