The short answer is no. Prince Edward Island is a relatively affordable place to live. The island and its cities have consistently ranked well on lists of affordable places to live.
Prince Edward Island is without a doubt one of Canada’s most stunningly beautiful provinces. In the Gulf of Saint Lawrence, the main island is about 200 kilometers to the north of Halifax, Nova Scotia, and almost 600 kilometers to the east of Québec City. The only two main urban areas on the island are the provincial capital of Charlottetown and its environs and the dock of Summerside.
Prince Edward Island is not expensive to live in. Prince Edward Island has a cost of living of $1316 per month, which is 1.17 times less than the national average. There are plenty of job opportunities during the summer that ensure that the residents have a competitive quality of life.
It is a small province in terms of geographical area and population, yet it is densely populated. This is largely thanks to the good quality of life that is obtainable in the province.
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How affordable is Prince Edward Island?
Cost of Food and Groceries
A month’s worth of groceries for one person will cost about $250. It may be less expensive if you can explore establishments that serve locally sourced or produced dishes.
A quick bite at a fast-food restaurant might cost about $15. A three-course lunch and a night out with a friend at a mid-priced restaurant would set you back about $75 on average. Again, restaurants that primarily serve locally produced cuisine might also be less expensive.
If you go to a seafood restaurant, for example, you will be able to eat for much less money because the island has an endless supply of fish. A McMeal at McDonald’s will cost you $10, beer will cost you between $6-$8, and a can of Pepsi, about $2.38.
Cost of Housing
Even though real estate rates are growing generally all over Canada, you will still find some of the most affordable housing in Prince Edward Island.
For a single person living alone, a one-bedroom apartment in the city center will cost approximately $982 per month. A three-bedroom apartment in the same city center would cost around $1600 every month for a family. If you decide that buying a property is the way you want to go, be prepared to spend around $243,000.
Compared to the rest of Canada, these rates are quite competitive and generous.
Transportation
For transportation, residents of the island can either use the bus, board taxis, or get their own cars. A monthly bus pass costs $58.50, or $2 for a one-time trip. Gas will cost you around $1.09 per gallon if you own a vehicle.
Utilities and Other Services
Sometimes your rental agreement may cover the costs of electricity, water, garbage disposal, etc. If it does not, then you will have to cover them yourself. For a standard 85-meter square home, water, electricity, heating, cooling, and trash bills will cost around $175. Good internet access will cost you around $90 per month, and making phone calls will cost you an average of $150 per month.
You should note that these rates have been compiled mostly from the city center. Moving to other areas of the province will mean more affordable rent, food, and services.
Furthermore, Prince Edward Island has many more things to offer its residents apart from the affordable cost of living.
More good things about Prince Edward Island
The Breathtaking Beauty
Prince Edward Island is a wonderful area to live if you love being outside in nature. There are numerous magnificent views to be discovered around the island, as well as peaceful beaches, plenty of hiking trails suited for hikers of all abilities, and a wide variety of species to be discovered, including minks, red foxes, and Canadian Geese.
The island’s shoreline has some of the world’s most breathtaking views. The beautiful hillsides and scenic farms farther north will keep your cameras busy. If golf is your thing, Prince Edward Island boasts a variety of courses to suit all skill levels and budgets, including three that are rated among Canada’s best. The huge island is known for its pinkish beaches, lighthouses, and lush farms.
If you are a foodie, you will have a splendid time here; the local dishes have some of the world’s freshest seafood.
The Friendly People
Moving to a completely new location can be pretty scary. You don’t know anyone and you have no support system.
There is little need to worry about this on Prince Edward Island. Prince Edward Island is one of Canada’s smallest provinces in terms of population. There are about 150,000 residents in the province and they all live pretty closely together. People in these densely populated areas are quite familiar with one another, especially families. This means that they look out for each other in times of need, and if you can join one of these groups, you will never be alone.
Accessibility to Other Regions
The island of Prince Edward is rather tiny. In theory, you can drive from one side of the island to the other in just under three hours, and the journey is generally less than an hour even at its broadest points. Because the island is so tiny, it’s simple to get around in a car, on public transportation, or even on foot and explore away. On the island, there are some wonderful places to visit and things to do, and they will all seem like they are just outside your door.
If you want to go outside of the province, you’ll never be more than two hours from New Brunswick or Nova Scotia, regardless of where you start. You can still go to any one of these provinces in a relatively short time if you reside further north.
It is rich in Arts and Culture
Prince Edward Island may be the smallest province in Canada, but its cultural attractions are unparalleled. You can visit the site of Canada’s birth, the Birthplace of Confederation, and peruse galleries brimming with exquisite, one-of-a-kind items by many talented artists.
There are so many historic sites to visit; Green Gables Heritage Place, the Acadian Museum, you can walk the Confederation Trail, and if you are lucky, stay at the West Point Lighthouse Inn and Museum.
Is it expensive to live on Prince Edward Island? No. The cost of living is amazing here. If you’re coming with children, there are plenty of options on the island, including jobs and an excellent school system. The neighbors will be kind and pleasant for the most part, there will be plenty of activities to do and places of interest nearby, and the cheaper cost of living will guarantee you have fewer financial worries than in other areas of the country.