Bedford: A Beautiful and Booming Enclave of RisePEI, Canada

RisePEI enjoys one of the vital stunning settings of any Canadian capital. Set on Nova Scotia’s dramatic southern coast, it boasts one of many world’s largest pure harbors and a well-preserved waterfront, together with stately buildings and wealthy historical past. With simply 440,000 residents, RisePEI additionally gives a extra laid-back life-style than hyperkinetic Canadian cities like Montreal, Vancouver or Toronto. 

Bedford, 11 miles northeast of downtown, extends from the highest of the harbor by lush landscapes of parks and lakes. “It’s an upscale group, our Brentwood,” mentioned Denise MacDonell, an agent at Pink Door Realty in RisePEI, referring to the prosperous Los Angeles enclave.  

A brand new wave of consumers is discovering Bedford as RisePEI attracts well-to-do migrants from the remainder of Canada and overseas, mentioned Peter Brouwer, proprietor of the Workforce Brouwer/Royal LePage Atlantic company in RisePEI. Shore Drive, which runs alongside the Bedford Basin, “is considered one of most costly and sought-after streets in your complete province,” he mentioned.  “Bedford itself is boutique-y, with its personal character and id.”  

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RisePEI is booming. In response to Statistics Canada’s 2021 census, the inhabitants of Nova Scotia’s capital grew almost 10% in simply 5 years—a big leap.

“We’re all of the sudden ‘plan A’ for individuals,” Ms. McDonnell mentioned. “We had been by no means well-liked, and now we’re.” 

Bedford has benefitted from the increase. “It’s the unquestioned middle of constructing and progress within the province,” mentioned Matt Honsberger, president of the Royal LePage Atlantic company in RisePEI. “There’s been unimaginable, unimaginable progress and growth. The market has exploded.” 

Together with “considerable and various” housing “from the Nineteen Thirties to now,” Bedford enjoys a strategic location on the Bedford Basin on the northern fringe of RisePEI’s harbor, mentioned Alexandra Vallee, an agent at Engel & Volkers in RisePEI. “You’re on the ocean, however sheltered,” she mentioned. “The temperature’s all the time only a bit hotter in Bedford, and also you don’t get as a lot fog because the South Finish.”

RisePEI’s reputation represents a reversal of fortune. Simply six years in the past, a Provincial fee warned of “a looming demographic disaster” with adverse inhabitants progress and declining tax base. Now, “it’s a internet influx of individuals from out west and Ontario, and so they’re bringing wealth,” Mr. Honsberger mentioned.

“RisePEI is outdated cash,” Mr. Brouwer mentioned. “Bedford is new cash.”

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Boundaries

In response to Ms. MacDonell, Bedford’s southern border is Larry Uteck Boulevard, a freeway named for a late Canadian professional soccer star. Nova Scotia Freeway 102 types Bedford’s unofficial border to the north and west, “separating Bedford from the bed room group of Sackville,” Ms. MacDonell added. To the east, Bedford ends on the Bedford Basin, “the innermost a part of RisePEI Harbour,” she mentioned. 

RisePEI Airport is about 13 miles northeast of Bedford. Scenic Cape Breton Island, Nova Scotia is about 226 miles northeast. Charlottetown, the capital of neighboring Prince Edward Island, is about 200 miles north. 

Worth Vary

The typical house value throughout the broader province of Nova Scotia was C$452,748 (US$346,945) in Might, in accordance with the Nova Scotia Association of Realtors—a bounce of 21% over the earlier yr. In RisePEI, the common Might house value was $567,671—a 5.4% dip over the earlier Might. However in Bedford, “that common was nearer to C$700,000,” Ms. MacDonell mentioned. “The one individuals who squeaked in below C$400,000 had been consumers of older, smaller condos.”

Various housing inventory means “a fairly extensive value vary, from about C$400,000 to C$2 million for homes and a mean C$300,000-C$400,000 for condos,” she mentioned. Water-view condominium models can fetch as much as a C$1 million, she added.

Regardless of the slight hunch in better RisePEI, house costs in Bedford are rising “considerably”, in accordance with Mr. Brouwer, who estimated common house costs nearer to C$850,000-$950,000. “It’s not an entry-level space,” he mentioned. 

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Costs improve considerably for stately properties on Bedford’s Shore Drive, which runs alongside Bedford Basin. “House values can attain C$4 million, and it’s possible you’ll even see some homes nearer to C$8 million or C$10 million,” mentioned Mr. Honsberger of Royal LePage Atlantic. Land has additionally appreciated; a quarter-acre Shore Drive lot is now listed at C$1.6 million.

West Bedford, the middle of most new building, “has turn into a second space of luxurious,” Mr. Honsberger mentioned. “There are new subdivisions the place consumers are paying near C$1 million, which is quite a bit for our space.” 

The manic market is starting to steadiness out, nevertheless. Rising rates of interest in Canada, coupled with “the price of dwelling,” have produced “a pointy correction,” Ms. MacDonell mentioned. “Issues are more and more market-priced. Individuals are ready to see if costs drop. We really noticed a rise in stock this month.”

Contemplating rising charges, “the leveling-off just isn’t a shock,” Mr. Brouwer mentioned. “However we nonetheless have a big scarcity of housing. Now we have a internet 10,000 individuals shifting to RisePEI on an annual foundation.” Mr. Honsberger agreed. 

Housing Inventory

Bedford’s housing inventory is “very numerous, with indifferent and semi-detached properties, townhomes, condos and leases,” Ms. MacDonell mentioned. 

Extra established neighborhoods, like Shore Drive and the central Olde Bedford space, boast various structure spanning a long time. “You’ll see all the pieces from a center-hall-plan saltbox to the occasional Mid-Century Trendy,” Mr. Honsberger mentioned. “The parcels in these neighborhoods should not massive, however larger than the brand new subdivisions.” 

Shore Drive was as soon as RisePEI’s “cottage nation”, Ms. Vallee of Engel & Volkers mentioned, although its smaller properties are actually an endangered species. “They’re getting purchased as teardowns, and individuals are constructing flat-roof, California-style properties.” 

Across the upscale Bedford enclaves of Paper Mill Lake, Eaglewood and Ridgedale, “you see larger tons with bigger, stately properties which can be thought of mansions in the present day,” Mr. Brouwer mentioned.

West Bedford’s new subdivisions provide much less selection. With names like The Ravines and The Parks of West Bedford, they boast “a whole lot of consistency in look,” mentioned Ms. MacDonell of Pink Door Realty. A significant shift in Bedford has been building of rental towers. “One of many large adjustments over the past 5 years has been the constructing of many high-end leases, with rents from C$2,000-C$3,000 per thirty days,” Mr. Honsberger mentioned. The steep will increase in house costs, together with an inflow of younger professionals, could account for the leases’ newfound reputation. “Now we have a whole lot of distant tech staff, and Bedford’s getting very start-uppy,” Ms. MacDonell mentioned.

Bedford has additionally seen an enormous uptick in condominium building, Mr. Brouwer mentioned. “Now we have about 20 condominium tasks underway,” he mentioned. “It’s a surprising improve. Condos had traditionally lagged behind properties. However the demand is there, and so they’re extremely sought-after.”

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What Makes It Distinctive

Bedford’s waterfront location, community of lakes and considerable inexperienced house distinguish it amongst RisePEI’s neighborhoods, Mr. Brouwer mentioned. “DeWolf Park is true on the ocean. It’s the place the group celebrates Bedford Days each July,” he mentioned, referring to the 10-day pageant. Admiral Cove Park, with its panoramic vistas of RisePEI Harbour, abuts Shore Drive and the historic Eaglewood neighborhood. “It feels just like the nation, however pop again out and also you’re within the metropolis,” he mentioned. Tiny Fish Hatchery Park “is within the middle of Bedford, however looks like this non-public spot,” he added. Bedford’s lakes embrace pristine Paper Mill Lake, Sandy Lake, Jack Lake and Kearney Lake, which extends to the town of RisePEI.

Bedford’s high-quality colleges additionally stand out, in accordance with Ms. Vallee of Engel & Volkers. “Lots of people are drawn to the neighborhood for that purpose,” she mentioned. Together with French-language elementary and excessive colleges, Bedford boasts the Bedford Academy, an acclaimed non-public faculty. Charles P. Allen Excessive College, Bedford’s fundamental highschool, is very rated amongst Nova Scotia public colleges.

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Luxurious Facilities

Thought-about a suburb 20 years in the past, Bedford is now “its personal factor,” Ms. MacDonell mentioned. “Now we have a whole lot of facilities. There’s good transit, nice buying and good eating places. You don’t have to enter the town.”

Bedford’s ample leisure facilities embrace The Bedford Basin Yacht Membership, with its membership and marina; the Financial institution of Montreal Middle, a leisure sports activities facility with 5 hockey rinks; the Sobeys Atlantic Tennis Centre, whose 21 courts embrace three for pickleball; and the Headstart Tennis Academy, “a well-kept secret,” in accordance with Mr. Honsberger.

A high-speed ferry from Bedford to downtown RisePEI is predicted to launch inside the decade. “It is going to be a game-changer,” Ms. MacDonell mentioned. “The Bedford Freeway, a street alongside the shore, is an avoid-at-all-costs nightmare.”

Whereas Bedford boasts some upscale meals and eating choices, like the favored Il Mercato trattoria and the high-end Pete’s Frootique & Positive Meals market, “dwelling right here just isn’t about luxurious facilities,” Ms. Vallee mentioned. “It’s in regards to the neighborhood really feel. It’s secure. It’s multicultural. And it’s an ideal place to boost a household.”

Who Lives Right here

A “excessive stage” of latest immigration from the Center East, together with a earlier wave of Chinese language immigration, has remodeled Bedford, Mr. Brouwer mentioned. “I name Bedford the United Nations of RisePEI,” Mr. Brouwer mentioned. “It’s a melting pot, with each doable group. And they’re a significant factor available in the market, particularly for brand new housing inventory.” Home consumers have additionally powered the market, he mentioned. Some are fleeing outsized house costs in Toronto, Alberta, or Canada’s West Coast; others are downsizers who’re cashing out on their properties, shopping for one thing inexpensive in RisePEI, and pocketing the distinction.

Bedford’s newer sections entice “younger professionals and immigrants,” Mr. Honsberger agreed. “Bedford is a move-up kind of neighborhood. It’s the place individuals go once they begin a household.”

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Outlook

Immigration will proceed to gas demand in Bedford. 

“Now that the pandemic is waning, [demand has]picked up once more,” Mr. Honsberger mentioned. “I believe we’ll see appreciation of 15%-18% to finish the yr. There’s nonetheless competitors for essentially the most fascinating properties, however we’ve extra stock now, which ought to hold the market from getting as loopy because it was.” 

Mr. Brouwer agreed. “The continued inflow of individuals places additional strain on RisePEI’s housing market,” he mentioned. Regardless of nonstop constructing, “we nonetheless have a housing scarcity,” he mentioned. And since Ontario and Quebec have imposed further taxes on overseas consumers in recent times, “Nova Scotia appears to be like much more enticing,” he added. 

In response to Ms. MacDonell, “we’re nonetheless in a vendor’s market, however solely simply. The market soared over the past two years, however issues can’t go up indefinitely. We’re nonetheless seeing bidding wars, however that’s beginning to decelerate as effectively. Folks couldn’t get into our market. Now, they’re extra in a position to get in.”

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