Prince Edward Island Mortgage Payments
Mortgage rates, average home prices, and payment calculations for Prince Edward Island (PE). Updated for 2026.
Monthly Payment
$1,879.26
at 4.39% fixed
Avg. Home Price
$370,000.00
Best Fixed Rate
4.39%
Best Variable Rate
3.99%
Current Mortgage Rates in Prince Edward Island
| Rate Type | Posted Rate | Best Available | Discount |
|---|---|---|---|
| 5-Year Fixed | 6.49% | 4.39% | -2.10% |
| 5-Year Variable | 5.45% | 3.99% | -1.46% |
Rates are approximate and updated periodically. Always confirm with your lender.
Mortgage on the Average Prince Edward Island Home
$370,000.00 home with 10% down ($37,000.00) at 4.39% over 25 years
Payment Frequency Comparison
How different payment schedules affect your mortgage at 4.39%
| Frequency | Payment | Total Interest | Total Cost | Interest Saved |
|---|---|---|---|---|
| Monthly | $1,879.26 | $220,455.48 | $563,778.48 | -- |
| Bi-Weekly | $867.35 | $219,464.23 | $562,787.23 | $991.25 |
| Accelerated Bi-Weekly | $939.63 | $187,522.24 | $530,845.24 | $32,933.24 |
Fixed vs. Variable Rate
Monthly payment comparison for $370,000.00 home with 10% down
| Rate Type | Rate | Monthly Payment | Total Interest (25 yr) | Difference |
|---|---|---|---|---|
| 5-Year Fixed | 4.39% | $1,879.26 | $220,455.48 | -- |
| 5-Year Variable | 3.99% | $1,804.09 | $197,903.30 | $75.17/mo less |
Property Costs in Prince Edward Island
Excludes utilities, home insurance, and maintenance. Property tax based on 0.98% average rate.
Mortgage Payments Across Canada
Average home with 10% down, 25-year amortization at best available fixed rate
| Province | Avg. Home Price | Rate | Down (10%) | Monthly Payment |
|---|---|---|---|---|
| Newfoundland and Labrador (NL) | $280,000.00 | 4.39% | $28,000.00 | $1,422.14 |
| New Brunswick (NB) | $310,000.00 | 4.29% | $31,000.00 | $1,558.65 |
| Saskatchewan (SK) | $315,000.00 | 4.29% | $31,500.00 | $1,583.79 |
| Manitoba (MB) | $355,000.00 | 4.29% | $35,500.00 | $1,784.91 |
| Prince Edward Island (PE) | $370,000.00 | 4.39% | $37,000.00 | $1,879.26 |
| Northwest Territories (NT) | $380,000.00 | 4.49% | $38,000.00 | $1,949.60 |
| Nova Scotia (NS) | $420,000.00 | 4.29% | $42,000.00 | $2,111.72 |
| Nunavut (NU) | $420,000.00 | 4.59% | $42,000.00 | $2,176.53 |
| Alberta (AB) | $470,000.00 | 4.29% | $47,000.00 | $2,363.12 |
| Quebec (QC) | $510,000.00 | 4.29% | $51,000.00 | $2,564.23 |
| Yukon (YT) | $530,000.00 | 4.49% | $53,000.00 | $2,719.17 |
| Ontario (ON) | $880,000.00 | 4.29% | $88,000.00 | $4,424.56 |
| British Columbia (BC) | $960,000.00 | 4.39% | $96,000.00 | $4,875.92 |
Housing Market in Prince Edward Island
Prince Edward Island has seen rapid price growth since 2020, transitioning from one of Canada's most affordable markets to a moderately priced one. Charlottetown is the primary market. The province charges a Real Property Transfer Tax of 1% of the purchase price or assessed value, whichever is greater, which is straightforward compared to the tiered systems in larger provinces, and first-time buyers are exempt.
PEI's Real Property Transfer Tax is a flat 1% of the greater of the purchase price or the assessed value. First-time buyers pay none of it, at any price: the exemption has had no price cap since 2016, but every buyer on the deed must qualify (Canadian citizen or permanent resident, six months living on the Island or PEI tax returns in two of the last six years, and no previous principal residence anywhere). Property tax rates in Charlottetown are moderate, approximately 0.9% to 1.1% of assessed value. The island's small geography means that most areas are within a reasonable commute to Charlottetown, distributing demand across a compact market.
PEI's housing market is expected to see moderate growth, supported by ongoing immigration through the Provincial Nominee Program and the Atlantic Immigration Program. Housing supply remains tight, with construction activity increasing but not yet matching demand. The province's appeal for retirees and remote workers continues to drive interest. Despite price increases, PEI remains significantly more affordable than Ontario or BC, making it attractive for buyers seeking a balance of lifestyle and value.
Official Sources
Built and reviewed by Konstantin Iakovlev · Data from CRA, CMHC, Bank of Canada · MethodologyDisclaimer: This page provides estimates based on publicly available data from CRA and other government sources. It does not constitute financial advice. Consult a qualified advisor for decisions about your specific situation.