The theft occurred around 8:30 p.m.
Police say that at the time of the incident, witnesses reported seeing a dark-coloured or black four-door sedan with tinted windows in the area.
Two people, described as wearing hoodies and having muscular or stocky builds, were seen leaving the sedan and entering the garage at the Lily Crescent residence.
The door to the garage then opened and a grey 2008 Lexus ES350 was driven away from the residence. It has yet to be located.
The vehicle had P.E.I. license plate 354KB attached to the rear and had a Montreal Canadiens license plate on the front.
The owners of the residence were not at home at the time.
Anyone with any information is asked to contact Summerside Police Service at (902) 432-1201.