The P.E.I. government has strengthened rules designed to prevent non-residents from buying up Island property. But the province’s real estate association says the changes are moving in the wrong direction.
For decades, the province has had limits on property that can be purchased by non-residents, who require the approval of the provincial cabinet to buy more than five acres of property, or a property containing more than 165 feet of shoreline.
Now the province has changed its definition of who qualifies as a resident. Instead of residing in the province for 183 days over the course of a year, residents must now live in the province for 365 days over 24 months.
For the first time, the province has also stipulated that to be considered a resident under the Lands Protection Act a person must be either a Canadian citizen or a landed immigrant, regardless of how long they’ve lived in the province. …
But the Prince Edward Island Real Estate Association says the more restrictive measures are moving the law in the wrong direction.
‘It’s a good thing to attract new people’
“I’m not 100 per cent sure what the rationale behind the legislative change was, but it certainly will have an impact on our industry,” said association president Mary Jane Webster. …
Non-residents have to pay either $550 or one per cent of the purchase price (whichever is higher) to apply to buy property under the Lands Protection Act. If their application is rejected, 50 per cent of the fee can be refunded. If the purchase is approved, none of the fee is refunded.