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Rates Updated June 18, 2013 09:30:42
Best Closed Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
4.00%
|
||||
| 1 Year |
|
2.54%
|
|
2.80%
|
||
| 2 Years |
|
2.49%
|
||||
| 3 Years |
|
2.59%
|
|
3.20%
|
||
| 4 Years |
|
2.74%
|
||||
| 5 Years |
|
2.99%
|
|
3.00%
|
||
| 6 Years |
|
5.79%
|
||||
| 7 Years |
|
3.40%
|
||||
| 8 Years |
|
6.55%
|
||||
| 9 Years |
|
6.55%
|
||||
| 10 Years |
|
3.64%
|
||||
| 25 Years |
|
8.75%
|
||||
Best HELOC Mortgage Rates
| HELOC |
|
3.50%
|
Best Open Mortgage Rates
| Best Fixed Rates | Best Variable Rates | |||||
|---|---|---|---|---|---|---|
| 6 Mo |
|
6.20%
|
||||
| 1 Year |
|
4.00%
|
||||
| 3 Years |
|
3.80%
|
||||
| 5 Years |
|
3.50%
|
||||
More About Prince Edward Island
Prince Edward Island Housing and Mortgage Overview
The island province of PEI will continue to be affected by the high Canadian dollar this year, as inflation makes its mark on the tourism and agriculture sectors. High levels of migration, which have supported the economy in recent years is expected to taper, further impacting the housing market and retail sectors. Prince Edward Island's economy is forecasted to grow 1.5% in 2012 and 1.3% in 2013.
800 total housing starts are predicted for 2012, which is a decrease of 14.9% from 2011 levels of 940 units. In the residential resale market, 1,375 transactions are anticipated this year, with an average price of $155,600. Next year is predicted to see a decrease of 1,300 units sold, and housing prices rising to $158,000.
Source: CMHC
PEI Key Stats
Source: Stats Canada
|
Metric |
PEI |
Canada |
|
| Population (2011) | 145,900 | 34,482,800 | |
| Consumer Price Index (2011) (2002=100) |
123.0 | 119.9 | |
| Average Earnings (2011) (Per Week, $) |
$722.97 | $874.76 | |
| Unemployment Rate (2012) (SA, %) |
7.2% | 7.2% | |
| Housing Starts (2011) | 940 | 193,950 | |
| Average Residential Resale Price (annual % change) |
2011(A*) | $149,617 1.6 |
$339,042% 5.8% |
| 2012 (F) | $155,600 4% |
$348,900* 2.9% |
|
| 2013 (F) | $158,000 1.5% |
$358,200* 2.7% |
|
| Mortgages Approved by Lenders, residential 2010 (thousands of dollars) | Chartered banks | $3,801 | $932,617 |
| Other | $752 | $291,486 | |
| Total | $4,553 | $1,224,103 | |
| 2011 A = stated by the CMHC Data based on application received date Mortgage approval data are gross and may not fully capture lending activities of credit unions, caisses populaires, other smaller institutions and privately-insured loans in some areas |
|||
Local Market Indicators
|
Census Metropolitan Area |
Total Housing Starts |
MLS Sales |
MLS Average Price |
|
| Charlottetown | 2011 | 534 | 546 | $199,580 |
| 2012(F) | 465 | 550 | $205,000 | |
| 2013 (F) | 400 | 500 | $208,000 | |
| Sources: CMHC, Canadian Real Estate Association, Local Real Estate Boards, Statistics Canada MLS = Multiple Listings Service * Last updated July 2012 |
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Rate and product information are subject to change at any time and does not constitute financial advice. Please contact supplier for complete details.