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Prince Edward Island Mortgage Rates

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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 (150,000). Here are some fast facts about Prince Edward Island, or PEI:

  • The capital city of PEI is Charlottetown, which has a population of about 36,000. 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
  • The average home price in Prince Edward Island is roughly $235,000 – that's $165,000 cheaper than the national average!
  • 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
  • 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!

FAQ: 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 $240,000, 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, $350,000), 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
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