With over 35 years of experience in organized real estate under her belt, Prince Edward Island Real Estate Association (PEIREA) executive officer Peggy Donovan still remembers being “the young kid on the block” at meetings. 

“Now I’m the grandmother,” says Donovan, who recently turned 60 and confesses to having “five towers of notebooks” in lieu of a digital planner. Being a top dog, she also readily admits that she’s “never sold a stick of real estate” in her life.   

Don’t let any of that mislead you. A veteran in an industry where women still tend to be underrepresented in top-level management, she’s a force for progress in a province where the number of Realtors has doubled in the past five years.

“Real estate leadership is evolving,” she says. “There was still a glass ceiling when I started. I’m seeing that crumble, which is wonderful.”   

Coming home to her roots

A proud Islander – land of red sand beaches, Anne of Green Gables, lighthouses and signature potatoes – Donovan has been with the P.E.I. association for almost 15 years, overseeing strategic direction and managing operations.

She was born and raised on the island, the smallest and most rural of Canadian provinces, left to become a paralegal at age 19, and went on to spend a couple of decades in Ontario working in real estate association management, most notably as assistant director of board and member services for the Ontario Real Estate Association. While her colleagues headed to law firms, she was keen to dive into real estate professional standards and the like. 

“I left P.E.I. and never thought I’d come back,” she recalls. “But life happens and priorities change.” She had some tough knocks, including a marriage breakdown. She called her mother and said, “I think I’ll come home.” 

A ‘fearless, strong leader’

Within weeks of being back in P.E.I., she’d landed the job with PEIREA, headquartered in Charlottetown. 

Tim Jackson, current president of the association, says that watching Donovan work a room is something to behold. “She truly shines in the broader organized real estate world. In a room of 400-plus people, she’s instantly recognized, greeted with open arms, warm smiles, and heartfelt hugs. The connections she’s cultivated across the country speak volumes.”

Adds Nicole Foster, Donovan’s executive assistant, “as a woman in this industry, having a fearless and strong leader like Peggy to look up to is priceless.”

Donovan accepts acclamation without false modesty. “I feel respected and that I bring value to the table,” she acknowledges. “I’m at a point in my life where I am who I am, and I know my stuff. And if I don’t, I’ll ask. I’m comfortable in my own skin.”

She urges the younger demographic now entering the industry not to be afraid to speak out and ask for what they want. “It starts a conversation. There’s no such thing as a dumb question.” 

Moving the industry forward

The real estate community in the Cradle of Confederation isn’t large. “Everybody knows everybody,” says Donovan. “That’s a double-edged sword. Members may balk at following the processes in place,” which leads to some challenging days for her at the office. 

To complicate matters, the industry in P.E.I. is not well-regulated, in her view. “Change needs to happen.”  

Along with advocacy, raising the bar regarding protection for consumers and the real estate profession are key initiatives. Others include upgrading pre-licensing education (“We want to implement more practical information”) and modernizing the Real Estate Trading Act. It’s been decades since the act was majorly overhauled, according to Donovan. “It’s outdated to say the least, still references salesman.”    

The province, with its relaxed pace, small-town charm (despite high population density), and comparatively reasonable cost of living, had never experienced soaring prices and multiple offers until COVID hit, presenting another challenge. 

“We learned to navigate it by adopting processes from other provincial real estate associations who’d experienced it,” explains Donovan. “We don’t need to re-create the wheel.”

Ironically, during that time, with a growing membership, PEIREA itself needed to sell its office building and upsize. 

“And we got multiple offers,” says Donovan, with a laugh.    

Today, in contrast to the national trend, the real estate market in P.E.I. is thriving, with inventory and home prices increasing. It’s a hot and balanced market, driven by immigration, low vacancy rates, relatively affordable housing compared to other parts of Canada, and the lure of a quieter and scenic lifestyle. 

“But there’s an interesting problem,” cautions Donovan, “in that we’ve maybe become more successful than we anticipated.”

While many experts worry that demand continues to outstrip supply, Donovan now sees affordability as a bigger issue. “I don’t know how young people get into the market,” she says. “The cost of living surprises people when they move here. They expect it to be lower.” 

With the average house price in P.E.I. creeping above $400,000, locals increasingly are finding the market out of reach, she observes. “Our wages don’t match the rest of Canada’s.”

P.E.I. indeed lags behind most other provinces in this regard. The underperforming labour market is blamed on such factors as the disproportionately high percentage of residents aged 65 and older, a low employment rate, and labour shortages.

With the population swelling, the province’s infrastructure is also an issue. “It’s hard for it to catch up,” says Donovan. “Housing, medical services – it all takes time. There’s a dire need for doctors,” and a cap on study permits for international students. 

The P.E.I. lifestyle outweighs the issues, in her opinion. 

“But it’s not all seafood and surf.” 

Susan Doran

Susan Doran is a Toronto-based freelance writer who has been contributing to REM since its very first issue.