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Prince Edward Island Mortgage Affordability Calculator

Updated

Maximum Home Price

How much house can you afford in PEI?

PEI’s average home price is $417,830 as of January 2026, up an extraordinary 11.2% year-over-year — the fastest price growth in Canada. However, the picture is more nuanced: PEI has shifted into a buyer’s market with 10.5 months of supply, sales are down 20.7%, and the more stable MLS benchmark ($371,700) only grew 1.7%.

Interpreting PEI’s contradictory signals

Metric Value What It Means
Average price $417,830 (+11.2%) Skewed by a few high-end sales
Benchmark price $371,700 (+1.7%) More representative — modest growth
Months of supply 10.5 Buyer’s market — lots of selection
Sales volume 88 (-20.7% YoY) Very low activity
Benchmark-to-avg gap $46,130 Suggests a few outlier transactions

The benchmark ($371,700) is likely a better guide for budgeting than the average ($417,830). With only 88 total sales in January, a handful of high-priced transactions can skew the average significantly.

PEI affordability in context

Annual Income Max Home (20% DP) PEI Affordability
$75,000 ~$380,000 At benchmark — typical PEI home
$92,000 ~$470,000 Above average comfortably
$102,000 ~$520,000 $100K above average — strong position

PEI remains affordable. Even the elevated average requires only $102,000 income — vs $165,000 in Ontario and $190,000 in BC.

PEI vs other Maritime/Atlantic provinces

Province Average Benchmark YoY (Bench) Months Supply Market
New Brunswick $329,850 $329,400 +4.8% 5.5 Balanced
Newfoundland $348,366 $334,000 +9.7% 5.8 Balanced
PEI $417,830 $371,700 +1.7% 10.5 Buyer’s
Nova Scotia $435,387 $417,700 +0.6% 6.7 Buyer’s

PEI is the most expensive Atlantic province on average, but also the deepest buyer’s market — giving you the most negotiating leverage.

PEI’s simple 1% transfer tax

Home Price PEI Transfer Tax (1%) Total Est. Closing Costs
$300,000 $3,000 $5,500–$7,000
$371,700 (benchmark) $3,717 $6,500–$8,500
$417,830 (average) $4,178 $7,500–$9,500

Simple, predictable, and lower than most provinces.

PEI market conditions — January 2026

Metric Value
Average home price $417,830 (+11.2% YoY)
Benchmark price $371,700 (+1.7% YoY)
Total sales 88 (-20.7% YoY)
Months of supply 10.5
Market condition Buyer’s market

See the PEI housing market report for the latest.

Tips for PEI homebuyers

  1. Use the buyer’s market — 10.5 months of supply gives you real leverage to negotiate below asking
  2. Focus on benchmark, not average — $371,700 is more representative than $417,830 for budgeting
  3. Low sales volume = low data — 88 sales means high variability; don’t overreact to one month
  4. Simple 1% transfer tax — Easy to budget, no surprises
  5. Compare mortgage rates — National lenders serve PEI at the same rates as Ontario