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 cost of insurance depends on different factors such as the value of the property and its contents. If you are working with a real estate agent to purchase a home in PEI, that person will be able to help you find an insurance company. 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.
PEI Housing Statistics
The national vacancy rate in 2012 for rental properties was 2.8%. PEI's vacancy rate in 2012 was 5.0%
The overall average rent for a two-bedroom unit across Canada's 35 major city centers as of first quarter 2014 was $919. Comparably, the average price for a two-bedroom unit in Charlottetown, PEI was $804 as released in a report by Canada Mortgage and Housing Corporation in first quarter 2014.
The average price of a house in PEI is $150,000 - $200,000 making it an affordable place to live.
PEI Annual Statistical Review includes additional housing statistics.