Prince Edward Island Mortgage Calculator
Calculate your PEI mortgage payment with CMHC premiums, land transfer tax, and closing costs.
Useful for home buyers in Charlottetown, Summerside, Stratford, Cornwall, and all of PEI.
Useful for home buyers in Charlottetown, Summerside, Stratford, Cornwall, and all of PEI.
Why use a PEI Mortgage Calculator?
Prince Edward Island charges a 1% land transfer tax (on the greater of purchase price or assessed value), which is lower than most provinces. There are no first-time buyer rebates. PEI also has some of the lowest property taxes in Canada, but rates vary by municipality. This calculator estimates your payment, CMHC premium, land transfer tax, property tax, and closing costs for PEI home buyers.
Prince Edward Island charges a 1% land transfer tax (on the greater of purchase price or assessed value), which is lower than most provinces. There are no first-time buyer rebates. PEI also has some of the lowest property taxes in Canada, but rates vary by municipality. This calculator estimates your payment, CMHC premium, land transfer tax, property tax, and closing costs for PEI home buyers.
Result
Enter your details to see the estimated payment here.
Related Calculators
PEI Land Transfer Tax: 1% of the greater of the purchase price or assessed value. Legal fees and title insurance are additional closing costs.
How Mortgage Rules Work in PEI
- Land Transfer Tax: PEI buyers pay a 1% land transfer tax on the greater of the purchase price or assessed value.
- CMHC Insurance: If your down payment is less than 20%, you must pay a CMHC (mortgage default insurance) premium, which is added to your mortgage.
- Typical Closing Costs: PEI's closing costs include land transfer tax, legal fees, and title insurance.
Example: On a $350,000 home with 10% down, you pay a CMHC premium and a land transfer tax of $3,500.
PEI Land Transfer Tax & Home Buying Rules
- Land Transfer Tax: 1% of the greater of the purchase price or assessed value. No rebates for first-time buyers.
- Property Tax: PEI has some of the lowest property tax rates in Canada, but rates vary by municipality and property type.
- CMHC Insurance: Required if your down payment is less than 20%.
- Legal Fees & Title Insurance: Typical closing costs include legal fees (about $1,200) and title insurance (about $350).
- Heating/Utilities: PEI homes often use oil, electric, or heat pumps. Utilities can be a significant monthly cost, especially in winter.
Example: On a $350,000 home in Charlottetown with 10% down, you pay a $3,500 land transfer tax, plus legal and insurance fees. No rebates are available for first-time buyers in PEI.
Average Home Prices in Major PEI Cities (2025)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Charlottetown | $480,000 | $370,000 | $340,000 | $300,000 |
| Summerside | $400,000 | $320,000 | $300,000 | $260,000 |
| Stratford | $420,000 | $340,000 | $320,000 | $280,000 |
| Cornwall | $390,000 | $310,000 | $290,000 | $250,000 |
| Kensington | $350,000 | $270,000 | $250,000 | $210,000 |
Source: CREA, 2025 estimates. Prices are approximate and may vary.
Frequently Asked Questions (FAQ)
Yes, PEI charges a land transfer tax of 1% of the purchase price or assessed value, whichever is greater.
Typical closing costs include the land transfer tax, legal fees, title insurance, and CMHC insurance (if applicable).
PEI does not offer a provincial land transfer tax rebate, but federal programs may be available for first-time buyers.