Looking For Your Perfect Home? Look East. Look Summerside.
Suppose there’s a young couple house hunting somewhere in the country. Chances are the conversation will go something like this:
Wife: “Oh honey, it’s beautiful.”
Husband: “Agreed. How much?”
Realtor: “Well, here’s what they’re asking.”
The *POOF* represents the couple’s dream home vanishing when its price is revealed. Purchasing a home is a major decision, well worthy of your research time and scrutiny.
According to the Canadian Real Estate Association (CREA), the average home selling price was $481,562 in Canada for January 2018, with BC ($721,061) and Ontario ($543,988) leading the way. At an average house price of $222,533, PEI offers much more affordable house pricing than many of the other provinces.
The 2016 Census revealed that Islanders are less burdened by their shelter costs than the typical Canadian. For PEI, only 11.1% of homeowners spend 30% or more of their income on housing. For Canada, this number is 16.6%. The average weekly earnings for Canada exceeds that of PEI by approximately only $150, not nearly enough to mitigate the huge imbalance in house prices.
Even within PEI, there is considerable variation. Median single-detached home prices for 2017 (4th Quarter) were as follows:
Summerside: $153,500 (2.3% increase from a year ago)
Cornwall: $185,000 (4.6% decrease from a year ago)
Charlottetown: $246,900 (30.6% increase from a year ago)
Stratford: $332,900 (18.3% increase from a year ago)
Note that home prices in Stratford are more than double of those in Summerside. Also, price growth is well into double digits for both Charlottetown and Stratford.
Using a basic mortgage calculator (3-year fixed rate, 25-year amortization) reveals the following monthly payments:
Average Canadian home ($481,562):
Monthly payment of ~$2,500
Median Summerside home ($153,500):
Monthly payment of ~$800
The dream of being a homeowner for two working adults earning even modest wages is very realistic in Summerside, where mortgage payments are often less than rent.
A great example of a family taking advantage of Summerside’s attractive prices would be Darcia & Jordon Burnett, owners of Summerside’s Lobster House and Shipyard Wedding & Events. They grew tired of living 60 km outside of Whitehorse YK, not able to afford to live any closer to the city. They moved here in Nov. 2007 purely because they wanted an affordable house in town to raise their family. They revel in the fact that they can do what they love while living in a house right in the City of Summerside.
Did you know?
Total Annual Household Consumption (food, shelter, clothing, transportation, education, furnishings etc.) according to Statistics Canada in Canada is on average $60,000 as compared to $50,000 in PEI, roughly $10,000 savings in living costs in PEI.
Total Annual Household Expenditures (food, clothing, shelter, taxes, insurance, pensions etc. according to Statistics Canada in Canada on average is $82,000 as compared to $68,000 in PEI; a savings of around $14,000.
According to the Canadian Real Estate Association, the median sale price of a home in Summerside is $153,000 as compared to $246,000 in Charlottetown.
Summerside is an affordable and growing city where your dollar goes further.
This program, formerly known as “The Connection Program”, has recently been relaunched after a lengthy hiatus. After only a month after being re-launched, it is being received positively with candidates from across Canada and beyond reaching out to the office looking to connect and engage in dialogue. To date, we have had 17 persons living in other parts of Canada that have indicated a preference to be involved in the process and if opportunities in both business and labour were available they would be very interested in coming home. The program goals are to assist and facilitate the establishment of mutually beneficial relationships between program participants and the local business community and to heighten the awareness of Summerside as a place to invest, live and grow.
Find out more about Homeward Bound program at http://www.mysummerside.ca
Summerside exceeds expectations
The business environment in Summerside is ingrained with entrepreneurial thinking. State-of-the-art technology is embraced as a driver for innovation, and growth and development are driven by dynamic networks of community leaders.
As more and more companies review their growth plans seeking improved efficiencies, reduced costs, increased profits and access to more markets, a compelling case for expanding in Summerside can easily be made.
Summerside offers a strategic location in a time zone bridging Europe and the West Coast of North America.
Summerside provides a fully serviced private airport, quality infrastructure, diversified production facilities, and a port with climate controlled storage and year-round shipping.
Starting an IT Business in Summerside makes sense
Information Communications Technology (ICT) has become a major contributor to economic growth in Summerside and PEI in general. Sound business fundamentals and progressive vision offer companies within the sector a well-developed infrastructure, access to capital, sector-specific training institutions and a quality of place unmatched by other jurisdictions.
In recent years, ICT in Summerside has seen an emerging focus on e-health software development, client servicing and support, and testing laboratories.
Labour, which forms the largest cost centre of business operations, is one of our competitive strengths. In addition to our lower rates, governments through our labour programs can support enterprise from the outset. Labour costs for Toronto and Vancouver are substantially higher when compared to Summerside. Targeted labour rebates help companies become established.
Summerside also offers lower rental costs than the rest of Canada: $10-$15 average net lease rate per square foot compared to $28.25 in Toronto and $31.15 in Vancouver. Additionally, the city offers rental support in Year 1 of up to $200 per month, or $2,400 annually, and in Year 2 of up to $6.00 per square foot. Capital support is also available: up to 25% on maximum spending of $40,000 or a $10,000 grant for office leaseholds and up to 40% on maximum spending of $40,000 or $16,000 grant for marketing. The City of Summerside offers many financial advantages to any new business interested in setting up shop in PEI.
The City of Summerside understands that the IT industry is a fast paced sector and decisions need to be made quickly in order to capitalize on emerging opportunities. One of the advantages of locating in Summerside, in addition to low costs and an educated workforce, is a responsive government with the ability to meet a company’s needs by cutting red tape, accessing decision makers and responding quickly to growth plans.
BUSINESS NETWORKS GOVERNMENT
Recognizing the quality of our labour force and sound business economics, IO Solutions is growing again and looking for candidates to join their growing team. IO Solutions has immediate openings and employs over 300 customer care representatives. For those interested in learning more about this opportunity and to apply online, please visit the company website at www.iosolutions.ca
Looking for that perfect career? Check out some of Summerside’s leading companies and existing opportunities
Standard Aero: https://www.linkedin.com/jobs/search/?
Tax Centre: https://www.canada.ca/en/revenue-agency/corporate/
Prince County Hospital: https://www.princeedwardisland.ca/en/topic/
Tronos Jet: http://www.tronosjet.com/maintenance-contact
New Leaf: http://www.newleafessentials.ca/#contact
And please register with our labour matching tool; a free service matching Summerside Employment Opportunities and You http://www.mysummerside.ca/register
Summerside Fun Facts
• Did you know that the average drive to work is 5 minutes … Why waste time going to and from work when you can spend more time with family and friends?
• Relax in a safe and low crime environment. Learn from a great institution – Holland College in the heart of Downtown offers a diverse range of educational opportunities.
• Did you know the Credit Union Place Demonstration Solar/Battery Project since November has saved the city in excess of $11,500 in energy/demand costs, allowing more funds for recreation, police and other community services! … and has done so in a purely GREEN manner.
• Did you know that in 2017 Summerside welcomed over 26,000 visitors for concerts and events, representing a 69% increase over 2016. Global performers and events included Travis Tritt, Burton Cummings, Daniel O’Donnell’s, Kraft Hockeyville, and the Roar Curling Event.
• Did you know that in 2017 Summerside welcomed over 35,000 people attending sporting events, representing a 78% increase over 2016.
If you are considering establishing a business
in Summerside or have any questions,
Director of Economic Development City of Summerside
275 Fitzroy Street, Summerside PE C1N 1H9
M: 902.432.0103, E: email@example.com
LET’S BUILD THE FUTURE TOGETHER!