What are current mortgage rates in PEI?

PEI mortgage rates are comparable to national rates since major banks offer the same rates across Canada. Local credit unions may offer competitive alternatives. Check our comparison above for the latest rates available to PEI borrowers.

How affordable is housing in PEI?

PEI has seen significant price growth in recent years due to interprovincial migration, with average home prices around $370,000 in 2026. Despite the increases, PEI remains more affordable than Ontario, BC, and Nova Scotia. Charlottetown prices average around $390,000.

What is the land transfer tax in PEI?

PEI charges a real property transfer tax of 1% of the greater of the purchase price or assessed value. On a $370,000 home, the tax would be approximately $3,700. There is no first-time homebuyer exemption.

Prince Edward Island Mortgage Rates

Find the best current mortgage rates in Prince Edward Island to ensure you are getting the best deal. PEI has become an increasingly popular destination for homebuyers seeking affordable Maritime living, and a competitive mortgage rate helps maximize your budget.

The average home price in Prince Edward Island is approximately $370,000 in 2026. With a simple 1% land transfer tax and competitive mortgage rates, PEI offers solid affordability compared to larger provinces. Use our mortgage calculator to see how rates affect your monthly payment.

Compare Today’s Best Mortgage Rates in PEI

Looking for competitive mortgage rates in Prince Edward Island? Below you’ll find up-to-date rates from top lenders, whether you’re buying in Charlottetown, Summerside, or anywhere else on the Island.

Why Compare Mortgage Rates in PEI?

PEI’s growing housing market makes rate comparison more important than ever. On a $370,000 home with 10% down, the difference between a 4.00% and 5.00% rate is approximately $197 per month — or over $59,000 in total interest over 25 years.

PEI’s Housing Market

Prince Edward Island has experienced significant growth:

Average home price: ~$370,000 — still affordable compared to ON and BC
Charlottetown: Average prices around $390,000
Population growth: Immigration and interprovincial migration have driven demand
Tourism economy: Strong seasonal economy supplemented by agriculture, fisheries, and aerospace
Quality of life: Affordable living with Atlantic Canada’s relaxed lifestyle

Types of Mortgage Rates Available

Fixed Mortgage Rates: Lock in your rate for predictable payments over your term.
Variable Mortgage Rates: Rates move with the prime rate. Can offer lower costs if rates decline further.
Open vs. Closed Mortgages: Open mortgages allow early repayment without penalty, while closed mortgages offer lower rates.

PEI-Specific Lenders

Beyond national banks, PEI buyers should consider:

Provincial Credit Union — Serving communities across PEI
Evangeline-Central Credit Union — Serving the Evangeline region
Big Five banks — Royal Bank, CIBC, BMO, Scotiabank, and TD all have a presence on the Island

Frequently Asked Questions

What is the average mortgage rate in PEI right now? Mortgage rates change daily. Check the rate table above for the latest competitive rates available to PEI borrowers.

How do PEI housing costs compare to other provinces? PEI remains more affordable than Ontario, BC, and even Nova Scotia. Average home prices around $370,000 are roughly 43% of Ontario’s average. The 1% land transfer tax keeps closing costs reasonable.

Is PEI good for first-time homebuyers? Yes. Affordable home prices mean smaller down payments and mortgages. A 5% down payment on a $370,000 home is $18,500. PEI buyers also qualify for federal first-time buyer programs including the Home Buyers’ Plan and FHSA.

Tools and Resources

PEI Mortgage Calculator — Estimate your monthly payment on a PEI home
Mortgage Affordability Calculator — See how much home you can afford
Mortgage Payment Calculator — Calculate payments at different rates
Mortgage Stress Test Calculator — Check your qualification