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Mortgage Basics in Prince Edward Island

Find your new home in the Garden of the Gulf.

Rates by location
Find the best rates in your area by selecting your province
Home Value
The current purchase price or appraised value of your home
Rate type
The type of the mortgage you are looking for
Down payment
The portion of the purchase price you will be paying upfront
Current mortgage
The remaining amount on your current mortgage

PEI Mortgage Rate Comparison (Rate Matrix)

Evaluate all of PEI’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix let’s you compare pricing for all key mortgage types and terms.

Rates are based on a home value of $400,000

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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.

Latest mortgage articles

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It could become more challenging for people to get a mortgage. Come June 1, Canada’s banking regulator will use a new method of qualifying mortgage applicants
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When mainstream lenders approve a mortgage application, it means they’ve done enough due diligence to know the borrower has a low likelihood of non-payment.
Vulnerability of Toronto’s Housing Market Upgraded to High
Three more of Canada’s largest metro areas, including the country’s biggest market, the Greater Toronto Area, are not considered “high” risk by Canada’s housing agency.