James Marjerrison News Today

A housing advocate is among those saying that P.E.I.'s new rent-to-own program will help Islanders, but he feels home ownership shouldn't be the only way to access housing.

As average home prices outpace household earnings, becoming a first-timer buyer on Prince Edward Island is much harder than it once was.

After falling in the second half of 2022, house prices on P.E.I. have rebounded back to where they were last summer.

In the year since Fiona struck the Island, UPEI's School of Climate Change and Adaptation has seen a big jump in inquiries from waterfront property owners as well as potential buyers wondering about the risk level — and what they can do to lower it.  

As of Jan. 1, new federal rules stop most non-Canadians from buying for next 2 years

Some realtors and newcomers to P.E.I. say the federal government's move to ban most non-Canadians from buying homes could hurt immigrant retention on the Island.

Industry members say slower sales are unsurprising in the fall and winter months.

Canadian housing prices are expected to drop by the end of next year, with some of the largest decreases forecast on P.E.I., according to Canadian financial services company Desjardins.

There are signs P.E.I.'s hot housing market is starting to cool off this summer, as mortgage rates continue to rise.

James Marjerrison, president of the P.E.I. Real Estate Association, discusses the latest market trends with CBC News: Compass host Louise Martin.