Charlottetown, P.E.I.

Benchmark housing price: $364, 800
Population: 38,809

Charlottetown, one of the fastest-growing cities in the country, is getting a makeover in real time. An unprecedented influx of immigrants and urbanites escaping larger hubs has helped P.E.I.’s population grow more in the last three years than it did between 1995 and 2010. The result is a rejuvenated capital city, supercharged with new talent, business and a transformed real estate market.

The newcomer wave has made Charlottetown’s vacancy rates some of the lowest in the country, but the benchmark home price is still less than a third that of Toronto and Vancouver—and nearly half of those properties are detached homes with yards. The most affordable options are sprouting in East Royalty, a collection of one- and two-bedroom condos, townhouses and duplexes in the city’s northeast; it’s a hot spot for newcomers. Low-rise apartments and row houses are mushrooming along University Avenue and through downtown, occupied mostly by students and young professionals. And for buyers looking to shell out a bit more, Brighton, the historic neighbourhood in the city’s southwest, is decorated with Georgian-era estates with waterfront views.

While high immigration has undoubtedly squeezed the Charlottetown housing market, it’s also giving the capital a cultural facelift. The Charlottetown Festival’s mainstay musical, Anne of Green Gables, now splits the stage with new titles like Rhythms and Stories of the Red Earth by the Mi’kmaq Heritage Actors. Classic seafood restaurants that once dominated the cobblestoned Victoria Row and picturesque Peake’s Wharf are competing with Vietnamese pho houses, Indian bakeries and Lebanese vegan cuisine. All of these tastes come together every spring at P.E.I. Burger Love: an island-wide gastronomical showdown that challenges restaurateurs to produce the island’s best burger.

This recent boom is just a small taste of what is to come: Charlottetown’s population is expected to grow from 40,000 people to 66,000 by 2040. As more Islanders age out of the workforce over the next decades, there will be plenty of opportunities for young teachers, health-care workers, urban planners and people trained in the skilled trades—especially in construction, as the province aims to build 2,000 homes per year, much of it centred around Charlottetown. STEM jobs will also abound: next year, a new medical school launches at the University of Prince Edward Island and, along with Holland College, the university aims to form the next generation of transit developers, sustainable builders and solar-panel technicians, which will push the Island toward its goal of making all homes, businesses and vehicles emissions-free by 2050.

Recently Listed

301-303 Euston Street
Price tag: $499,000
The place: A duplex near Charlottetown’s downtown cafés and boutiques. Each unit comes with its own private backyard and an energy-efficient heating system.

238 Pownal Street
Price tag: $699,000
The place: A three-bedroom Victorian heritage home, built in 1825, with hardwood floors, landscaped grounds and a formal living and dining room

15 Escher Street
Price tag: $469,000
The place: A four-bedroom home, with a backyard and a storage shed, which is walking distance from nature trails and the downtown core

4 Donald Drive
Price tag: $539,000
The place: A four-bedroom, three-bathroom ranch-style house with a double garage and large renovated basement

This story appears in the September issue of Maclean’s. Buy the single issue here or subscribe to the magazine here.