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Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.
Lender
|
Insured
|
Insurable
|
Uninsured
|
|---|---|---|---|
Compass Mortgage Group oa My Mortgage Power
|
3.99%
$2,627.39 / month
|
4.14%
$2,668.19 / month
|
4.14%
$2,668.19 / month
|
Lendwire Inc
|
4.04%
$2,640.95 / month
|
4.24%
$2,695.56 / month
|
4.24%
$2,695.56 / month
|
Lendwire Inc.
|
4.04%
$2,640.95 / month
|
4.24%
$2,695.56 / month
|
4.24%
$2,695.56 / month
|
MMG Mortgages
|
4.04%
$2,640.95 / month
|
4.44%
$2,750.71 / month
|
4.40%
$2,739.64 / month
|
Rocket Mortgage
|
4.39%
$2,736.87 / month
|
4.54%
$2,778.49 / month
|
4.39%
$2,736.87 / month
|
BMO
|
4.52%
$2,772.93 / month
|
4.71%
$2,826.04 / month
|
4.71%
$2,826.04 / month
|
Innovation Federal Credit Union
|
4.57%
$2,786.86 / month
|
4.57%
$2,786.86 / month
|
4.57%
$2,786.86 / month
|
Gibson Mortgages
|
4.99%
$2,905.18 / month
|
4.44%
$2,750.71 / month
|
4.29%
$2,709.29 / month
|
Nuborrow
|
5.49%
$3,049.05 / month
|
5.49%
$3,049.05 / month
|
5.49%
$3,049.05 / month
|
True North Mortgage
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
2.99%
$2,363.66 / month
|
Monster Mortgage
|
3.87%
$2,594.98 / month
|
3.87%
$2,594.98 / month
|
3.87%
$2,594.98 / month
|
The Mortgage Advisors
|
3.87%
$2,594.98 / month
|
3.87%
$2,594.98 / month
|
3.87%
$2,594.98 / month
|
Nesto
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
3.94%
$2,613.86 / month
|
Sudbury Credit Union
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
3.99%
$2,627.39 / month
|
Updated
Evaluate all of PEI’s best mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare pricing for all key mortgage types and terms.
Rates are based on a home value of $500,000
| Insured | 80% LTV | 65% LTV | Uninsured | Bank Rate | |
|---|---|---|---|---|---|
| 1-year fixed rate | 5.24% | 5.24% | 5.24% | 6.20% |
5.84%
|
| 2-year fixed rate | 4.44% | 4.69% | 4.44% | 4.44% |
5.29%
|
| 3-year fixed rate | 4.24% | 4.09% | 4.09% | 4.24% |
4.64%
|
| 4-year fixed rate | 4.44% | 4.54% | 4.44% | 4.44% |
4.54%
|
| 5-year fixed rate | 3.94% | 4.14% | 3.99% | 3.99% |
4.24%
|
| 7-year fixed rate | 5.30% | 5.25% | 5.25% | 5.85% |
5.25%
|
| 10-year fixed rate | 5.70% | 5.75% | 5.75% | 5.89% |
7.04%
|
| 3-year variable rate | 4.65% | 4.40% | 4.40% | 4.70% |
6.60%
|
| 5-year variable rate | 4.15% | 4.40% | 4.20% | 4.20% |
4.45%
|
| HELOC rate | N/A | N/A | N/A | N/A | N/A |
| Stress test | 5.25% | 5.25% | 5.25% | 5.25% | N/A |
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.
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.
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.
Lubna Umar is an SEO Content Manager at RATESDOTCA. She has produced a wide variety of content, including academic essays, pieces of fiction and financial literacy guides. In her free time, she can be found exploring the café culture in Toronto or any other major city.
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