Prince Edward County Real Estate

For tourists, second-home owners, and retirees, Prince Edward County is a one-of-a-kind destination. It’s the largest freshwater island in Lake Ontario, and it’s about a two-and-a-half-hour drive from both Toronto and Montreal. The island is known for its long stretches of sandy beaches and a landscape of limestone cliffs. Its local culture emphasises its people’s traditional roots, offering tourists and residents a wide range of outdoor activities such as camping, cycling, and hiking, as well as wines, artisan crafts, and the wide variety of outdoor activities provided by its woodland and roads. Its main industries are wineries and tourism, with a higher proportion of its workforce employed in agriculture than other regions, and its largest public park, Sandbanks Provincial Park, attracts over 600,000 visitors each year. Many seniors and retirees flock to the area. It currently has a population of around 26,000 people, but the county anticipates a population increase to 34,000 by 2032. The highest demographics are between the ages of 55 and 74, almost double the provincial average, with 30% of the population 65 and older, giving the community an average age of 50. Residents enjoy financial stability, with a median household income of $66,000, which is close to the Ontario average, and a lower cost of living.

List of New Townhomes in Prince Edward

Why invest in New Townhomes in Prince Edward County?

Rather than being a remote, off-the-beaten-path island, Prince Edward County is conveniently located between Toronto, Ottawa, and Montreal, making it ideal for tourism, second-home ownership, and medium-distance travel. Recent upgrades to the island’s technology infrastructure have opened up a new avenue for newcomers: work from home residents. Fiber optic cables were installed in 2012 to connect over 11,800 homes and businesses to high-speed internet, and similar upgrades have continued since then. As a result, the island has positioned itself as a place where people can work from home or in small offices dedicated to specialised technical skills while still living in a cost-effective and beautiful environment. The rental real estate market in Prince Edward County is also thriving. In 2011, the County had nearly 6000 non-permanent residents, accounting for nearly a quarter of the entire population of the island. In 2012, 40% of the county’s 658,877 tourists stayed overnight, indicating a sizable market for Airbnb, cottage, and other rental investments. Because of the increasing number of tourists visiting the island, it has become one of Airbrb’s fastest growing communities. Tourist visits peaked at a million per year before Covid-19, and the park’s open-space nature has allowed it to maintain a thriving outdoor-oriented tourist base. The county is only a short ferry ride and drive away from Kingston, which has all of the hardware and amenities that are normally only found in larger cities.

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Jobs and Industries in Prince Edward County

There is a 45-55 split in how many residents work on and off the island among those in the labour force, but the average commute time for most is less than 30 minutes. Although the high retiree rate reduces employment participation, those of working age do so more than the average, thanks to the low unemployment rate. Its main industries are tourism, agriculture, professional and technical services, and health care. In terms of tourism, the county attracted 659 thousand visitors in 2012, thanks to a variety of festivals and attractions drawn from the county’s natural landscape as well as museums and towns. Its agriculture focuses on farms as well as wineries, with over 40 wineries and brewers of beer, cider, and spirits. Due to a combination of an increase in the number of residents aged 50 and up, as well as improvements to the island’s telecommunication infrastructure, the county expects an increase in home-based employment focused on specialty technical skills. The last major growing industry is health care, which is gearing up to help the country’s ageing population.

Average Prices for New Townhomes in Prince Edward County

Prince Edward County has seen an increase in housing prices and a decrease in market listings, similar to the rest of Ontario. The median price of all real estate on the island in March 2021 was $705,000, nearly double the previous year’s price. This average price for pre-construction townhomes in Prince Edward County was $400,000depending on the month, but it has been steadily rising, particularly among new townhomes in Prince Edward County.

Getting Around in Prince Edward County

Prince Edward County relies almost entirely on cars for transportation. While there is a ferry and a VIA Rail station nearby, both require driving. The free Glenora to Adolphustown ferry connects residents to highway 33, which provides a quick drive to Kingston, which is open 365 days a year. There are also a number of commercial and private marinas. For long-distance train rides, there is a VIA Rail station within 10 minutes of Prince Edward County, and there are 5 road entryways into and out of the island, the majority of which connect to highway 401 and can take travellers quickly to Kingston, or to Toronto, Ottawa, or Montreal in 2 or 3 hours, respectively. While major cities outside of Kingston are too far away for easy commuting, the distance is short enough for major purchases, as well as for tourists and owners of second homes on the island, to get there without causing a major disruption in their schedule.

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