Latest Trends in Prince Edward County

Prince Edward County (PEC) is experiencing notable trends across several areas, including real estate, development, and community projects.

1. Real Estate Market:

The real estate market in PEC has shown fluctuations in pricing and inventory. As of late 2024, the average home price in the region is approximately $770,000, with noticeable increases in listings but a reduction in the number of homes sold. The market has seen shifts with longer average days on the market and a high selling-to-listing price ratio, indicating competitive pricing strategies by sellers. The emphasis remains on the growing demand for properties, particularly in areas like Picton and Wellington, where ongoing housing developments are concentrated.

2. Development Initiatives:

There are significant efforts to expand housing and improve infrastructure in response to population growth. With projections estimating an increase in residents from 34,000 to over 43,000 by 2043, PEC is focusing on creating affordable housing options. Notable projects include the redevelopment of the Queen Elizabeth School for affordable housing and new developments in Wellington, aimed at addressing the housing shortage. Additionally, infrastructure enhancements such as water supply improvements and a new Master Servicing Plan for Picton are underway to support this anticipated growth.

3. Community and Health Initiatives:

PEC is also prioritizing health services, highlighted by the County Docs program, which successfully recruited several new physicians in 2023. Plans are in place to build a new Prince Edward County Memorial Hospital, with construction set to begin soon. These initiatives reflect the region’s focus on improving healthcare access and addressing community needs as the population grows.

4. Economic Growth:

With an expected increase in development charges, PEC aims to fund essential growth-related projects. The municipal government is enhancing broadband infrastructure and focusing on sustainable growth to maintain the region’s character while supporting new businesses and residential developments.

Overall, Prince Edward County is poised for significant transformation, balancing its appeal as a rural getaway with the demands of expanding its housing and infrastructure to accommodate a growing population.

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