VISIT Granville on the Water-Be a Tourist

A number of homes in Granville on the Water are operated as rental homes in the summer months. Being close to water, golf, great restaurants, boating, seafood … etc etc … makes for an area in high demand for vacationers.

Many like to check out the area in detail, before looking at settling in on a purchase or plans to build that ‘Dream Home’.

Have a look at these listings to see if that might fit within your plans. These are privately owned and run by the owners of the properties. Of course, there are many properties available in the area of Cavendish, Stanley Bridge, North Granville, New London, and the north shore … so GOTW is a great base to explore what PEI’s ‘vacationland’ has to offer.

In Granville on the Water, your home can be a cash flow generator … if you do not want or need to occupy it year-round.   Prince Edward Island’s north shore is in very high demand and a wonderful base to explore for the many visitors every year.   PEI is perhaps unique in North America in that 152,000 people are resident and 1,500,000 visitors and tourists come every year.   That 10 to 1 ratio assures a great interest in property rentals … your new home could yield $1500 to $7000 per week and be an income generator  … if you so choose.

Contact us to find out more !

Enjoy your visit 🙂

Contact these owners through their listings :

5 Star Executive Ranch

With an open concept on the main level, this home features one king bedroom with a beautiful ensuite bath, a queen bedroom and a den with a queen sofa bed. This 5 star Executive Rancher has, on the second floor, a third bedroom with a queen bed and a bathroom with shower. An ideal rental property for up to 3 couples as the property has 3 separate living rooms/den areas that offer many options for rest and relaxation after a day of sight seeing, golf or having fun on one of PEI’s beautiful beaches. There is a full laundry room and double car garage that guests will be afforded access to.

Welton Hill – Private Spacious Executive

Resting atop a gorgeous bluff in Stanley Bridge overlooking the winding Trout River,  Welton Hill has three bedrooms, three bathrooms and an open concept living, dining and kitchen area that has an amazing view of the river and rolling hillside. Whether you choose to relax by the propane fireplace or enjoy a favorite movie on the large LCD television/DVD, Welton Hill’s living areas will easily provide all the comforts of a home away from home. The waterfront kitchen and dining area with grand floor to ceiling windows have a wonderful calming effect as you go about preparing your favorite vacation meals.

Eagles View Villa

Eagles View Villa is a stunning waterfront vacation home. We’re located on more than two acres of private forested land overlooking the picturesque Trout River and the hills of trees and farmers’ fields beyond. Three levels of luxury living featuring five bedrooms and four and a half baths, the house is great for large groups. Situated in North Granville, just minutes from Cavendish, the location is perfect for beach goers and golfers alike.

New Home Construction … the 2019 Federal Budget may Assist …

Ottawa, Ontario – March 20, 2019

Many young Canadians dream of owning their first home. With rising house prices, and not enough homes to meet demand, it is getting harder and harder to make that dream a reality. That is why the Government of Canada is taking important steps to make housing more accessible and affordable in Canada, especially for first-time homebuyers.

The Prime Minister, Justin Trudeau, today visited Orléans, Ontario, to highlight the First-Time Home Buyer Incentive, a new program announced in Budget 2019 that will make it easier for more Canadians to buy their first home.

Under the new program, eligible first-time home buyers could share a part of the cost of buying a home with the Canada Mortgage and Housing Corporation (CMHC). For eligible buyers, the program would reduce the size of their insured mortgage and lower monthly mortgage payments.

Lower monthly payments mean more money for Canadians to put toward the things that matter to them – furthering their education, putting their kids in sports, or saving for retirement. It is part of the Government of Canada’s plan to help all Canadians build a better future for themselves and their families.

Quote

“Over these past few years we heard from Canadians who talked about their concerns about being able to own their own home. We believe in investing in people and communities, which is why we are taking real, concrete steps to make sure homeownership remains an achievable dream, not a privilege afforded to only the richest few.”
The Rt. Hon. Justin Trudeau, Prime Minister of Canada

Quick Facts

    • The First-Time Home Buyer Incentive, administered by the CMHC, would help eligible Canadians with a household income under $120,000 per year afford to buy their first home.
    • Through the new Incentive, the CMHC would provide 5 per cent of the value of a home for a first-time homebuyer through a shared investment.
    • To encourage the construction of new housing supply, the Incentive would increase to 10 per cent for a newly-built home.
    • Additional information about the First-Time Home Buyer Incentive will be released by CMHC later this year.
    • Budget 2019 also proposes to increase the Home Buyers’ Plan withdrawal limit from $25,000 to $35,000, providing first-time home buyers with greater access to their Registered Retirement Savings Plan savings to buy a home.
  • In 2017, the Government of Canada announced a 10-year, $40 billion National Housing Strategy that will help reduce homelessness and improve the availability and quality of housing for Canadians in need. The Strategy sets clear goals to remove 530,000 Canadians from housing need and reduce chronic homelessness.

GC press release here

Building Costs – What to Expect

Owning a lot is only the first step towards sipping a Long Island Ice tea or enjoying some of PEI’s Craft Beers on the finished deck.

2018 C21 Price/Square Foot ($/sf) Survey - ALL Sales INCLUDING LAND.
2018 $/sf Survey
Including LAND

Building activity in the last few years has been brisk on PEI and finding a builder may be an adventure. Doing your homework and finding a good builder will result in years of satisfaction and enjoyment. Price is always a factor, but may not be the prime motivator for choice. Century 21 evaluated sales across Canada (both new and existing stock) to arrive at a Cost per Square Foot measure for cities across the country. Costs were for sale prices for all homes and INCLUDED land. Charlottetown costs were at $196/sf for the homes sold in 2018.

For calculation purposes, say the lot is $50,000 and the average home is 1600 sq. ft. At $196/sf a sale would be at $313,600 . Deduct $50k – $263,600/1,600sf = $165/sf (same as $50,000/1600sf = $31.25/sf deduct from $196/sf ) In this example, $165/sf cost would be for the home alone. Since the C21 results are for the entire housing stock, newly constructed homes would have a higher cost for the home. This agrees generally with 2019 ball-park estimates that NEW home construction on PEI is in the range of $200 per sf (excluding land). This is influenced heavily by the quality of finishings and interior decor, but provides a starting point to evaluate estimates. Here is a link to the Century 21 study with results across Canada (PDF Format) . NOTE again, the study home costs per sq.ft. INCLUDE LAND.


Other links suggest a building value could be under $200 per foot. However, they are costs in other provinces and with a rising market can become quickly out of date.

House Building Costs (Ontario) : (2016(?) – Rijus home plans):
“Generally, we find the ‘price per square foot’ rate to be around:
* $140 – $160 per square foot to build a house your own (self build)
* $170 – $200 per square foot to hire a custom home builder

How Much Does It Cost to Build a House? (March 2019 – Re/Max)

      • Vancouver: $130 – $230/sf
      • Calgary: $115 – $150/sf
      • Toronto: $110 – $210/sf
      • Montreal: $95 – $160/sf
      • Halifax: $115 – $150/sf

A link to information on Commercial building costs.


What About the Services ?

For those considering a lot purchase, keep in mind the total costs at the finish line. A drilled well will add up to $10,000 and even $20,000 to the final total. In Granville on the Water, most lots do not have this cost, as piped water is distributed throughout the subdivision.   Some lots in higher elevations may require wells.   Together with underground electrical services, value and quality is elevated in the neighbourhood adding to peace of mind.

Home under construction in Granville on the Water early in 2019 … loving the view !

There are a number of ways to find a good builder on the island. Word of Mouth and recommendations from known friends, family, and regular acquaintances is usually a good way to avoid problems. That should find you a good builder, but perhaps not the best or not on your schedule ? As homes represent the biggest investment most people ever make, take your time to find the right builder …. check out past owners and their reviews and comments. Look at the product built by the builder and inspect the workmanship and quality that was put in place.

A few links to review for Builders and Suppliers :