Balanced Market

Mortgage Rates in Prince Edward Island

Prince Edward Island saw dramatic price increases during the pandemic as remote workers and retirees relocated to the island. The market has since cooled with prices stabilizing around $380K.

Avg Home Price

$380,000

Benchmark Price

$360,000

Year-Over-Year

↓ 1.2%

Best 5-Yr Fixed

4.89%

Today's Best Rates in PEI

📅 Page updated: July 8, 2026·⚡ Rate data: May 25, 2026·Methodology

Rate Type	Best Rate	Monthly Payment*	Term
5-Year Fixed	4.89%	~$2,301/mo	5 Years
5-Year Variable	5.45%	~$2,430/mo	5 Years
3-Year Fixed	4.74%	~$2,268/mo	3 Years
2-Year Fixed	5.1%	~$2,349/mo	2 Years
HELOC	6.2%	~$2,583/mo (interest only)	Revolving

*Based on $500K mortgage, 25-year amortization, Canadian semi-annual compounding. Last updated: May 25, 2026.

Bank vs. Broker Rate Comparison

See how Big 6 posted rates stack up against the best broker rates available in Prince Edward Island.

Lender	Type	5-Yr Fixed	3-Yr Fixed	5-Yr Variable	Action
National Bank	Bank	4.43%	4.44%	4.49%	Get Quote →
CIBC	Bank	4.51%	4.51%	4.12%	Get Quote →
RBC Royal Bank	Bank	4.62%	4.43%	3.98%	Get Quote →
BMO	Bank	4.76%	4.67%	4.12%	Get Quote →
TD Bank	Bank	4.96%	4.72%	4.31%	Get Quote →
Scotiabank	Bank	6.09%	6.05%	4.90%	Get Quote →
TOPTop Broker 🏆	Broker	4.89%	4.74%	5.45%	Get My Rate →

Bank rates shown are posted rates sourced from Bank of Canada. Actual rates may vary. Broker rates reflect best available insured rates from 50+ lenders. Last updated: May 25, 2026.

Land Transfer Tax in Prince Edward Island

PEI Lands Protection Act restrictions for non-residents

First-Time Buyer Programs in Prince Edward Island

First Home Savings Account (FHSA)
RRSP Home Buyers Plan
CMHC Mortgage Insurance

Mortgage Rates by City in Prince Edward Island

Charlottetown

Avg $410,000

-1.4%

Summerside

Avg $310,000

-1.8%

Frequently Asked Questions

What is the average home price in PEI?

The average home price in PEI is approximately $380,000, with Charlottetown averaging around $400,000. Prices have softened slightly from 2022 peaks.

Are there restrictions on buying property in PEI?

Yes — PEI's Lands Protection Act restricts non-residents from owning more than 5 acres. Most residential properties are under this limit, but buyers should confirm with a local lawyer.

Is there a land transfer tax in PEI?

PEI charges a real property transfer tax of 1% of the greater of the purchase price or assessed value.

What is the average mortgage rate in PEI?

The best 5-year fixed mortgage rate in PEI is currently around 4.89%, consistent with national rates.

Is Charlottetown real estate a good investment?

Charlottetown has a strong tourism economy and growing university population. The island's limited land supply supports long-term price stability.

What programs help first-time buyers in PEI?

PEI first-time buyers can access the federal FHSA, Home Buyers Plan, CMHC insured mortgages, and PEI Lending Agency programs for eligible buyers.

How do mortgage brokers work in PEI?

PEI mortgage brokers are licensed provincially and can access rates from multiple lenders across Canada. Their service is free to borrowers.

What is the stress test in PEI?

The federal mortgage stress test applies in PEI. You must qualify at your contract rate plus 2% or 5.25%, whichever is higher.

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