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Mortgage Rates in Prince Edward Island

Find your new home in the Garden of the Gulf.

Today's top rates in:

5-Year Variable
5.89%
5-Year Fixed
4.84%
Select one of the following to get started!

PEI Mortgage Rate Comparison (Rate Matrix)

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 $400,000

Insured 80% LTV 65% LTV Uninsured Bank Rate
1-year fixed rate 6.59% 6.79% 6.79% 6.59%
6.79%
2-year fixed rate 6.04% 6.37% 6.37% 5.94%
6.39%
3-year fixed rate 5.29% 5.59% 5.59% 5.09%
5.85%
4-year fixed rate 5.19% 5.59% 5.59% 5.09%
5.59%
5-year fixed rate 4.84% 5.09% 5.09% 5.04%
5.14%
7-year fixed rate 5.75% 5.90% 5.90% 5.60%
5.90%
10-year fixed rate 6.14% 6.14% 6.14% 6.00%
7.25%
3-year variable rate 6.10% 6.85% 6.85% N/A
8.60%
5-year variable rate 6.25% 6.30% 6.30% 6.25%
6.59%
HELOC rate N/A 7.40% 7.40% 7.40% N/A
Stress test 5.25% 6.94% 6.94% 5.25% N/A

Compare mortgage rates from lenders across Canada

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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.

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