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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 first need to figure out how much house you can afford and come up with a down payment. 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 CMHC. See below to get an idea of conventional vs. high ratio mortgage rates in Prince Edward Island.

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

DateAverage Conventional RateAverage High Ratio Rate
04/20 2.78%2.55%
05/20 2.45%2.29%
06/20 2.31%2.18%
07/20 2.14%1.99%
08/20 2.01%1.86%
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%

Last Updated: March 1, 2021

Variable or fixed mortgage rates: which is lower?

You can obviously save a ton of money by shopping around for a mortgage, but how do the best variable rates stack up against the best fixed rates? We compared the 5-year fixed rate mortgages and 5-year variable rate mortgages that Canadians have been applying for on our site. 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

04/20 2.40%2.76%
05/20 2.02%2.48%
06/20 2.10%2.33%
07/20 2.00%2.24%
08/20 2.00%2.29%
09/20 1.80%1.92%
10/20 1.80%1.91%
11/20 1.95%1.82%
12/20 1.50%1.97%
01/21 1.63%1.71%
02/21 1.50%1.63%

Last Updated: March 1, 2021

Your Prince Edward Island mortgage questions, answered.

Looking for mortgage info? Check out our Home Buyers Guide.


Variable or fixed: which is more popular?

There are a number of differences between a fixed and variable mortgage rate. For instance, a fixed rate may be more appropriate for homebuyers who are less risk averse. However, the main difference between the two is how much you’ll pay in interest on your mortgage loan. Variable rates have historically been lower than fixed rates, which means more savings for consumers. However, the past year has seen mortgage rates drop to unprecedented levels. This means that no matter which type of rate you choose on, you’re getting a great deal.

About Prince Edward Island

Prince Edward Island, made up of one island of the same name plus 231 minor islands, is the smallest Canadian province. It’s located in the Gulf of St. Lawrence, north of Nova Scotia and east of New Brunswick. The Confederation Bridge, at 12.9 kilometres long, carries the Trans-Canada Highway across the Northumberland Strait. The bestselling novel, Anne of Green Gables, was inspired by the lush landscape of the island and contributed to the province's reputation for natural beauty. Charlottetown, the province's capital, has a special place in Canadian history as the "Birthplace of Confederation," because it hosted the inaugural meeting in the process leading to Canada’s formation.

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