Key Takeaways
- Prince Edward Island has the highest population growth rate among Canadian provinces, at 4.3% annually.
- Charlottetown, Summerside, Stratford, Murray River, and Kensington are some of the best places to live on Prince Edward Island.
- To determine the best places to live in Prince Edward Island, consider the cost of living, the availability of affordable housing or rent, low crime rates, and access to quality healthcare, reputable schools, etc.
According to Statistics Canada, Prince Edward Island has the highest year-over-year population growth rate among Canadian provinces at 4.3%, relative to Canada’s 2.7% overall rate.
Due to low living and housing costs, the island city’s lifestyle is comfortable despite its isolation from the Canadian mainland.
If you can envision settling down on this picture-perfect island with miles of pristine beaches and lush forests, here are the eight best places to live in Prince Edward Island.
Best Places to Live in Prince Edward Island
1. Charlottetown
- Cost of Living: $1,394.70
- Average Cost of Rent: $850
- Average Cost of Buying a Home: $490,121
- Crime Index: 70.8
Charlottetown is the largest and one of the two major cities on Prince Edward Island. Surrounded by natural beauty, it is a perfect destination for nature lovers and those seeking an escape from the hustle and bustle of the Canadian mainland.
According to LivingCost.org, Charlottetown has one of the best quality of life among the cities of Prince Edward Island and the states in Canada, with a score of 74 just next to Quebec, making it a perfect place to raise a family.
Charlottetown’s good quality of life comes from the affordable cost of living, excellent healthcare facilities, and a strong economy due to booming tourism, fishing, agriculture, and manufacturing.
The city has one of the most significant transit networks on Prince Edward Island, with a comprehensive public bus network serving the whole island and an airport serving primarily domestic flights.
Moreover, the city is one of the best places to stay in PEI for families because it is a safe, clean, and friendly city, with plenty of outdoor activities to engage with, from hiking and biking to boating, swimming, fishing, and many more.
2. Murray River
- Cost of Living: $1,316
- Average Cost of Rent: $1,875
- Average Cost of Buying a Home: $195,153
- Crime Index: N/A
Murray River is a small rural municipality in the southeastern part of PEI. It has a rich maritime history and is known for its scenic beauty, fishing, and outdoor activities such as hiking and kayaking.
According to AreaVibes Inc., the livability score of Murray River is 70, which ranks better than 72% of cities and areas in Canada.
The city’s prices for food are generally in line with the national average, while gas and housing utilities usually are cheaper.
It is also one of the safest places in PEI, where statistics show that the chance of being a victim is 1 in 27.
3. Kensington
- Cost of Living: $1,187
- Average Cost of Rent: $1,300
- Average Cost of Buying a Home: $194,166
- Crime Index: 55.1
Kensington is a tiny, tranquil town at the heart of the island with a cheap cost of living, reasonable property prices, and a wide variety of convenient services.
Additionally, the town is well-known for its low crime rate, which makes it a safe place to live, and its excellent education system, which makes it a great place to raise a family.
People in the area are renowned for being welcoming, and the surrounding landscape is stunning.
The former Kensington Railway Station, located amid the town’s redeveloped railyards, has been named a National Historic Site.
4. Souris
- Cost of Living: $1,187
- Average Cost of Rent: $1,274
- Average Cost of Buying a Home: $395,000
- Crime Index: 41.0
Located on the northeastern edge of Prince Edward Island, Souris is a quiet community with a cheap cost of living and a rich history.
Its location on Colville Bay, an entrance of the Gulf of St. Lawrence, makes it the starting point for ferries to Magdalen Island.
A few nursing facilities and retirement communities are in town, making it an excellent area for older people to settle down.
AreaVibes reports that the cost of living in Souris is 18.1% below the Canadian average and 9.1% below the Prince Edward Island average.
According to the ERI’s numbers, necessities, including food, shelter, and medical care, are all cheap in this town.
According to AreaVibes, Souris is safer than 71% of Canadian cities, with 16% lower criminal activity than the national average and a 1 in 29 chance of becoming a target of crime.
5. North Rustico
- Cost of Living: $1,093
- Average Cost of Rent: $738
- Average Cost of Buying a Home: $449,000
- Crime Index: N/A
North Rustico is a tiny fishing town on Prince Edward Island’s north-central coast.
Its close-knit and welcoming community is bounded by stunning natural scenery, including sandy beaches, red sandstone mountains, and the Gulf of St. Lawrence.
The fishing industry dominates North Rustico’s economy, and the community offers healthcare and education.
AreaVibes data suggests that the cost of living in North Rustico is 8% lower than PEI and 18% lower than the national average.
Living in North Rustico is generally safe, with crime activity 10% lower than the national average.
6. Summerside
- Cost of Living: $1,096
- Average Cost of Rent: $1,477
- Average Cost of Buying a Home: $211,322
- Crime Index: 118.3
The second biggest city in the province, Summerside, serves as the island’s western hub and has a high quality of life rating of 68, which is average.
It’s ideal for anyone who wants to live in a place with a low cost of living, pristine urban and rural environments, and a wide variety of leisure options.
There are plenty of things to do in Summerside, and the city also offers first-rate medical care, excellent educational possibilities, and a welcoming social scene.
The housing market is stable, environmental quality is high, and public security is high.
Numerous century-old homes, museums, monuments, and murals all celebrate the city’s long shipbuilding history, while the waterfront provides a refreshing burst of coastal atmosphere.
7. Stratford
- Cost of Living: $1,158
- Average Cost of Rent: $1,698
- Average Cost of Buying a Home: $389,149
- Crime Index: 31.4
Stratford has one of the most exceptional livability scores in Prince Edward Island at 84, with a stable housing market, low cost of living, and high graduation rates.
According to reports by Areavibes, the cost of living in Stratford is 2% lower than the Prince Edward Island average and 13% lower than the Canadian average.
The area has a pretty good record in terms of crime, which is 45% lower than the national average, and the housing market in Stratford is 59% lower than the national average.
8. Three Rivers
- Cost of Living: $1,198
- Average Cost of Rent: $1,175
- Average Cost of Buying a Home: $373,082
- Crime Index: N/A
Three Rivers is one of the most vibrant and best towns in the eastern portion of Prince Edward Island because it provides an excellent standard and relatively low cost of living.
From the name itself, Three Rivers is a beautiful place where three rivers meet – Cardigan, Brudenell Rivers, and Montague.
It is a small rural area with several small towns and villages with rich cultures, beautiful surroundings, and a strong sense of community, perfect for those who prefer a peaceful lifestyle.
Even if the area is small, with just about over 7000 residents, there is still decent access to amenities such as restaurants, medical facilities, and groceries, which are all needed by residents.
Although living costs are relatively low, employment opportunities may be slightly lesser compared to larger Canadian cities since the area is small, so job opportunities are limited.
In the long run, Three River has foreseen fast growth in terms of population growth of the business in the area, thus, more employment opportunities.
How To Choose the Best Places to Live in Prince Edward Island
There are several things to consider while deciding where to settle on Prince Edward Island.
Charlottetown, Summerside, Stratford, Murray River, and Kensington are some of the great places to call home that you should investigate first.
The cost of living is manageable while providing a high quality of life in these areas, including expenses like housing, food, utilities, entertainment, and transportation all add up.
Prince Edward Island has a lower-than-average cost of living compared to other Canadian provinces and cities, at $1,316 per month on average.
Check out the area’s festivals, beaches, and popular tourist attractions to get a sense of the community and its amenities.
It takes a lot of study and preparation to find a suitable place to live in Prince Edward Island. To help you decide, here are the top 5 best towns in PEI and their comparisons.
5 Best PEI Cities To Live In
| PEI City | Livability Score | Cost of Living | Average Home Price | Average Rent Price | Chance of Being a Crime Victim | In Labour Force |
| Charlottetown | 79 | $1,304 | $407,000 | $1,292 | 1 in 20 | 68% |
| Kensington | 74 | $1,187 | $164,900 | $1,292 | 1 in 28 | 65% |
| Murray River | 70 | $1,316 | $215,000 | $1,600 | 1 in 27 | 65% |
| Summerside | 68 | $1,096 | $217,296 | $1,033 | 1 in 14 | 64% |
| Stratford | 84 | $1,158 | $389,149 | $1,490 | 1 in 43 | 70% |
Ranking Methodology
To determine the top eight best places to live in Prince Edward Island, we take into account a variety of factors, including the livability score, low cost of living, the availability of affordable housing or rent, low crime rates, and access to quality healthcare, availability of schools, and rate of employment. In addition to these factors, we also consider the availability of tourist attractions.
References
FAQs
Nova Scotia and Prince Edward Island are the best coastal scenery in Canada and the world. But if you’re looking for a weeklong trip, Prince Edward Island would be the better option because it is less expensive and requires a shorter travel time.
The middle north shore of Prince Edward Island, which includes Brackley Beach, Covehead, Stanhope Beach, and Dalvay, is often considered the island’s most beautiful portion.
Some of PEI’s cons include summer overcrowding, limited higher education options, limited public transportation and international flights, and lack of diversity.
Prince Edward Island (PEI) is costly, but its cost of living is typically lower than that of other Canadian provinces. The island has lower transportation costs because the distances between communities are comparatively short, and agriculture and fisheries are abundant, making food fees cheaper and taxes lower due to various tax credits and deductions. However, it is essential to note that the cost of living, wages, and employment opportunities may be lower.
