The Best Mortgage Rates in Prince Edward Island

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About Prince Edward Island

More About: Living In Prince Edward Island

Prince Edward Island is comprised of the main itself and surrounding islands. It is one of the three maritime provinces, and is the smallest Canadian province in both land area and population (145,000). Here are some fast facts about Prince Edward Island, or P.E.I.:

  • The capital city of PE.I is Charlottetown, which has a population of about 35,000. Charlottetown is Canada's "Birthplace of Confederation"
  • Roughly 15% of electricity used on PEI is generated from renewable resources, predominantly wind
  • PEI is the setting for the Lucy Maud Montgomery's famous novel, Anne of Green Gables
  • PEI's main industries are tourism, fishing and agriculture. Potatoes make up over a third of farming revenue for the province, and PEI produces about one third of Canadian potatoes

5 Things You Need To Know About Buying In Prince Edward Island

  1. The average home price in Prince Edward Island is roughly $160,000 – that's almost $250,000 cheaper than the national average!
  2. Because of its cheap housing costs, PEI has one of the highest home ownership rates in the country. Cost of living is also quite reasonable in PEI – in fact, the province has a commission responsible for regulating the price of rent, gasoline, utilities and insurance rates in order to maintain fair pricing and high quality of life
  3. There is a large selection of waterfront real estate and PEI and the market is often divided into two sections: those who live in PEI year round and those who purchase summer homes on the island. There are not many other places in the country where beautiful, waterfront property is so affordable!
  4. The housing market is PEI has been relatively slow, or flat, in recent years, though we have continued to see year over year price increases. Inventory levels remain high while sales remain flat
  5. Mortgage interest rates are expected to increase, as Canadian exports, investments, job growth and incomes improve. Once the economy is back to a comfortable, healthy place, we should see mortgage rates start to rise

Frequently Asked Question: As one of the cheapest housing markets in the country, what can I expect to get for an average home price in PEI?

Prince Edward is certainly one of the most affordable places in the country to buy a home, and its stunning scenery and low key lifestyle attract many people looking to escape more expensive, populous locales. For $200,000, you'd be looking at a beautiful 2 storey, two to three bedroom home in Charlottetown (the capital) with storage space, a yard and two bathrooms. If you're willing to shell out a bit more (say, $300,000), you could expect a large seaside home with gorgeous views and acreage. Quite the difference from looking in cities like Toronto or Vancouver!

Prince Edward Island Housing Statistics

Prince Edward Island is one of the most affordable places to live in Canada and provides a beautiful backdrop for a laid back lifestyle.

Property Prices: Low Quality of Life Index: High
Cost of Living: Low Traffic Index: Low

Buying Property in Prince Edward Island – Important Links

Thinking of buying a home in Prince Edward Island? Here are some important links to help you learn more about the province and get you started on your mortgage journey in Prince Edward Island:

Get Prince Edward Island regional housing statistics from the Canada Mortgage and Housing Corporation.

Ever wonder what everyday items will cost you in Prince Edward Island? You can compare the cost of living across Canada and around the world here.

Are you new to Canada? Prince Edward Island offers a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.

Health care varies from province to province. Find out all you need to know about the Prince Edward Island health care system and how to qualify for coverage here.

Get up to speed on provincial politics – learn more about the Prince Edward Island provincial government here.

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Blog: MoneyWise

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