What can you get for $500,000 on PEI?
Depending on your proximity to Charlottetown, the spread of properties that you can purchase with $500,000 can be wide. Therefore, I have decided to break this down into 3 categories:
What can $500,000 get you in the Greater Charlottetown Area?
What can $500,000 get you within 20-30 minutes of the GCA?
If you can be very flexible with your location on PEI, what can you get for $500,000?
The darkest circle-esque shape in the middle is the Greater Charlottetown Area encompassing Charlottetown, Stratford, Cornwall, and pushing it a bit into Mermaid, Meadowbank and Winsloe.
The second darkest circle is the close proximity to the GCA - pushing out to almost Pisquid, Vernon River, Donagh in the east and Bonshaw, Clyde River in the west and up to Oyster Bed Bridge through Hunter River to the North.
What can $500,000 CAD get you in the Greater Charlottetown Area (GCA).
First, it can get you a family friendly neighbourhood where the kids can free range with their friends. A neighbourhood where you know your neighbours and routinely stop to chat with them on the weekend. It can get you quiet streets where the kids can learn to ride their bikes without too much worry about traffic.
$500K can get you a larger home where there is enough space for 2 living rooms, often 3-5 bedrooms, 2-3 bathrooms. It can get you a home that is somewhat updated and fairly recently built, but it might need a fresh coat of paint.
The property will likely be at least 0.3 acres but if you are pushing your budget to get you into the downtown core, the lot will be smaller.
If you are wanting a bit of a smaller home on a slab with some of the higher end touches, then that is definitely doable for $500,000.
It can mean that your workplace, daycare and the hockey rink that you spend your weekends at are only a 15 minute drive from home. It can mean that your older kiddos can ride their bikes to school. It can mean that your kids can go to the neighbourhood park without you. But that does mean that they need a watch to know when to come home (and that you have to teach them how to tell time).
This property sold for just under $500,000 in the GCA in January 2024. It has 3🛏, 3🛁, updated kitchen, office space, gym space, and a rec room in the basement.
What can $500,000 buy you with close proximity to the GCA (within a 20-30 minute drive)?
It can get you a small community that you can integrate yourself in. It can get you a bit of acreage - enough room that you can have some chickens if you want to start that hobby. It can put you minutes away to great trails like Bonshaw, Winter River, Donagh, MacPhail Woods and so on.
It can mean that the kiddos are integrated in to a small, country school - often a K-9 school. Where they will know the same faces years in and out, where all the teachers know all of the students because there is often only 1 class per grade. This can mean that there is better attention on students who need a bit of extra help because they can be more easily identified.
It can get you a simpler way of life, a step back into the finer things. Like a wood burning stove, room to have a vegetable garden, freedom to put your clothes on the line and let them blow in the breeze. While restrictive covenants can be found in the rural development areas, most properties in the country are not restricted by covenants so you have more flexibility with what you use your space for.
You become a regular at the local grocery shops, like Gass’s in New Haven or Clows in North Wiltshire. You choose to get your groceries at the local smaller shop because it is more convenient which means that your meat is often locally grown and the vegetables were grown by your neighbour.
We worked with the buyers to secure the above property in Summer 2023. It was just over the $500,000 mark in North Wiltshire, PE.
When location on PEI is an open ended question, what does $500,000 get you?
Privacy.
Space.
Flexibility.
Dreams.
This new build home on a slab is located just outside Montague and is available in Spring 2024 for just under $500,000.
What are you looking for in your Island home? Reach out and let me know so I can help you achieve your Island dream.