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Mortgage Basics in Prince Edward Island

Find your new home in the Garden of the Gulf.

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The current purchase price or appraised value of your home
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The type of the mortgage you are looking for
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The portion of the purchase price you will be paying upfront
Current mortgage
The remaining amount on your current mortgage

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About PEI

Prince Edward Island is one of Canada's three Maritime provinces. Even though it’s the smallest Canadian province, in both land area and population (156,000), housing prices are climbing and the market is becoming increasingly competitive.

Life in PEI

The island is one of the most affordable places in the country. The average home price is roughly $275,000 (as of July 2020) – nearly $300,000 cheaper than the national average. Compared to other provinces, PEI continually has one of the highest homeownership rates in the country.

Not only will you find affordable housing, but stunning scenery and a laid-back lifestyle.

Housing market in PEI

Prince Edward Island's housing market generally consists of two types of owners: those who live on the island year round and those from out of province who own summer homes on the island.

Whatever category you fall into, the market has seen steady grown over the past year or so. PEI had the highest population growth rate in the country from 2017 to 2019. This demand has led to more houses being built here than in Newfoundland and Labrador, which is five times the size and has a much larger population.

PEI top 10 cities for mortgages

Here are the top 10 most in-demand cities on the island, along with homebuyer demographics.

Data source: Super Brokers

PEI top 10 cities for mortgages
Rank City or Town Percentage of inquiries Average buyer age Average buyer income Average mortgage
1 Charlottetown 37.07 36 $44,815 $128,741
2 Summerside 7.82 37 $40,857 $110,789
3 Stratford 6.80 39 $56,278 $127,743
4 Cornwall 6.12 38 $43,882 $104,740
5 Montague 4.42 41 $46,934 $110,125
6 Souris 3.74 39 $41,043 $102,454
7 O’leary 3.40 45 $37,500 $77,500
8 Kensington 2.72 40 $42,211 $101,028
9 Georgetown 2.38 32 $35,500 $83,166
10 Kinkora 2.04 31 $38,000 $129,483
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