What does a mortgage broker cost in Prince Edward Island?
Who pays the broker on a PEI mortgage, what PEI law does and does not cover, and the federal and lender disclosures you get anyway.
What does a mortgage broker cost in Prince Edward Island?
On a standard residential mortgage, nothing: the lender pays the brokerage. Prince Edward Island has no mortgage-broker licensing law, so no PEI rule governs broker fees; what protects you is the lender’s duty to show its full cost of borrowing, brokerage fees included, as an APR in a separate statement.
What PEI law requires of the lender
| What | The rule | Where it is |
|---|---|---|
| The lender’s cost of borrowing | The lender must disclose the APR in a separate statement | Consumer Protection Act s. 16 |
| Brokerage fees | Count in the lender’s cost of borrowing when payable to the lender or to anyone it collects for | Cost of Borrowing Disclosure Regulations s. 2(b) |
| Large mortgages | Mortgage loans over $150,000 are excepted from those regulations (2004 consolidation) | Regulations s. 5(d) |
| Credit unions | The Act does not apply to provincial credit unions | Exemption Regulations |
| Advertising | A lender advertising credit must state the full APR | Consumer Protection Act s. 20(1) |
Federally regulated lenders add their own rule: a bank must give the cost-of-borrowing statement, as an APR, by the earlier of the first payment and two clear business days before you sign — unless you consent to receive it at signing, get independent legal advice, or have a rescission period of two business days or more (Bank Act s. 627.89; Financial Consumer Protection Framework Regulations, SOR/2021-181 s. 44).
Go deeper
The detail, if you want it
When a fee does apply
None: PEI has no mortgage-broker licensing statute, so no PEI rule sets when or how a broker fee may be charged.
Riley Oickle is licensed in Nova Scotia (3001134) with Indi, The Independent Mortgage Company Ltd.. Under that licence any borrower fee must be disclosed in writing first and cannot be collected before the lender confirms funding.
On a bank, credit union or monoline mortgage there is no broker fee to the borrower. A fee is the exception, on alternative or private lending, and it is shown in the APR.
What no PEI law requires — and what to ask for
No PEI statute imposes either on a mortgage broker. Ask for the options compared in writing anyway: rate, term, prepayment, penalty and any fee, side by side.
Ask which lenders the file went to and whether the brokerage has any ownership or interest in the lender. A broker working in a licensed province gives you that in writing as a matter of course.
Read the lender’s disclosure statement before you sign: the APR, the term, the prepayment privileges and the penalty to break it early. PEI’s Consumer Protection Act cannot be contracted out of (s. 21), but it does not reach credit unions or mortgage loans over $150,000 under its 2004 regulations.
Checking who you are dealing with
PEI issues no mortgage-broker licence, so there is nothing to look up there. Riley Oickle’s Nova Scotia licence (3001134) and Indi, The Independent Mortgage Company Ltd.’s Nova Scotia brokerage licence (3000688) are on the Nova Scotia register.
Complaints about a lender: In writing to the Financial and Consumer Services Division, which cannot order refunds.
Why a broker
Licensed, independent, paid by the lender
- Licensed across Atlantic Canada Indi Mortgage brokerage licences in NS, NB and NL (PEI has no licensing regime); Riley Oickle, Associate Mortgage Broker, NS 3001134
- $0 broker fee On a standard residential mortgage the lender pays, not you
- 33 lenders, one application Banks, credit unions, monolines; one credit check
Questions people ask
Are mortgage brokers licensed in PEI?
No. PEI has no mortgage-broker licensing statute, and the province’s Financial and Consumer Services Division does not license mortgage brokering.
Do mortgage brokers charge fees in PEI?
Not on a standard residential mortgage: the lender pays the brokerage. Where a fee applies, on alternative or private lending, it counts in the lender’s cost of borrowing and APR.
What disclosure do I get on a PEI mortgage?
The lender’s cost-of-borrowing statement with the APR (Consumer Protection Act s. 16); from a bank, the federal statement two clear business days before signing unless you consent otherwise (SOR/2021-181 s. 44).
Who checks a broker’s conduct on a PEI file?
No PEI regulator. Riley Oickle is licensed in Nova Scotia with Indi Mortgage, and that licence and its fee rules travel with him.
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