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Current Mortgage Rates in PEI

We shop the most competitive brokers, lenders and banks in PEI to bring you today's lowest interest rates, free of charge! Our comparison charts list current PEI rates, and are updated on a daily basis. To compare a certain category, click on the "See All" button for more details.

Rates Updated: May 18, 2012 8:54 AM

Bank of Canada Rates
Prime rate Prime rate Variable mortgage rates are quoted as Prime plus or minus a constant. For example: Prime + .10% or Prime - 0.90%. When there is a change in the prime rate, your variable rate mortgage adjusts accordingly.		3.00%	Qualifying rate Qualifying rate For a variable mortgage or fixed mortgage with a 1-4 year term, lenders are required to use the qualifying rate when determining how much you can afford. Therefore if say, a variable rate increases in the future, you will still be able to afford your mortgage payments.		5.44%

Closed mortgage rates - PEI Closed mortgage rates Closed mortgage rates are the most popular, standard form in Canada. A closed mortgage simply means you pay off your principal on a pre-determined schedule. If you want to put a lump sum against your principal beyond your pre-payment options, you will incur a penalty.
Term	Lowest Fixed Mortgage Rates			Lowest Variable Mortgage Rates
1-Year	True North Mortgage	2.64%	See All	True North Mortgage	3.00% Prime - 0.00	See All
2-Year	True North Mortgage	2.94%	See All
3-Year	True North Mortgage	2.94%	See All	True North Mortgage	2.90% Prime - 0.10	See All
4-Year	True North Mortgage	3.09%	See All
5-Year	True North Mortgage	3.19%	See All	True North Mortgage	2.80% Prime - 0.20	See All
6-Year	PC Financial	3.69%	See All
7-Year	True North Mortgage	3.89%	See All
8-Year	PC Financial	4.02%	See All
9-Year	PC Financial	4.11%	See All
10-Year	True North Mortgage	3.89%	See All

HELOC Rates - PEI HELOC Rates A HELOC rate is a variable interest rate on a line of credit that is secured by your home. As the equity in your home grows, you are able to borrow back up to 80% at the HELOC rate.
HELOC HELOC Rates A HELOC rate is a variable interest rate on a line of credit that is secured by your home. As the equity in your home grows, you are able to borrow back up to 80% at the HELOC rate.	MCAP	3.50% Prime + 0.50	See All
All-in-One All-in-One HELOC An 'All-in-One' rate is one that combines a HELOC with your savings and deposit accounts. So, any deposits offset your debt in a daily interest calculation.	Manulife One	3.50% Prime + 0.50	See All

Cash back mortgage - PEI Cash back mortgage A cash back mortgage returns a lump sum, usually 3-7%, when your mortgage closes. If your principal is, for example, $300,000, a 5% cash back would return to you $15,000 when your mortgage closes.
5-Year	FirstLine Mortgages	4.79% 3% Cash Back	See All
6-Year	TD Bank	6.16% 5% Cash Back	See All
7-Year	PC Financial	5.24% 5% Cash Back	See All
10-Year	PC Financial	5.54% 5% Cash Back	See All

Fixed - Open - PEI Open mortgage rates Open mortgage rates allow you to pay off as much of your principal as you please whenever you wish, without penalty. Open mortgage rates are less popular than closed mortgage rates, but are often used for a short-term mortgage.
Term	Lowest Fixed Mortgage Rates			Lowest Variable Mortgage Rates
1-Year	Bank of Montreal	6.30%	See All
3-Year				Bank of Montreal	4.00% Prime + 1.00	See All
5-Year				Scotiabank	3.80% Prime + 0.80	See All

Bank Mortgage Rates - PEI Bank Mortgage Rates Bank mortgage rates are simply rates offered by the big Canadian banks. You should always compare these against the best available rates on the market.
Term	Lowest Fixed Mortgage Rates			Lowest Variable Mortgage Rates
1-Year	ING Direct	3.09%	See All
2-Year	PC Financial	3.10%	See All
3-Year	PC Financial	3.14%	See All	Laurentian	3.20% Prime + 0.20	See All
4-Year	PC Financial	3.20%	See All
5-Year	PC Financial	3.44%	See All	Scotiabank	3.00% Prime - 0.00	See All
10-Year	ING Direct	3.99%	See All

Prince Edward Island Housing Market Forecasts¹

P.E.I. is expected to see moderate growth rates for 2011 and 2012. This will be strengthened by a diversification in the provinces economy through information technology, biosciences, and aerospace industries. Employment growth rates will be lower in 2011 than they were in 2010, but net employment will be positive. The provincial government spending will be down in 2011 and 2012, as will private investment.

Metropolitan Area

Year

Housing

Starts

MLS Total

Sales

MLS Average

Sale Price

Charlottetown

2010

2011(*)

2012(*)

518

500

475

611

500

475

$ 179,813

$ 185,000

$ 189,000

[1] CMHC

Connecting you to Canada's best mortgage rates

Current Mortgage Rates in PEI

Bank of Canada Rates

Closed mortgage rates - PEI

HELOC Rates - PEI

Cash back mortgage - PEI

Fixed - Open - PEI

Bank Mortgage Rates - PEI

Prince Edward Island Housing Market Forecasts1