Known as "the Garden Province", Prince Edward Island is one of the four Atlantic provinces of Canada. As Canada's smallest and least populous province, Prince Edward Island is home to only 140,000 people. Prince Edward Island's capital and largest city is Charlottetown, with just over 40,000 people. Prince Edward Island is known for its natural beauty, including its 800 km of beaches.
Prince Edward Island Economy and Employment
Agriculture, tourism and fishing are the main industries present in Prince Edward Island. About 30 percent of Canada's potatoes are grown in Prince Edward Island, providing the most important source of income for the province's 2,000 farms. Tourism, in particular, is on the rise as the Island's charm, landscapes, and golf courses entice greater numbers of visitors each year. The manufacturing sector is comprised mainly of food processing. High-technology is also becoming important, especially in the medical, electronics and agricultural fields.
The fishing industry, once a major employer in the province, has been in decline due to depleting stocks of fish in the once teeming Grand Banks area. The effect of this decline is that the unemployment rate in Prince Edward Island stands at over 10 percent, making it the second highest among Canadian provinces. The government is making efforts to train those from the fishing industry left without jobs to work in P.E.I.'s growth industries.
In Prince Edward Island, average families can afford a comfortable life thanks to the relatively low costs of living, as compared to some other Canadian provinces. Housing and heating costs, as well as the cost of living generally, are among the lowest in Canada. The mandatory minimum wage is $10.35/hr.
Prince Edward Island Residential Housing
Prince Edward Island has a low population and, consequently, affordable housing is widely available in the province.The average price of a house in P.E.I. is around $200,000, making it one of the most affordable places to live in the country. In addition, the average percentage of household income taken up by ownership costs varies between 21–32%, depending on the type of home involved, which is among the lowest in Canada.