[LINK] "P.E.I. faces housing glut"

[rfmcdonald]

CBC reports on a glut of housing on Prince Edward Island, as the home-buying population declines while the supply remains stable. I'd also suggest that much of the existing supply, especially in rural regions remote from major centres, is in the wrong place. Some of it might never sell.

Supply is up and demand is down in the P.E.I. housing market, creating a buyers' market where homes are slow to sell.

Linda Mosher is one of the lucky people in the market looking for a new home, but only after suffering through the process of trying to sell hers.

"It was on the market before it was actually sold for about 11 months, which was at least six months longer than we expected it might be," said Mosher.

The P.E.I. Real Estate Association says the number of listings on the Island is up 10 per cent over last year. Association president Wayne Ellis told CBC News more older Islanders are selling their homes and downsizing, and others are moving out west. With so many houses to choose from, he said potential buyers are taking their time.

Sales this year are down 10 per cent.

"There's lots of choice, and it's a perfect buyers' market right now," said Ellis.