Bill 20: An Act to Amend the Prince Edward Island Lands Protection Act

This bill most directly affects non-residents — whether individuals, corporations, or investors based outside Prince Edward Island — who are looking to buy residential or commercial properties within PEI municipalities. If you're a non-resident investor or a property development company acquiring multiple small urban lots or homes in towns like Charlottetown or Summerside, you'll now need to seek approval from the Lieutenant Governor in Council before picking up a second such property. Real estate agents, property managers, and lawyers who work with out-of-province buyers will need to factor this new permit requirement into their transactions. Existing non-resident owners of multiple qualifying properties are grandfathered in, so no immediate divestiture is required, but any new acquisitions going forward will trigger the approval process.