Current Prince Edward Island Mortgage Rates

Rates updated as of December 3, 2020 12:16:01

Nesto Mortgage Rates

TermFixed
1-YR1.71%Mortgage financing companyGet this rateCompare all rates
2-YR1.69%Mortgage financing companyGet this rateCompare all rates
3-YR1.63%Mortgage financing companyGet this rateCompare all rates
4-YR1.68%Mortgage financing companyGet this rateCompare all rates
5-YR1.49%Mortgage financing companyGet this rateCompare all rates
6-YR2.59%Big bankGet this rateCompare all rates
7-YR2.18%Mortgage financing companyGet this rateCompare all rates
10-YR2.79%Mortgage financing companyGet this rateCompare all rates
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TermVariable
1-YRNo rates at the moment
2-YRNo rates at the moment
3-YR2.35%Mortgage financing companyGet this rateCompare all rates
4-YRNo rates at the moment
5-YR1.50%Mortgage financing companyGet this rateCompare all rates
6-YRNo rates at the moment
7-YRNo rates at the moment
10-YRNo rates at the moment
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Broker Mortgage Rates

TermFixed
1-YR1.74%First NationalGet this rateCompare all rates
2-YR1.69%MCAPGet this rateCompare all rates
3-YR1.69%MCAPGet this rateCompare all rates
4-YR1.74%First NationalGet this rateCompare all rates
5-YR1.69%First NationalGet this rateCompare all rates
7-YR2.34%CMLS FinancialGet this rateCompare all rates
10-YR2.95%First NationalGet this rateCompare all rates
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TermVariable
1-YRNo rates at the moment
2-YRNo rates at the moment
3-YR2.45%CMLS FinancialGet this rateCompare all rates
4-YRNo rates at the moment
5-YR1.70%CMLS FinancialGet this rateCompare all rates
7-YRNo rates at the moment
10-YRNo rates at the moment
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Mortgage Rates with HELOC

TermFixed
1-YR2.54%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
2-YR2.34%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
3-YR2.24%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
4-YR2.19%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
5-YR1.89%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
7-YR2.54%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
10-YR2.94%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
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TermVariable
1-YRNo rates at the moment
2-YRNo rates at the moment
3-YR3.20%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
4-YRNo rates at the moment
5-YR1.70%HELOC ratePrime +1.00%ScotiabankGet this rateCompare all rates
7-YRNo rates at the moment
10-YRNo rates at the moment
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Bank Mortgage Rates

TermFixed
1-YR2.54%ScotiabankGet this rateCompare all rates
2-YR2.14%Equitable BankGet this rateCompare all rates
3-YR2.14%TD BankGet this rateCompare all rates
4-YR2.04%TD BankGet this rateCompare all rates
5-YR1.79%Equitable BankGet this rateCompare all rates
6-YR2.69%TD BankGet this rateCompare all rates
7-YR2.54%ScotiabankGet this rateCompare all rates
10-YR2.94%ScotiabankGet this rateCompare all rates
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TermVariable
1-YRNo rates at the moment
2-YRNo rates at the moment
3-YR3.20%ScotiabankGet this rateCompare all rates
4-YRNo rates at the moment
5-YR1.70%ScotiabankGet this rateCompare all rates
6-YRNo rates at the moment
7-YRNo rates at the moment
10-YRNo rates at the moment
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About Prince Edward Island

Prince Edward Island is one of eastern Canada’s maritime provinces, off New Brunswick and Nova Scotia in the Gulf of St Lawrence. The large island – and Canada’s smallest province – is marked by red-sand beaches, lighthouses and fertile farmland, and is renowned for seafood like lobster and mussels. 

Key facts about Prince Edward Island:

  • Charlottetown, the capital, is home to Victorian government buildings and the modern Confederation Centre of the Arts, with a theatre and art gallery
  • Charlottetown and Summerside are PEI’s only two cities. The island also has seven incorporated towns
  • French explorer Jacques Cartier discovered the island in 1534. As part of the French colony of Acadia, the island was called Isle Saint-Jean
  • In 1763, Great Britain obtained the island from France under the terms of the Treaty of Paris. The British called their new colony St John’s Island
  • On November 29, 1798, the colony’s name was changed to Prince Edward Island to distinguish it from Saint John, New Brunswick and St John’s, Newfoundland
  • Agriculture is the largest industry, with nearly half of PEI’s land dedicated to farming
  • Potatoes have been produced on PEI since as early as 1771. Today PEI grows a third of Canada’s potatoes

 

About the Prince Edward Island Housing Market

Following the initial impact of COVID-19 on PEI’s housing market, the months of May and June saw the biggest change with activity increasing toward somewhat-normal levels. Given the PEI government’s ability to flatten the curve quickly and efficiently, real estate prices in Charlottetown are expected to remain relatively stable over the next year. While luxury real estate has seen a slight decline in the region, the recreational and main residential markets remain strong, experiencing an influx of off-island buyers as an emerging trend. This can be credited to buyer preferences shifting toward more spacious and affordable properties outside of urban centres, coupled with Charlottetown being classified as one of Canada’s safest places to live. It’s expected that the Charlottetown housing market will see average housing prices increase 25% throughout the remainder of 2020.

 

What are the Different Types of Mortgages?

  • Fixed Mortgages. Fixed-rate mortgages make up 70% of all mortgages in Canada. A fixed-rate mortgage keeps your interest rate steady over the term of your mortgage (1-10 years). There’s no doubt that the five-year fixed-rate mortgage is the most common choice selected by Canadian homeowners. But, this isn’t the best option for everyone, regardless of its popularity. Fixed-rate mortgages appeal to homebuyers who are looking for a dependable payment schedule, manage a tight monthly budget or are generally more conservative. For instance, Millennials with large mortgages relative to their income may be better off opting for the peace of mind provided by a fixed rate and payments. 
  • Variable Mortgages. A variable-rate mortgage fluctuates with the lender’s prime rate throughout your mortgage term. While your mortgage payment will remain the same over your term, your interest rate may change based on market conditions. So, if the prime rate rises or falls, this impacts the amount of principal you pay off each month. When rates on variable-rate mortgages drop, more of your payment is applied to your principal balance. And, conversely, if rates increase, more of your payment will go towards the interest portion of your mortgage. Historically, variable rates have paid off for Canadians over time.

 

How nesto Works

We offer all the help of a mortgage broker, without the commission. Simply put, our salaried mortgage advisors are rewarded based on your satisfaction. We’re here to help you reach your goal and guide you through the complicated world of home financing. #yesyoucan #empowermentisthenewsexy

Every mortgage professional knows the market’s best rates every time they check their email. Only a few of them will give you that rate without making you work for it. nesto’s here to change the industry for this very reason. You always get the best rate upfront with nesto.

Prince Edward Island Mortgage payment calculator