Bank of Canada Lowers Interest Rates – What It Means for PEI Real EstateIn its final announcement of 2024, the Bank of Canada lowered its overnight lending rate by 50 basis points to 3.25%,
Dated: November 29 2024
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This October, I had the privilege of attending CREA’s PAC Days 2024 in Ottawa, Ontario, as part of the Prince Edward Island Real Estate Association (PEIREA) delegation. Accompanied by our Executive Officer Peggy Donovan and current president Tim Jackson, I represented PEIREA as past president. It was a rewarding experience to join over 400 REALTORS® from across Canada to discuss key housing market challenges and solutions with Members of Parliament (MPs).
PAC Days is an annual event where REALTORS® from coast to coast gather in Canada’s capital to advocate for change in the real estate industry. This year marked the 39th anniversary of PAC Days, with three REALTOR® recommendations forming the core of our discussions:
These are ambitious yet crucial goals for addressing Canada’s ongoing housing crisis and promoting affordable housing solutions.
Elder Claudette Commanda welcomed us with a traditional ceremony, followed by insights on the state of the federation from former premiers Jason Kenney and Kathleen Wynne. Eddie Sheppard of Abacus Data highlighted the societal impacts of housing affordability, including delays in marriage and parenthood among young Canadians. The media panel, always a PAC Days favorite, provided diverse perspectives on Canada’s current political landscape.
This was our busiest day, as we headed to Parliament Hill for over 100 MP meetings. Our team had the pleasure of meeting with one of our own MPs, Sean Casey, to discuss the REALTOR® recommendations. Later that evening, we invited Sean to CREA’s reception at Queen St. Fare, and he graciously joined us, further solidifying the importance of collaboration in tackling affordable housing issues.

The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, addressed delegates, sharing updates on the government’s housing initiatives. The day concluded on a lighter note with comedian Shaun Majumder’s entertaining take on his real estate adventures.
We explored sessions on innovative housing solutions, CREA also offered a site visit to Maisons usinées Côté in Chelsea, Quebec, where REALTORS® witnessed offsite construction in action. This firsthand experience emphasized the potential for modern construction techniques to increase housing supply efficiently.
One of the most meaningful moments of the event was our meeting with MP Sean Casey. We had an open discussion about the challenges and opportunities in the real estate market and shared how CREA’s recommendations could make a difference, not only nationally but also here in Prince Edward Island. Sean’s willingness to engage and later attend the CREA reception demonstrated his commitment to REALTORS® and addressing housing affordability and accessibility.
Attending PAC Days as past president of PEIREA was a powerful reminder of the importance of advocacy. By working together, REALTORS® can amplify our voices and drive meaningful change in housing policy. Engaging with MPs, learning from experts, and connecting with fellow REALTORS® from across the country underscored the collective power of our profession.
The housing crisis in Canada requires bold, innovative solutions, and I’m proud to be part of an organization working to make a difference. Events like PAC Days show the impact we can have when we advocate for housing for all.
James Marjerrison is a trusted real estate agent committed to serving clients across Prince Edward Island. Originally from Ottawa, he made PEI his home in 2014, quickly establishing himself as a valua....
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