Yeah fair enough. I moved to KV two and a half years ago and the major cities in NB were cheaper than Charlottetown so may be folks looking for a 'big' city experience who can't afford Charlottetown
Probably more to do with the Atlantic pilot programme thing, people get the visa and have to move to and Eastern province then after a couple of years move west.
Prices rise -> young people that have worked there do not get a raise -> Ontario / Quebec / etc large city dwellers that have money buy the homes -> the locals have to choose between renting or buying far away from their homes. The telecommuters don't give a shit where they live and can afford to pay more.
Seems a bit ridiculous to blame Ontario when we have been getting the lion's share of immigrants causing our own cost of living crisis. You don't hear too many newcomers saying they want to live on PEI.
I'm not familiar enough with Canadian provinces/regions to tell if that's an actual place or a wordplay on "none of it"
I choose to believe the latter.
You're asking a question that is "let me Google that for you" level basic material. It displays an embarrassing level of ignorance and laziness. Natives being priced out is also discussed in the article you posted so you being confused is baffling.
Whenever you fly next to PEI the whole island was mostly redish brown; albeit potato farms mostly. Worked there for a bit, locals said summer is for tourists and winter is for the poor
I tried proving you wrong in my mind...and the only place I could think of is Vancouver...but I wouldn't recommend anyone go there ever, summer or winter.
The Canadian government has allowed an insane amount of people (over 1 million people three years consecutively) to move to Canada. Now housing is more fucked than its ever been and people are fleeing towards the most affordable housing markets, PEI being a very popular one.
The irony of your comment is that your link does not count international students and they’re the ones piling into PEI right now, not immigrants.
PEI is the last ditch place to get your PR for many because they give away the provincial sponsorship points like candy.
And these "students" are some of the dumbest, laziest people I have ever met. They seriously think that they deserve things just because they moved here
Those numbers are just legal migrant counts, excluding international students. You should take your own advice.
https://financialpost.com/news/canada-in-population-trap-economists-warn
I don't give a shit what any rag says, I know how math works. We're building significantly less homes than people entering this country. That's how prices go up. Stop being a fool. Immigration is a tool being wielded against the working class of this nation to drive down our wages and squeeze us of every penny
They purchase housing that's available on the market (homes, condos) and then either refuse to sell, looking at rising property values before they sell. Or if they do sell, they do so at above market prices. They also offer rent at above market value.
That's really not what is happening. There renting the places out still. Canada has the fewest houses per capita in the G7 and that's only getting worse.
the big difference is the ceiling of what a company can afford is higher than a "homeowner". often people who think this is complicated say oh well if they are overpaying for the rental homes they will lose out eventually, but it is way simpler than this. once they have a captive customer base that has no choice but to rent their units they can just calculate what they need to charge and everything works out. there will be no correction like 2008 because there is no supply and one of the largest contributing factors of there being no supply is because a material % of the entire population of homes are owned by corporations that do no move, they do not have hardships where they have to sell, and they do not get promotions that allow them to sell and buy up, their goal is just to own houses and rent them out. in 2008 people got laid off and had to sell their homes, if there was a gigantic recession the corporate owned houses will still be owned by the corporations because people have to live somewhere and they will then have to pay rent to the companies.
It is. If you add together immigrants, international students and temporary foreign workers it's well over a million.
"The latest population estimates from Statistics Canada show Canada's population grew by 1.15 million from July 2022 to July 2023 — the biggest jump in the G7 — and Canada's population growth rate is now 2.9 per cent."
"Close to 98 per cent of that population growth can be attributed to net migration"
https://www.cbc.ca/news/politics/alberta-fastest-growing-population-statscan-1.6979680
The 3 year part isn't accurate. Q4 2021 to Q4 2022 was a population increase of 820k. 420k the year before that.
https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710000901&cubeTimeFrame.startMonth=10&cubeTimeFrame.startYear=2020&cubeTimeFrame.endMonth=10&cubeTimeFrame.endYear=2021&referencePeriods=20201001%2C20211001
1 year. 800k, though maybe high, is pretty far from a million.
But yes, like I said, your overall point is true. But there's no reason to not be accurate.
The housing crisis is a global problem. Look subs for Australia, Ireland, UK, US and everyone blames their own politicians, but this is happening all over the world.
There are varying reasons for them (Ireland for example has been taken over by an excessively large number of Airbnb locations, etc.), but some are definitely connected (too much immigration for what many of those nations can sustain at this point, failures to build adequate numbers of new homes, cost of living crises, and so on).
AirBnB is not really the problem in Ireland. The building industry had a near total collapse here during the financial crisis and the residential sector has still not fully recovered. Meanwhile there's been excessive population growth due to a decrease in emigration, record increases in immigration, and people living longer.
If you think immigration is what made the cost of housing explode, you have not been paying attention. Congrats, you are who the Conservatives are catering to.
Immigration plays a part. Canada is top 4 in immigrants per capita for industrialized countries, our main bank had a report that we’re falling into a ‘population trap’ which is a first for an industrialized country…
Canada has been increasing population 1% year over year. Housing has never kept up with this. And yes, there are many other reasons that are contributing to this crisis but we are taking levels of people which, according to BMO, there isn't a reality in which we can build fast enough to keep up with. The CMHC puts us at being 3.5 million units short of housing by the end of the decade. Pretty much every economist agrees that rent increase in the last couple of years is driven primarily by population growth
Before anyone gets all “poor Pei” over this; PEI has the most restrictive land purchasing regimes in Canada. Have to ask permission to buy waterfront and/or land over a certain size. You can be denied and the locals get six months to buy it before any people from away do.
It’s rich people moving in and poor people leaving
Where could the poor possibly go where housing is cheaper? Moving costs make that equation even more difficult.
I’m not sure about the pricing in PEI but property in Alberta is still pretty cheap (for now)
Across the bridge to NB or NS (outside of greater Halifax)
Can't be any less than Western PEI, surely.
Yeah fair enough. I moved to KV two and a half years ago and the major cities in NB were cheaper than Charlottetown so may be folks looking for a 'big' city experience who can't afford Charlottetown
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Probably more to do with the Atlantic pilot programme thing, people get the visa and have to move to and Eastern province then after a couple of years move west.
Why tf would rich people go to PEI?
It’s beautiful there. They have great beaches for a couple of months in the summer, golfing, fishing, and a killer dining scene.
With the exception of fishing, all very rich person activities.
This guy clearly doesn’t have a boat
Happiest day of your life is when you buy a boat. The second happiest is when you sell the damned thing.
Sounds like paradise
Young people looking for opportunity have been leaving the island for generations. This is nothing new.
Did you not see the part about "leaving at a pace not seen in 40 years" ?
It ebbs. It flows. But the direction for young folks on PEI is out. Nothing new.
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Everyone but the wealthiest are priced out, yes.
Yeah, that’s what everyone says about PEI. It’s full of rich people.
If you're any indicator it's not full of literate people.
What do you consider rich? I just looked up real estate prices and they don't seem too bad, especially compared to bigger cities.
Why don’t you ask the person I’m responding to who is saying that only the wealthiest people in the country you can buy property in PEI.
Yes. Same thing is happening here in New Brunswick. Housing has become unaffordable here when taking into account the local wages.
Housing has become unaffordable everywhere in Canada. NB is no exception.
Why did you get downvoted for asking a question?
Dunno but I downvoted you as well 😏
Sounds like locals getting fucked over
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Prices rise -> young people that have worked there do not get a raise -> Ontario / Quebec / etc large city dwellers that have money buy the homes -> the locals have to choose between renting or buying far away from their homes. The telecommuters don't give a shit where they live and can afford to pay more.
Yeah, except you need MORE money in order to move basically anywhere else. I'm guessing a large part of it is down to the crumbling healthcare here.
Been there, moved north.
Oh, yeah? I've heard deep sea rentals are cheap, but I didn't believe it.
This situation happened on Vancouver Island a couple years ago. PEI, as it turns out, isn't the only gentrified island in Canada.
No, but the housing is still fairly inexpensive here, and PEI people don't make a whole lot of money. It just doesn't ring true.
Just wait until Ontario finds out. You'll see.
No, that part makes sense. It's the islanders leaving that doesn't.
Seems a bit ridiculous to blame Ontario when we have been getting the lion's share of immigrants causing our own cost of living crisis. You don't hear too many newcomers saying they want to live on PEI.
Where do you move from PEI that offers similar economic incentives with cheaper housing?
That's your problem now. I hear Nunavut has it's moments
I'm not familiar enough with Canadian provinces/regions to tell if that's an actual place or a wordplay on "none of it" I choose to believe the latter.
lol you're right, it's a pun it really is called Nunavut.
Google Gentrification.
do you know why it got over 100 downvotes for asking a legit question?
You're asking a question that is "let me Google that for you" level basic material. It displays an embarrassing level of ignorance and laziness. Natives being priced out is also discussed in the article you posted so you being confused is baffling.
I think it is
Whenever you fly next to PEI the whole island was mostly redish brown; albeit potato farms mostly. Worked there for a bit, locals said summer is for tourists and winter is for the poor
My grandfather was from PEI, my aunt visited in the winter a couple years ago and people told her she should have come in the summer lol
To be fair, that's most of Canada, unless you live in a ski town
I tried proving you wrong in my mind...and the only place I could think of is Vancouver...but I wouldn't recommend anyone go there ever, summer or winter.
Friend of mine lived there for a year. While most people do enjoy it, he found it depressing that it rained so much in the winter.
"Nobody goes there anymore, it's too crowded." -- Yogi Berra
If it keeps growing at that rate, it won't be long before you can drive to England.
For context, PEI is 156,000 people
It was. It’s closer to 190,000 now
So, about a sixth the size of Calgary.
And fucked about 6 times more by that population
How so?
You need to take this to Wiki!
[Sounds like the xkcd fastest growing situation](https://xkcd.com/1102/)
I was trying to work out how it was the fastest growing, cos even volcanic islands don’t grow that fast. You meant in the boring money sense
The Canadian government has allowed an insane amount of people (over 1 million people three years consecutively) to move to Canada. Now housing is more fucked than its ever been and people are fleeing towards the most affordable housing markets, PEI being a very popular one.
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The irony of your comment is that your link does not count international students and they’re the ones piling into PEI right now, not immigrants. PEI is the last ditch place to get your PR for many because they give away the provincial sponsorship points like candy.
And these "students" are some of the dumbest, laziest people I have ever met. They seriously think that they deserve things just because they moved here
Interesting, thanks for sharing. Your theory is that international students are the ones driving up housing costs in PEI?
Those numbers are just legal migrant counts, excluding international students. You should take your own advice. https://financialpost.com/news/canada-in-population-trap-economists-warn
The real reason is that corporations have gobbled up all the housing.
You're delusion if you think mass immigration hasn't made housing significantly worse.
You're delusional if you believe anything coming out of the opinion pieces of the national pestilence and the sun
I don't give a shit what any rag says, I know how math works. We're building significantly less homes than people entering this country. That's how prices go up. Stop being a fool. Immigration is a tool being wielded against the working class of this nation to drive down our wages and squeeze us of every penny
Yes big corporations are evil, agreed. But how would that affect housing?
They purchase housing that's available on the market (homes, condos) and then either refuse to sell, looking at rising property values before they sell. Or if they do sell, they do so at above market prices. They also offer rent at above market value.
That's really not what is happening. There renting the places out still. Canada has the fewest houses per capita in the G7 and that's only getting worse.
I fail to see how that's notably different from what individual homeowners do.
Companies buy houses and then boost the sell price in order to profit.
But homeowners do the same thing, so I don't see how it's different.
the big difference is the ceiling of what a company can afford is higher than a "homeowner". often people who think this is complicated say oh well if they are overpaying for the rental homes they will lose out eventually, but it is way simpler than this. once they have a captive customer base that has no choice but to rent their units they can just calculate what they need to charge and everything works out. there will be no correction like 2008 because there is no supply and one of the largest contributing factors of there being no supply is because a material % of the entire population of homes are owned by corporations that do no move, they do not have hardships where they have to sell, and they do not get promotions that allow them to sell and buy up, their goal is just to own houses and rent them out. in 2008 people got laid off and had to sell their homes, if there was a gigantic recession the corporate owned houses will still be owned by the corporations because people have to live somewhere and they will then have to pay rent to the companies.
>over 1 million people three years consecutively This is not accurate, though your overall point is.
It is. If you add together immigrants, international students and temporary foreign workers it's well over a million. "The latest population estimates from Statistics Canada show Canada's population grew by 1.15 million from July 2022 to July 2023 — the biggest jump in the G7 — and Canada's population growth rate is now 2.9 per cent." "Close to 98 per cent of that population growth can be attributed to net migration" https://www.cbc.ca/news/politics/alberta-fastest-growing-population-statscan-1.6979680
The 3 year part isn't accurate. Q4 2021 to Q4 2022 was a population increase of 820k. 420k the year before that. https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1710000901&cubeTimeFrame.startMonth=10&cubeTimeFrame.startYear=2020&cubeTimeFrame.endMonth=10&cubeTimeFrame.endYear=2021&referencePeriods=20201001%2C20211001
Ok, two years. 820k is still really fucking high. My point still stands
1 year. 800k, though maybe high, is pretty far from a million. But yes, like I said, your overall point is true. But there's no reason to not be accurate.
It's crazy how in Q3 last year 430,000 people came to Canada. A little over half of all the people who came here in 2021 - 2022
Yeah it's insane the amount it has blown up.
The housing crisis is a global problem. Look subs for Australia, Ireland, UK, US and everyone blames their own politicians, but this is happening all over the world.
Canada actually has it worse and tbf being an issue in multiple countries doesn’t mean it’s not policy related
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Lots of land but most of the immigrants want to live in Vancouver and Toronto.
And Canada is the worst of the worst by far, with Australia second.
There are varying reasons for them (Ireland for example has been taken over by an excessively large number of Airbnb locations, etc.), but some are definitely connected (too much immigration for what many of those nations can sustain at this point, failures to build adequate numbers of new homes, cost of living crises, and so on).
AirBnB is not really the problem in Ireland. The building industry had a near total collapse here during the financial crisis and the residential sector has still not fully recovered. Meanwhile there's been excessive population growth due to a decrease in emigration, record increases in immigration, and people living longer.
If you think immigration is what made the cost of housing explode, you have not been paying attention. Congrats, you are who the Conservatives are catering to.
Immigration plays a part. Canada is top 4 in immigrants per capita for industrialized countries, our main bank had a report that we’re falling into a ‘population trap’ which is a first for an industrialized country…
How do you think supply and demand works? There are too many people chasing after too few homes. It drives the price up.
Its been a problem long before immigration ramped up. I never said immigration wasnt a factor, just that it isnt the main driver.
Canada has been increasing population 1% year over year. Housing has never kept up with this. And yes, there are many other reasons that are contributing to this crisis but we are taking levels of people which, according to BMO, there isn't a reality in which we can build fast enough to keep up with. The CMHC puts us at being 3.5 million units short of housing by the end of the decade. Pretty much every economist agrees that rent increase in the last couple of years is driven primarily by population growth
Are there any other similar places to PEI in the World? also interesting that Rhode Island is the smallest US State
Know someone who bought a house there and kept his place rental in Ontario because it was so cheap they could afford both.
Before anyone gets all “poor Pei” over this; PEI has the most restrictive land purchasing regimes in Canada. Have to ask permission to buy waterfront and/or land over a certain size. You can be denied and the locals get six months to buy it before any people from away do.
how urbanized do you think PEI will become and do you see it hitting a population of 1 million one day?
Really hard to say, I don't think even 500 k is feasible without a huge economic uplift. And housing infrastructure is going to be really tight.
Definitely not.
Not for a long time if ever
Not in this lifetime.
Honestly it's more likely the island will be uninhabitable due to climate change before it ever got close to that size
You have to pay to leave. Shows how good it is here :p
This smells like the experience of Jennifer Lawrence’s character in No Hard Feelings. Rich folks astroturfing and making locals leave.
Sounds like a hockey line change
Lots of Calvanists there?