Compare the best current mortgage rates in Prince Edward Island for free.

On average, Canadians save thousands of dollars per year by comparing rates with us.

Today’s lowest mortgage rates in:


5-Year Variable


5-Year Fixed

Compare rates from 75+ of Canada's top banks and brokers in 3 minutes.

27,843 Canadians

have compared rates and saved money over the last 24 hours

What our users say:

Based on 335 reviews
August 31
very quick and reliable rates
very quick and reliable rates
Tracie N
August 15
Don’t hesitate to move your policy
My rates went up again with my current insurance even though I have barely drive...
August 12
I can’t believe how quickly I am…
I can’t believe how quickly I am getting email responses. Very happy with this...
July 25
Awesome 👍😎
Awesome 👍😎
Joshua Leong
July 1
excellent service
excellent service
An Luu
June 22
Highly recommended
Excellent customer service. Was very patient and answer my customers toughly. Fo...
Karan Parmar
June 11
Very nice broker
Very nice broker. Good service. Found a great deal.
Meredith Berggren
June 5
Awesome work
wow what an awesome rep. He did up everything, extremely fast and was very under...
Delroy Paul
May 26
Quick service
Quick service, good price
May 22
Imad Harrouk was great !
Imad Harrouk was great ! intelligent well spoken professional polite a perso...
james bannon
May 20
Excellent !!! Very competitive rates !!
Excellent customer services also they have very competitive rates !!
Eliza Gallant
May 18
I was treated fairly and walked through…
I was treated fairly and walked through my purchase.I enjoyed the agent was exce...
paul neville
May 14
Highly recommend
Great experience, simple to use and they gave me a lot of options at prices that...
Chandra Wilson
May 13
Amazing service
Amazing service, Sonia is patient and helpful. Can not complain. I am happy with...
Miroslav Adalbert Elias
May 11
Easy, clear and fast. Very effective.
Rene Izquierdo de la Cruz
May 6
Sonia was very helpful and nice…
Sonia was very helpful and nice throughout the whole process. She got me the bes...
Ali Al-Rubayee
January 27
Professional and friendly.
Professional and friendly.
Grzegorz Zielinski
August 16
We couldn't be happier with the…
We couldn't be happier with the results. It saved me both time and money. You w...
August 15
I think there are some rooms for…
I think there are some rooms for improvement
Viswanathan Subban

How comparing mortgage quotes works. Hint: it’s free!


Next, we’ll show you quotes from 75+ Canadian banks and brokers. It’s free, with no commitment.


When you find the best quote, secure your Prince Edward Island mortgage rate by talking to a licensed broker or agent.

Compare mortgage interest rates in P.E.I., Canada.

You’ve found your dream home and now you need to find a low mortgage rate in P.E.I. Well, you’ve come to the right place. At, all it takes is a couple of clicks and you can see which brokers, banks and lenders in P.E.I. have cheap mortgage interest rates today for your house.

On, you can compare 6-month mortgage rates to 5-year mortgage rates in P.E.I., see who has the best fixed mortgage rates in P.E.I. and what the average mortgage rate in P.E.I. is, and more. What are the current mortgage rates in P.E.I. for 2021? What is the average mortgage rate in P.E.I.? What is the best mortgage rate in P.E.I.? Who has the best mortgage rates in P.E.I.? As your online P.E.I. mortgage agent, we provide the answers to all these questions. Best of all, our service is totally free to use with no obligation on your part.

Variable Rates

As low as


Fixed Rates

As low as


Cha-ching! Our rates are always lower than the posted bank rates.

Current lowest posted bank rate


Conventional vs. high-ratio mortgages: which is cheaper?

When it comes to mortgages, there are many options to choose from. This is why we’re here to walk you through the process. To get you started, you’ll need to figure out how much house you can afford and how much of a mortgage down payment you’re going to make for your P.E.I. home. If you’re able to put down more than 20% of the purchase price of the home, you’ll have what’s known as a conventional mortgage. On the other hand, if you put down less than 20% of the purchase price of the home, you’ll have what’s known as a high-ratio mortgage. With this type, you’ll also be required to purchase mortgage insurance from the Canada Mortgage and Housince Corporation (CMHC).

At this point, you may be asking yourself, ‘is it possible to get a no down payment mortgage in P.E.I.?’ The answer is no. That’s because a 0 or zero-down mortgage is not available in P.E.I. In fact, they are legally not allowed anywhere in Canada.

If you don’t have the money to make a down payment, you could borrow the money from a private lender. But you should know that borrowing from a private lender comes with risks because the industry is unregulated. As a result, private mortgage rates in P.E.I. can be very high, even as high as 20%!

Not sure how much mortgage you can afford? An easy way to get an idea is to use this P.E.I. mortgage affordability calculator provided by the CMHC.

Another smart thing to do before you start shopping around for a mortgage is to see how much of a difference a lower interest rate can make when determining what your monthly mortgage payment will be. To find out, use this P.E.I. mortgage rates and payment calculator.

To show you a comparison between conventional vs. high-ratio mortgage rates in Prince Edward Island we've graphed rates from the last twelve months.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Prince Edward Island

DateAverage Conventional RateAverage High Ratio Rate
09/20 1.93%1.79%
10/20 1.91%1.78%
11/20 1.84%1.69%
12/20 1.82%1.63%
01/21 1.82%1.62%
02/21 1.69%1.55%
03/21 1.90%1.76%
04/21 2.01%1.83%
05/21 2.04%1.83%
06/21 2.06%1.83%
07/21 2.03%1.75%
08/21 2.07%1.77%

Last Updated: September 1, 2021

Fixed rate vs. variable rate mortgages: which is cheaper?

You can obviously save a ton of money by shopping around for a mortgage, but how does the best variable mortgage rate in P.E.I. stack up against the best fixed house mortgage rate in P.E.I.? To find out, we compared 5-year fixed mortgage rates in P.E.I. to 5-year variable mortgage rates in P.E.I., Canada that homebuyers have been applying for on What did we find? That variable rates are lower, which can result in huge savings over time.

5-year fixed vs. 5-year variable mortgage rates in Prince Edward Island

09/20 1.92%1.80%
10/20 1.91%1.80%
11/20 1.82%1.95%
12/20 1.97%1.50%
01/21 1.71%1.63%
02/21 1.63%1.50%
03/21 1.85%1.37%
04/21 1.95%1.36%
05/21 1.98%1.35%
06/21 1.97%1.34%
07/21 1.92%1.29%
08/21 1.96%1.27%

Last Updated: September 1, 2021

Factors that affect your P.E.I. mortgage rate

Before a lender or mortgage broker in P.E.I. will offer you a mortgage loan, they will want to assess whether you are a low-risk borrower or high-risk borrower. To determine this, they will consider a few factors.

Read More

Typical mortgage amount in P.E.I.

Calculating the size of the mortgage on your P.E.I. property will require looking at where you live, your down payment and your mortgage interest rate.

On a P.E.I. detached home worth $300,358, a buyer who can make a 20% down payment will have to borrow $240,286.40.

On the same home, a buyer who can only make a 10% down payment will have to borrow $270,322.20.

Plus, keep in mind, if your down payment is less than 20% you will need to get mortgage loan insurance through the Canada Mortgage and Housing Corporation (CMHC). This will protect your lender if for some reason you are unable to make your mortgage payments.

With CMHC mortgage loan insurance, you can qualify for a mortgage for up to 95% of the purchase price of your Prince Edward Island home.

P.E.I.’s housing market and home prices

The average price of P.E.I. homes sold in January 2021 was $300,538, rising 14.8% from January 2020.

P.E.I. closing costs and land transfer tax

Once you’ve decided to purchase a new home in P.E.I., you will need to budget for a few other costs besides your mortgage payments.

Property valuation (appraisal) fee: Before any lender will agree to finance your mortgage, they will want to have an independent appraisal of your property completed. Why? Because your home will serve as the collateral for the loan. If for any reason you default on your mortgage payments, the lender will take possession of your home and sell it so they can get their money back. A property valuation or appraisal will confirm for the lender that the value of your new home is equal to or greater than the amount of your mortgage. The approximate cost of a property valuation or appraisal is $400 to $500.

Home inspection fee: Having the home you are considering buying inspected is a way for you to confirm whether the house is sound or requires repairs. This will cost around $450 plus taxes.

Title insurance: What happens if you discover there’s something wrong with your home months after you purchased it? There’s nothing to worry about if you have title insurance. It covers you against any losses you might incur due to undetected or unknown defects to the property. Title insurance can be purchased through your lawyer for about $250.

Mortgage default insurance: If the down payment you make on your new P.E.I. home is less than 20%, you are obligated to purchase mortgage loan insurance through the Canada Mortgage and Housing Corporation (CMHC). The cost of the insurance is calculated by taking the mortgage loan amount and dividing it by the purchase price.

Legal fees: The purchase paperwork for your new home will require the services of a real estate lawyer. Expect to pay between $500 to $800.

Land transfer tax: When a property is purchased by one person from another, land transfer tax must be paid. In P.E.I., the land transfer tax is 1% of the greater of the purchase price of the real property or the assessed value of the real property.

Home insurance: Home insurance isn’t required by law in P.E.I., but we recommend that you get it. Why? Because unexpected events happen and when they do, the damage to your home can be financially devastating. Also, many lenders will not give you a mortgage without it. Homeowners insurance covers the cost to repair or rebuild your home after events like fire, smoke, theft, vandalism, a falling tree, or damage caused by weather such as lightning, wind, or hail. Most standard homeowners insurance policies also cover the replacement cost of furniture, clothing, and other possessions that you keep in your home.


Information for first-time homebuyers in P.E.I.

As you know, buying a home is an expensive undertaking. But there are a few ways you may be able to save yourself some money now and in the future.

How much of a down payment do you need?

If saving money is just as important to you as buying your new home, then the best thing you can do is to make a down payment of 20% or more on the purchase of your new home. By doing this, you will likely qualify for the lowest interest rate being offered by your lender. This will lower your monthly mortgage payment and save you tons of money in interest over the lifetime of your mortgage. Another thing a down payment of 20% or more will do is guarantee that you qualify for a conventional mortgage, rather than a high-ratio mortgage. A high-ratio mortgage would increase the amount you owe each month as it would require you to get mortgage insurance.

First-time Home Buyers Incentive: Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their P.E.I. home purchase through a shared equity mortgage with the Government of Canada. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment will lower your mortgage carrying costs, making homeownership more affordable.

First Time Home Buyers Tax Credit: This is a $5,000 non-refundable tax credit designed to help buyers manage the closing costs of purchasing a new home. This credit is applicable across Canada.

GST/HST New Housing Rebate: As a new homeowner in P.E.I., you may be entitled to a rebate on some of the HST you paid on the purchase price or cost of a new-build home, or a substantially-renovated home. GST/HST New Housing to deduct up to $10,000 from the amount of taxes you owe to the CRA.

Your questions about P.E.I. mortgages, answered.

What’s the difference between a mortgage term and an amortization period?

Mortgage term: The mortgage term is the amount of time that you commit to your mortgage rate, lender and the terms and conditions of the contract. At the end of the term, you’ll renew your contract with the mortgage company for the remaining principal at a new rate. The process repeats until you’ve paid off the mortgage on your P.E.I. home. A mortgage term can vary in length, from six months to 10 years, with the most common term in Canada being five years.

Amortization period: The amortization period is the amount of time it will take you to pay off your entire mortgage. In Canada, the maximum amortization period is 35 years. But, if your down payment was less than 20%, and you were required to purchase mortgage insurance from the Canadian Mortgage Housing Corporation (CMHC), then your maximum amortization period is 25 years.

What’s the difference between an open mortgage vs. a closed mortgage?

The mortgage rate that you qualify for from a P.E.I. bank or other lender will depend on whether you get an open mortgage or a closed mortgage.

With an open mortgage, you have the option to pay it off whenever you want. If you have a closed mortgage and want to pay it off before your mortgage term is over, you will have a penalty to pay.

Are there any advantages to a closed mortgage? Are closed mortgage rates in P.E.I. better?

Yes, a closed mortgage generally offers a lower interest rate than an open mortgage. Meanwhile, open mortgage rates in P.E.I. are usually variable and a little higher.

How much does it cost to live in P.E.I.?

Owning a Home: The average price of a home in P.E.I. was $300,538 in January 2021.

Renting a Home: Average cost of renting in P.E.I. as of March 2021.

  • 1-bedroom Apartment: $875/mth.
  • 2-bedroom Apartment: $968/mth.
  • 3-bedroom Apartment: $1,125/mth.

Car Insurance: P.E.I. car insurance rates are among the cheapest in Canada. The average cost of an insurance policy for a P.E.I. driver is $816 according to the Insurance Bureau of Canada.

How much does getting a lower interest rate matter in P.E.I.?

For most people, their mortgage will be the largest loan they ever get. That’s why getting your mortgage rate at even a quarter percent lower can save you thousands of dollars in interest costs over the lifetime of your mortgage.

Want to know a few more ways to save on your mortgage?

Make sure your mortgage comes with prepayment privileges. Having a mortgage with this feature will give you the ability to put extra money on your mortgage, which will be applied to the principal amount, which in turn will reduce the overall amount of money that you’ll pay out in interest.

Another smart feature to have with your mortgage is portability. When you have a portable mortgage, you can take it with you if you decide to move to another house. This will save you money because you will avoid the charges that would come about if you had to close one mortgage and open a new one.

Your questions about, answered.

How are mortgage rates determined on works with 75+ banks and brokers to bring you competitive mortgage rates from lenders in Canada and we’re always adding new ones. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.

Is it safe to get a mortgage online?

Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.

How do I know I’m getting the lowest rate?

We have a strong selection of lenders on including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).

The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.

Mortgage news

Read More Like This