Cost of Living in Prince Edward Island 2024: What to Expect

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When it comes to one of the most aesthetic natural locations in Canada, Prince Edward Island ranks as one of the most remarkable. With the beautiful landscape view in its main Island, and also the endemic aura that revolves around about 231 other regions that you would find in this province, there is no doubting the fact that most first-timers who visit the province newly would be inquisitive about the cost of living here.

The average cost of living in Prince Edward Island is $1,316 every month. This average is inclusive of rent, utilities, groceries, entertainment, transportation, and other basic things.

A lot of people who have seen several commendable pictures of the great province have been inquisitive about the cost of living, and this is why the focus of our article today would revolve around the cost of living in Prince Edward Island.

General Cost of Living

PEI - Cost of living

If you are considering settling and starting a new life in Prince Edward Island, you should know that it is one of the most appealing provinces to be in Canada. The warmness of the inhabitants of the city is one reason to consider starting a life in one of its suburbs.

According to Livingcost.org, the cost of living in Prince Edward Island is currently pegged at an average of $1683+. This means that living on this Island is less than the average cost of living in many major cities in Canada.

However, in many recent reviews, geographical experts have been able to deduce that despite the cost of living in Prince Edward Island, it is the tenth most expensive and the twelfth best place to live in Canada.

Item Price (in CAD) Range (in CAD)
Meal, Inexpensive Restaurant 25.00 15.00 – 30.00
Meal for 2 People, Mid-range Restaurant 87.50 60.00 – 100.00
McMeal at McDonalds 10.25 10.00 – 11.00
Milk (1 gallon) 9.83 7.00 – 13.25
Loaf of Fresh White Bread (1 lb) 2.97 2.27 – 6.34
Eggs (12) 4.83 2.99 – 5.99
One-way Ticket (Local Transport) 2.00 2.00 – 4.00
Monthly Pass (Regular Price) 60.00 50.00 – 65.00
Gasoline (1 gallon) 6.18 5.94 – 6.62
Utilities (Monthly)    
Basic Utilities for 915 sq ft Apartment 202.16 170.00 – 260.00
Internet (60 Mbps or More, Unlimited Data) 113.57 74.00 – 150.00
Rent Per Month    
Apartment (1 bedroom) in City Centre 1,270.00 990.00 – 1,600.00
Apartment (1 bedroom) Outside of Centre 1,065.71 800.00 – 1,400.00


PEI Salaries



It is interesting to state here that Prince Edward Island’s average salary after tax payment is $1658, and this is more than enough to live for one month and a few weeks in the province.

As I Found on Pay Scale, if you find yourself in the heart of this great Island and you intend to have the best lunch in any of its suburbs, the average cost for a healthy lunch is $9.87, and considering what you would be offered, it is a fair enough price for a great meal.

Most of the residents of Prince Edward Island are typical people who love to eat out, and on a random night out in one of the choice restaurants in the city, the average cost of a quality dinner for two is $35.7.


Accomodation - Prince Edwards Island

It is common knowledge that the inhabitants of Prince Edward Island live a good life. A typical depiction of this is with the accommodation of inhabitants of the province. For every apartment that is put up for rent, there is always a lower price range substitute, and so irrespective of your budget, you are sure that there is an apartment for you.

According to Livingcost.org, the average rent range for a one-bedroom apartment in the downtown region of Prince Edward Island is $748, but the cheaper substitute that you would find in the suburb region is $501.

Should you be thinking about buying an apartment in Prince Edward Island, the average purchase price is currently pegged at $243,000. Most of the homes that you would find in its vicinity have modern facilities that you can easily customize to suit your taste.

There are also mortgage packages that allow you to pay a 3.96% interest rate for a mortgage that spans across twenty years. This means that you can always afford to own a home while you stretch the payment across a twenty-year timeframe.

While the cost of purchasing homes in Prince Edward Island varies from city to city, numerous rural segments offer far lesser pricing in comparison to that of the most populated parts of the Island.

Hence, in case you are thinking of living in a suburb where you can own your home, as well as enjoy the benefits of an affordable payment structure, there are numerous cities that you can easily move to.

The interesting part about most of the cities in Prince Edward Island is that they are closer to the metropolitan segments, and so with just a public bus, you can move from one segment of the province to the other within minutes.


Charlottetown transportation

One aspect of this formidable province that would impress you is the cost of transportation. With the stellar utility services and the essentials that the government offers the inhabitants of the province, you would think that you have to spend heavily to traverse from one segment of its environs to the other.

This is however not the case because the minimum cost for a local transport ticket is $1.48, and $47.4 a month. The price of gasoline is pegged at $0.92/liter and boarding a taxi for an 8km distance is pegged at a low charge of $19.1.


Prince Edward Island is the core hub for agricultural activities in Canada and this has a core impact on the price range for grocery items in the province.

According to the PEI Agriculture and Fisheries Department, you can buy a one-liter pack of milk for a low price of $2 and the highest price that you would purchase grocery items in the state is $16 only.


Prince Edward Island is not just about its picturesque landscapes and affordable living; it’s also a hub for quality education. The province boasts of some of the best schools and universities in Canada, making it an ideal place for families with children.

Pprovince has a well-structured educational system that caters to the needs of both local and international students. The public schools here follow a curriculum that is designed to equip students with the necessary skills and knowledge to excel in their chosen fields.

For those interested in higher education, the University of Prince Edward Island (UPEI) offers a range of undergraduate and postgraduate programs that are recognized globally.

Is It Worth Living in Prince Edward Island?

An interesting fact to note about Prince Edward Island is that its capital city, Charlottetown was rated as one of the cheapest cities to live in Canada according to a ranking which was conducted in the year 2018.

While the cost of living in Prince Edward Island is a core reason why you could consider relocating to this part of Canada, it might also interest you to know that there are many tourist attractions on the Island that would sweep you off your feet.

If you happen to be a picturesque person, and you are looking out for a city that allows you to express your flair for taking quality pictures, then you shouldn’t think twice about the great Prince Edward Island.


Is it expensive to live on Prince Edward Island?

Living in Prince Edward Island, specifically in Charlottetown, is relatively affordable compared to major cities in Canada. The city is 30.1% less expensive than New York, excluding rent. However, like any location, the cost of living can vary based on personal lifestyle and choices.

What is the average rent in Prince Edward Island?

In Charlottetown, the average rent for a one-bedroom apartment in the city centre is CAD 1,270.00, while outside the city centre, it averages CAD 1,065.71.

Is housing expensive in PEI?

Housing in PEI is more affordable than in many major cities. For instance, the average price per square foot to buy an apartment in the city centre of Charlottetown is CAD 300.00.

What is a good salary in PEI?

The average monthly net salary (after tax) in Charlottetown is CAD 2,283.25. A good salary would be one that comfortably covers your expenses and allows for savings, so it can vary based on individual needs and lifestyle.

What jobs are in demand in Prince Edward Island?

PEI has a diverse economy with opportunities in various sectors. Historically, agriculture, especially potato farming, has been significant. However, there’s also a growing demand in the tourism, healthcare, and IT sectors.

Is PEI good for immigrants?

Yes, PEI is welcoming to immigrants and even has its Provincial Nominee Program (PEI PNP) to attract skilled workers and entrepreneurs. The island’s smaller population offers a close-knit community feel, making it easier for newcomers to integrate.

Is moving to PEI a good idea?

Moving to PEI can be a great idea for those seeking a slower pace of life, natural beauty, and a friendly community. The cost of living is relatively lower, and there are opportunities for work, especially in in-demand sectors.

Is it easy to immigrate to Prince Edward Island?

PEI has its immigration pathways through the PEI PNP, which can make the process smoother for eligible candidates. Like all immigration processes, it requires meeting specific criteria and following the application procedures.

Final Words

Prince Edward Island, with its picturesque landscapes and warm communities, offers a unique blend of tranquility and modern amenities.

Whether you’re considering a move for work, retirement, or simply a change of pace, PEI promises a life enriched with natural beauty, cultural experiences, and a sense of belonging. Dive into the island life and discover a haven that feels like home.

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