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PEI Rates

We shop the most competitive brokers, lenders and banks in Canada to bring you today's lowest interest rates, free of charge! Our Canadian comparison charts list current rates, and are updated on a daily basis.

Term Lowest Fixed Rate Lowest Variable Rate
1-Year 1.95%
3-Year 1.95% 2.45%
5-Year 1.64% 1.54%
10-Year 2.49%
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Land transfer tax is charged on the purchase price of a home in Prince Edward Island at the rates listed below. First-time homebuyers purchasing a home under $200,000 will receive a full refund of their tax. There is no rebate for homes sold for more than $200,000.

Greater of the purchase price and the assessed value Marginal Tax Rate
Less than $30,000 no land transfer tax paid
$30,000 and greater 1.0%

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Mortgage default insurance or CMHC insurance is required in Canada for down payments of less than 20%.

Down payment (% of home)
5%-9.99% 10%-14.99% 15-19.99% 20% or higher
CMHC insurance premium 2.75% 2.00% 1.75% 0.00%

Additional criteria as of July 9th, 2012:

  • The maximum amortization available on an insured mortgage (less than 20% down) is 25 years.
  • Homes sold for more than $1,000,000 do not qualify for CMHC insurance and, therefore, require a down payment of at least 20%.

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PEI First Time Home Buyer Freebies

  • First time home buyer Tax Credit

    Get $750 dollars back on your personal tax return.

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  • Land transfer tax rebates

    Save up to $2,000 at
    time of closing.

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  • RRSP Home buyers Plan

    Access up to $25,000 from
    your RRSP tax-free.

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PEI Blog Articles

How to buy a house in Canada (in 7 steps)

September 27, 2020

Buying a house is no small feat, and it needs planning. Buy how do you buy a home? Here's how to buy a house in Canada in 7 steps. Continue reading →

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5 financial to-do’s for higher education

September 24, 2020

Whether you’re going into the first or final year, it’s critical to stay financially stress-free. Here’s a list of financial to-do’s, allowing you to focus on school and not stress about money. Get a handle on this year’s expenses and … Continue reading →

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