http://www.nytimes.com/slideshow/2009/07/05/magaz…

The I.R.A.C program only applies to properties over 5 acres so if you wanted to buy a house on a lot in Charlottetown the program would not apply.

I was told the program was designed to stop people from away coming in and buying up cheap land for the sole purpose of subdividing for profit

Those rules about buying might infringe on the Charter:

(2) Every citizen of Canada and every person who has the status of a permanent resident of Canada has the right

(a) to move to and take up residence in any province; and

(b) to pursue the gaining of a livelihood in any province.

Limitation

(3) The rights specified in subsection (2) are subject to

(a) any laws or practices of general application in force in a province other than those that discriminate among persons primarily on the basis of province of present or previous residence; and

(b) any laws providing for reasonable residency requirements as a qualification for the receipt of publicly provided social services.

http://laws.justice.gc.ca/en/charter/1.html#ancho…

Unemployment numbers continue to increase dashing the BS of 'green shoots' from the deniers. As usual CDN info not public.

http://www.vancouversun.com/Business/loses+jobs+J…

My tally of REBGV numbers for June is in. REBGV stats usually have a small deviation from my data due to sales that did not complete as initially recorded. All credit for these numbers goes to Gavin Hughes for publishing daily MLS sales, listings and price information at http: http://www.nvcondos.ca . Clearly sales this month were very strong, and the flood of listings has not appeared. Inventory has been slowly declining for the past two months and MOI is heading back toward 2007 levels. Nevertheless, SFH average prices dropped even in the face of strong sales and decreasing inventory which is contrary to past trends. As usual, the wait now begins for the REBGV to publish their benchmarks. I'd expect to see these by July 3. Listings: 5227 (-21% yoy) (+10% mom) Sales: 4298 (72% yoy) (+22% mom) Sell/List: 82%… Read more »

We sold our house in Abbotsford on a small lot for $520K in May 2008 and have been renting since, the farm we bought in PEI has a nice 4 bedroom house and a shop barns and chicken coup the farm has 130 acres of land and we paid $120,000 cash no mortgage. Bubble money in PEI can go along way!

"There are downsides to living in PEI which you should consider:
http://www.restaurantica.com/p…..n/c-sushi/&quo…

Opportunity knocks!

My wife and I drove to the East coast in the Fall of 2007 loved it. PEI in particular is beautiful and we decided we wanted to move. Took my full 3 week vacation from work this year and went back to PEI in May this time looking for a house we ended up buying a farm 10 mins from Summerside, my wife and I are both from the lower mainland and we do not have any relatives out East,but we do have some new friends that we met there last time and look forward to seeing again. Their are some differences in buying real estate in PEI that apply to buyers from BC we found out: If you are from away and want to purchase acreage on PEI you must apply to a gov. program called I.R.A.C. which costs… Read more »

The first ime I was in PEI was in 1973. Loved the quiet, picturesque and charming atmosphere.

Last trip was in 2005. It has become much more developed/crowded, especially in and around Cavendish.

Very sad to see the "character" of the island changing with the times. Oh well…

Paul, Say "Hi" to the owner/manager of the Cavendish KOA. He is from PoCo!

And to think, these are houses too, not condos. The difference in prices is phenomenal. For the money some people are plunking down on shoeboxes in the sky in Yaletown, they could get two or three places over in PEI. The sooner this bubble bursts here, the happier I'll be. I can't imagine putting such a huge portion of one's earnings towards a mortgage, and having to forgo all the fun stuff like traveling, gadgets, concerts, etc. That just isn't living. =/

Anyway, it's great to see Paul's still doing his thing. I used to love reading his stats when he was still over this way.

I've just taken a quick look around the PEI MLS and am shaking

my head.

Just took a look at MLS listings in Charlottetown…makes me want to cry, the most expensive house is $630k :s

Packing my bags….

What a dream….a house for $160k…

Dream on, eh?

Tell me more, I am almost ready to move there!