New Condos Prince Edward County
Why Should You Invest In Prince Edward County Real Estate?
There is a vibrant real estate market in the county with many recognized agencies represented throughout. From lakeside residences to country views, farmlands, orchards or small urban residential communities there is an abode for everyone. Homes can range from detached single family homes, semi-detached, apartments, townhouses, and new condominiums are springing up throughout the city. There are many new developments in the area, two of which are pre-construction condo developments, and a townhouse development.
Investors have seen an increase in the short-term rental market driving up the housing market. Some may want to consider getting a head start by buying a new condo in the early sale stages.
Additionally, PEC has become a rural hot spot for wine and dining where almost everything is locally sourced. The region is now one of Canada’s fastest growing wine sectors, with more than 40 wineries and 60 vineyards, and over 9 craft breweries.
If these aren’t reasons for you to invest, you’ll be happy to know the county is part of the Upper Canada Equity Fund and Innovation Centre making it Canada’s largest start up/venture capital. The fund is an early stage equity investment fund with aims of building ventures that drive up economic diversity and sustainable growth. Entrepreneurship is highly condoned as the county provides opportunities to build the lifestyle you desire.
Other growing sectors include agri-business, tech, media, arts and culture businesses and tourism. The city brings in over 650,000 annual visitors and continues to grow. This means more opportunities for the economy and investors.
Average Price for All Home Types in Prince Edward County in 2020
The average resale price for all home types in Prince Edward County is approximately $814,541. In terms of historical price growth, the 10-year average resale appreciation rate is 11 percent.
Meanwhile, the average monthly rental rate for all home types in this city is approximately $1,950. The average rental vacancy rate is currently below 1%, which shows signs of a significant shortage of rentals in the community. The 10-year average rental appreciation rate for this municipality is 3%.
Prince Edward County
Prince Edward County is a bountiful island located in Southern Ontario at the eastern end of Lake Ontario with over 800 km of shoreline. The county has a rustic-contemporary vibe that has become the perfect vacation spot for anyone looking to get out of the city. The region offers activities for people of all ages from arts, to entertainment, cycling, seasonal festivals, concerts, nature exploration, antique boutiques, boating and fishing, beaches and so much more!
Settled long ago by Indigenous people, the county has remarkable archeological and historical sites.You can find Edwardian homes and venues as well as the nearby Macaulay Heritage Park which highlights local history through its 19th-century buildings. Others include the LeVescounte Mounds of the Point Peninsula Complex people, built approximately 2000 years ago. Founded in 1972, the county is also home to many Victorian Bed and Breakfasts, some dating back as far as 1859.
The county has relatively mild temperatures thanks to its proximity to Lake Ontario, which has been a great influence in the development of 60 vineyards. PEC is slowly becoming more populated as it is increasing and specializing in a range of extra curricular activities. The popular demand for wineries and distilleries has given birth to many different sites such as Norman Hardie Winery, Amanda's Vineyards, Black Prince Winery, Broken Stone Winery, Chadsey's Cairns Winery, Cape Winyard, Casa-Dea Estates Winery, Closson Chase Winery, County Cider Company, Del-Gatto Estates Ltd. Devils and Wishbone Winery just to name a few. Some of these wineries combine delicious wood-oven pizza paired with a glass of wine which has tourists coming in droves during the height of wine season.
In addition to being a gastronomic haven, PEC is home to the widely recognized Sandbanks Provincial Park. Sandbanks contains the world’s largest bay mouth barrier dune formation, beautiful sandy beaches and towering limestone cliffs. Not to forget, PEC is home to the mysterious, must-see Lake-on-the-Mountain.
This region is also in close proximity to top educational institutions in Kingston and Belleville including Queen’s University, the Royal Military College of Canada, St. Lawrence College and Loyalist College.
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Accessibility / Getting Around
The city is located two hours east of Toronto down Highway 401, making for a great place to live due to its convenient accessibility. Once you reach Loyalist Parkway aka King’s Highway you can take the historic highway that begins in Bloomfield and travels east all the way through the county to the Collins Bay junction in Kingston.
Prince Edward County provides County Transit by Quinte Access for efficient, safe and affordable transportation. The bus route stops in Wellington, Consecon, Carrying Place, Rednersville and Rossmore. Specialized transit is also available for anyone requiring door to door accessible services.
The county also offers the Glenora Ferry, which is an enjoyable way to move between PEC and its surrounding cities– Glenora and Adolphustown. At no charge visitors and residents can drive their car onto the ferry and enjoy the picturesque view at no-charge.
Biking is another form of transportation here in the city. There are a couple routes between 40 and 60 kilometres of scenic countryside landscapes. And if you forget or don’t have a bike, there are multiple bike rental services available.
The region is easily accessible to all major cities being only one hour from Kingston, two hours from Toronto, three hours from Ottawa and four hours from Montreal.
List of New Condos in Prince Edward County
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Questions & Answers
Why is there a shortage of rentals in the community?
The booming tourism industry is calling for more short-term rentals (such as AirBnB’s) limiting the amount of long-term rentals available. In 2018, there were over 900 Airbnb listings in the county.
Is the Prince Edward County an island?
Although referred to as an island, technically speaking it does not fall under the category because it is not 100% covered by shore. However, a big portion does meet the shoreline and you must travel by ferry to move to two of its bordering cities. So it is still referred to as such.
What is the Loyalist Parkway and what is its significance?
The Loyalist Parkway, often referred to as Highway 33 or King Highway 33 is a provincial highway that runs through PEC. It was given the name Loyalist Parkway back in 1984 when Queen Elizabeth commemorated the highway to honor the pioneer colonial route built 200 years back.
What are the best wineries in the city?
All wineries in the city are rich in culture and have their own story. Some of the most popular and larger wineries include the Norman Hardie Winery, Hinterland Winery, Waupoos and County Cider Winery. Not to mention they are all worth visiting and wine tours are available almost all year round.