PEI Mortgage Rates.
| Lender | Fixed Rate | Variable Rate |
|---|---|---|
Citadel Mortgages | 4.34% | 5.50% |
Neo Financial | 4.49% | 5.60% |
Mortgage Alliance | 4.59% | 5.55% |
Laurentian More From Laurentian | 4.59% | 6.70% |
Dominion Lending | 4.64% | -- |
Rocket Mortgage More From Rocket Mortgage | 4.69% | 5.75% |
Equitable More From Equitable | 4.79% | 5.80% |
First National More From First National | 4.84% | 5.55% |
HSBC More From HSBC | 4.89% | 6.10% |
CIBC More From CIBC | 5.04% | 6.54% |
BMO | 5.09% | 6.49% |
5.44% | 6.45% | |
CMLS More From CMLS | 5.49% | 7.20% |
Canadian Western More From Canadian Western | 5.54% | -- |
Simplii Financial More From Simplii Financial | 5.59% | 6.65% |
National Bank More From National Bank | 5.69% | 6.50% |
5.69% | 6.50% | |
Manulife More From Manulife | 5.69% | -- |
Desjardins More From Desjardins | 5.69% | 6.50% |
Tangerine More From Tangerine | 5.74% | 6.65% |
motusbank More From motusbank | 5.79% | 6.75% |
Canada Life More From Canada Life | 6.34% | 6.70% |
Investors Group More From Investors Group | 6.34% | 6.70% |
Scotiabank More From Scotiabank | 6.34% | 7.15% |
Prince Edward Island at a Glance
Prince Edward Island is Canada’s smallest province, but it is also Canada’s most densely populated province.
Prince Edward Island is Canada’s smallest province, but it is also Canada’s most densely populated province. Apart from the main island, PEI also includes 231 minor islands. Over 90% of all jobs created in the province from 2008 to 2015 was located in the province’s capital city, Charlottetown. Summerside is the only other city on the island, with towns including Stratford, Three Rivers, and Cornwall. The average price of a home in PEI reached its highest level ever in October 2020, at $298,668. This was a 19.6% increase in home prices over October 2019.
All of Canada’s Five Big Banks, RBC, TD, Scotiabank, BMO, and CIBC, have bank branches located in PEI. Scotiabank has the highest number of branches at seven, followed by CIBC with six branches.
There are seven credit unions based in PEI. These are: Consolidated Credit Union, Evangeline-Central Credit Union, Malpeque Bay Credit Union, Morell Credit Union, Provincial Credit Union, Souris Credit Union, and Tignish Credit Union. All seven of these credit unions offer residential mortgages.
Mortgage Brokers
Prince Edward Island does not have any mortgage broker regulations. Instead, mortgage brokers are licensed as real estate agents under PEI’s Real Estate Trading Act and Regulations. Real estate agents and brokers are licensed by the Prince Edward Island Real Estate Association.
National mortgage brokers all operate in PEI, such as Dominion Lending Centres, Invis, The Mortgage Centre, and Mortgage Architects. Local mortgage brokers include Premiere Mortgage PEI and Mortgage Broker Store.