Could Prince Edward Island be on the right track when it comes to ownership that “comes from away”? The Financial Post featured what non-Islander buyers face when they buy significant property in Prince Edward Island.
Canada’s tiniest province is an island unto itself when it comes to letting foreigners control the property market. Prince Edward Islanders refer to those people as “come from away” but it’s not just overseas investors that are restricted in how many acres they can buy or how much shoreline they can own, the rules apply to Canadians outside of P.E.I. too.
P.E.I. has long worried about the impact of absentee landowners. But unlike the rest of the country, which is so consumed with the issue of foreign ownership that even Canada’s top housing agency has gotten involved, P.E.I. identified those people and enacted laws to prevent them from taking over ages ago.