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Prince Edward Island Housing Market: Home Prices | August 2026

Updated

The Prince Edward Island Real Estate Association reports a single set of island-wide figures each month. Its MLS® Home Price Index benchmark is described as a composite/single-family index, so the overall and single-family benchmarks are one series on the Island. The Canadian housing market overview explains how a benchmark and an average differ and sets PEI beside the other provinces.

PEI home prices, August 2026

PEI’s benchmark price was $372,800 (-1.3% against the same month a year earlier), and the month’s sales averaged $420,819 (5.0%). The two moved in opposite directions: the typical home the index prices became slightly cheaper while the average sale price rose, leaving the average 13% above the benchmark. From January through August 2026 the average was $410,756, 3.3% higher than a year before.

Sales, listings and months of inventory

MeasureAugust 2026Change on a year earlier
Sales188-5.5%
New listings3607.5%
Active listings1,3841.9%
Months of inventory7.46.8 a year earlier

PEI Real Estate Association, August 2026.

The association says the month’s new listings were the most ever added in that month, and year-to-date sales of 1,286 were 11.6% behind the previous year. With more homes coming on and fewer selling, inventory reached 7.4 months of sales, against a long-run average of 5.1 for the time of year. That is above the 6.4-month level CREA treats as a buyer’s market, and 2.8 more months than in Newfoundland and Labrador that month. Sales were 52.2% of new listings by our count. On a market this size one month can swing a lot (about these measures).

Real property transfer tax

Instead of brackets, PEI charges a flat 1% of the greater of the price and the property’s assessed value when the deed is registered. On a home at the Island’s average price that is $4,208. Two exemptions in the Act matter to buyers: a first-time buyer who files a declaration and lives in the home as a principal residence for at least 183 consecutive days pays no tax at all, and no tax is due on any transfer where the greater of price and assessment is $30,000 or less (PEI calculator). A non-resident (or any corporation) whose land holdings would exceed 5 acres or 165 feet of shore frontage must also apply under the Lands Protection Act.

Down payment and income needed

The Island’s average price is under $500,000, so 5% down is enough: $21,041, with $15,991 of mortgage insurance added to the loan. Qualifying then takes roughly $97,600 of household income (method), or $87,000 at the benchmark price. PEI’s median household income in the 2021 Census was $73,500 for 2020 (Charlottetown’s, $76,500), which puts the average-price home 33% above the provincial median and the benchmark home 18% above it. Island programs for first purchases are in the PEI first-time home buyer guide, and the Prince Edward Island mortgage affordability calculator runs other prices.

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Sources

The figures and rules on this page come from these sources, last checked against them between September 24, 2026 and October 6, 2026. How we check facts.