P.E.I. leading Atlantic Canada in housing growth, CMHC says

Charlottetown is "right in the sweet spot" as a place to live in the Atlantic provinces, says the Canada Mortgage and Housing Corporation.

Alex MacDonald told CBC: News Compass that P.E.I. is having a good year in terms of housing sales and and prices compared with other parts of the region where there has been a decline in price.

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"Charlottetown and Prince Edward Island relative to the rest of Atlantic Canada, it is definitely our number one and number two story overall," he said.

Charlottetown and Prince Edward Island, relative to the rest of Atlantic Canada, it is definitely our number one and number two story overall.- Alex MacDonald

The average price of a home in Atlantic Canada is around $206,000, MacDonald said, and in Charlottetown it's in the $225,000 to $230,000 range.

"So we are right in the sweet spot for people who are looking maybe to move back to Atlantic Canada to retire, or maybe to come here and provide some of those investment dollars to help create some jobs and let's move that economy in the right direction," he said.

Population growth, through immigration and people moving home from places such as Alberta, is increasing the demand for houses, MacDonald said.

'Millennial bump'

Millennials, people born between 1980 and 2000, are also looking to buy their first home or upgrade from a starter home.

"There is this millennial bump, as I call it," he said. "Millennials are going to be part of this story over the next 10 years."

The conditions for growth on P.E.I. are trending up, he said.

"We've got the immigration story, we've got the consumer confidence, we've got the low interest rates, job creation is stable these are all part of the momentum that is going to create opportunity in Charlottetown and Prince Edward Island certainly for this year and into next year as well."

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