Pei Real Estate Offers A Great Retirement Opportunity

PEI is a small island province, the smallest province in Canada

. PEI has historically been best known for that little red haired orphan, Anne of Green Gables as well as the growing of potatoes. However PEI has grown up and while still retaining it rural charm is now home to the usual array of big-box stores, malls, and other trappings of modern life that we have all come to expect. However PEI also still retains it special unique features, lobster suppers, friendly people, freedom from much serious crime and a quiet but very peaceful lifestyle.

Now that atmosphere is particularly ideal for two groups of people, those raising a family and those about to retire and it is the latter group that I am going to address here. With a substantial difference in the cost of housing and real estate between PEI, where the average house price is approximately $142,000 and houses are available for as little as the $70Ks, and other provinces such as BC at $474,000, Alberta at $347,000 and Ontario at $327,000, you can see that there is great potential for netting a substantial difference in equity when you sell you home in any of these provinces and replace it in PEI. Of course there are other factors that will positively or adversely affect the amount of equity that you can extract from this real estate transaction. Obviously the lower your current mortgage, the more equity you currently control and the more advantage you can get out of coming to PEI. However, if you are willing to downsize as well you can certainly improve the amount of extra cash you will have to invest.

Calculating based on the average home values in all the Canadian provinces and comparing this to PEI and then working out the extra income you could expect from selling your current home and replacing it with a similar home in PEI, you might expect from $500 per month over 10 years, up to $2150 per month over 20 years. These figures are calculated based on a 5% return per annum.

Rather than investing your equity in the usual financial instruments such as bonds, stocks or mutual funds, some which might be too risky for people in their retirement, you may be able to find in PEI a second property that you can use as a rental. This would bring in income in the form of rent as well as contribute to continued equity growth.

Contact a PEI realtor to learn more. You should also consider having a local realtor help you determine the value of your current home.

by: R. Parker

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