5-year fixed broker floor: 4.04% · Variable broker floor: 3.60% · Qualifying income for median Prince Edward Island home (~$290K): approximately $77,538/yr.
Paid report options after the free check: Rate Fairness Report CA$24 · Full Renewal Decision Report CA$49. No broker calls. No data sold.
Canadian mortgage rates are set nationally — the benchmark is the same in Prince Edward Island as across Canada. The table below shows current estimated benchmark rates for all terms, based on Bank of Canada data. Rates assume excellent credit (750+ score) and represent the best available pricing tier.
| Term | Fixed broker floor | Fixed bank avg | Variable broker floor |
|---|---|---|---|
| 1-Year | 4.54% | 4.79% | 3.60% |
| 2-Year | 4.34% | 4.59% | 3.60% |
| 3-Year | 4.19% | 4.44% | 3.60% |
| 4-Year | 4.09% | 4.34% | 3.60% |
| 5-Year | 4.04% | 4.29% | 3.60% |
| 7-Year | 4.24% | 4.49% | 3.60% |
| 10-Year | 4.49% | 4.74% | 3.60% |
Prince Edward Island charges a Real Property Transfer Tax (RPTT) on real estate sales.
First-time buyers may be exempt from RPTT on homes under $200,000 — an increasingly rare scenario given PEI's price appreciation. Confirm current thresholds with a PEI lawyer.
First-time buyer rebate: PEI first-time buyers may be exempt from RPTT on homes under $200,000. Verify current thresholds and eligibility criteria before closing.
| Value threshold | Tax rate / fee |
|---|---|
| Above prior bracket | 1.0% of purchase price |
For the Prince Edward Island median purchase price of approximately $290,000 with 10% down ($29,000):
Mortgage amount: $261,000 · Stress test qualifying rate: 6.04% · Monthly P&I at qualifying rate: $1,676/month · Annual PITH: ~$24,812 · Required gross income (32% GDS): approximately $77,538/year.
PEI borrowers qualify at the federal stress test rate. PEI's housing market has experienced significant price growth since 2020, driven by in-migration.
Mortgage brokers and lenders in Prince Edward Island are regulated by the Island Regulatory and Appeals Commission (IRAC). Borrowers in Prince Edward Island can access the full range of federally regulated banks, provincially regulated credit unions, and monoline lenders through the broker channel.
Major cities in Prince Edward Island: Charlottetown, Summerside, Stratford, Cornwall.
CMHC mortgage insurance applies in Prince Edward Island for eligible purchases under $1,500,000 with less than 20% down (as of December 2024).
Select your term, rate type, credit tier, and intent to see a detailed rate page for your exact borrower scenario in Prince Edward Island.
Many Prince Edward Island borrowers are renewing mortgages locked in at historically low rates between 2019 and 2023. If you locked in during this period, your renewal represents a significant payment change.
Select your original term and year to see your specific renewal shock analysis:
The current 5-year fixed mortgage broker floor in Prince Edward Island is approximately 4.04% and the bank average is 4.29%. Variable rate broker floor is approximately 3.60%. These are national benchmark rates that apply equally in all provinces.
Prince Edward Island charges a Real Property Transfer Tax (RPTT) on real estate sales. First-time buyers may be exempt from RPTT on homes under $200,000 — an increasingly rare scenario given PEI's price appreciation. Confirm current thresholds with a PEI lawyer.
For a Prince Edward Island median home price of approximately $290,000 with 10% down, you need approximately $77,538 in gross annual income under the 2026 stress test at 6.04%. This is an estimate — your lender calculates your exact qualifying income.
Yes — PEI first-time buyers may be exempt from RPTT on homes under $200,000. Verify current thresholds and eligibility criteria before closing. The federal FHSA is also available to eligible first-time buyers in all provinces.
Mortgage brokers in Prince Edward Island are regulated by the Island Regulatory and Appeals Commission (IRAC).