Mortgage broker in Prince Edward Island
What buying costs in Prince Edward Island on the September 2026 average price, the real property transfer tax and the province’s own programs — then a call, and the file is worked remotely from Bedford.
Who is a licensed mortgage broker in Prince Edward Island?
Prince Edward Island has no mortgage-broker licensing regime. Riley Oickle, Associate Mortgage Broker (Nova Scotia licence 3001134) with Indi, The Independent Mortgage Company Ltd., arranges Prince Edward Island mortgages remotely from Bedford, with 33 lenders and no fee on a standard residential mortgage.
What buying costs in Prince Edward Island
Worked on the September 2026 average price that Prince Edward Island Real Estate Association publishes. Your own price, and your municipality, change the figures; the lawyer’s statement of adjustments is the final word.
| Average sale price | $409,925 | Prince Edward Island Real Estate Association (CREA board statistics), September 2026, +1.4% on a year earlier |
|---|---|---|
| Minimum down payment | $20,496 | Insured: 5% of the first $500,000 and 10% of the remainder (1–2 units) |
| Real property transfer tax | $4,099 | 1% of the greater of the price and the assessed value; $0 for a first-time buyer who qualifies, with no price cap |
| Registry of Deeds fees | $927 | $463.65 for the deed and $463.65 for the mortgage (Registry Act, s. 50.1) |
| Other closing costs, est. | $4,099 | Legal, appraisal and inspection, estimated at 1% of the price; your lawyer quotes the real figure |
| Cash to buy | $29,622 | Down payment plus the government charges plus the estimate; the CMHC premium is financed, not paid at closing |
Every community in Prince Edward Island
The process is the same wherever you are buying in Prince Edward Island: remote, with an appraiser who covers the property’s area and your own Prince Edward Island lawyer at closing. The largest communities, by 2021 Census population:
Largest communities (Statistics Canada, 2021 Census, Table 98-10-0002-01)
Three Rivers (Montague)
Three Rivers (7,883 in 2021) takes in Montague, Georgetown, Cardigan and the surrounding communities as tax districts. In Montague the 2026–27 municipal residential rate is $0.60 per $100 for residents and $1.12 for non-residents, unchanged and on top of the provincial tax. Kings County Memorial Hospital in Montague is a 30-bed community hospital.
Go deeper
The detail, if you want it
How it works remotely from Bedford
A 15-minute call to start, then the application and documents by secure upload. Pre-approval usually takes 1–3 business days once the documents are in, with a rate held for typically 90–120 days.
On a purchase the appraisal is booked with an appraiser who covers the property’s area, and you choose your own Prince Edward Island lawyer. A lawyer closes: the title search at the Registry of Deeds (offices in Charlottetown and Summerside), the purchaser’s affidavit, the transfer tax and the registration of the deed and the mortgage.
Prince Edward Island programs for buyers
Down Payment Assistance Program (Finance PEI): A loan of up to 5% of the price, to a maximum of $17,500, for the down payment only; it is conditionally interest-free (the interest is forgiven once the loan is repaid in full, over ten years), and the first year’s payments can be deferred. Household income $110,000 or less, price up to $350,000, insured mortgage required; open until 31 March 2031 or until the budget is committed.
Closing Cost Support Program: Up to $2,500 toward closing costs for a first-time buyer as the transfer tax Act defines one, with household income of $110,000 or less and a price up to $350,000.
Rent-to-Own Pilot Program: Finance PEI buys an existing home up to $350,000 (HST included) and rents it to you for five years, crediting 40% of the interest portion of the rent to your down payment, up to $33,117; for households earning $110,000 or less who were declined for a mortgage in the last six months.
A first-time buyer pays no transfer tax, and there is no price cap: every buyer on the deed must be a citizen or permanent resident, have lived in PEI for six months (or filed PEI tax returns in two of the last six years), never have owned a principal residence, and live in the home for 183 consecutive days. The insured minimum down payment is the same across Canada: 5% of the first $500,000 and 10% of the remainder (1–2 units).
Taxes and rules that change the numbers
The real property transfer tax: 1% of the greater of the purchase price and the assessed value, paid by the purchaser when the deed is registered; a transfer of $30,000 or less pays none.
The Province bills property tax on one statement: its own rate on a home is $1.70 per $100 of assessment, owners who live in PEI 183 days a year get a $0.70 credit, and each municipality adds its own rate. The owner-occupied assessment cap (CPI or 5%, whichever is lower) starts again when you buy.
More than five acres: A non-resident, or any corporation, needs Cabinet approval through the Island Regulatory and Appeals Commission to hold more than five acres or 165 feet of shore frontage (Lands Protection Act).
Short-term rentals: Renting any part of the home for less than 30 days ends its owner-occupied status, and with it the assessment cap.
How it works
From first call to keys, in four steps
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A 15-minute call
You say what you’re trying to do and roughly what you earn.
Riley tell you the price a lender will support, the cash you need to close, and what to fix first.
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Documents and pre-approval
You send the short list through a secure upload link.
Riley package the file and come back with a pre-approval letter and a rate held 90 to 120 days.
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Lenders, side by side
You read the comparison and pick.
Riley place one application with banks, credit unions and monolines, and show you every answer.
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Approval, lawyer, keys
You sign with your own local lawyer.
Riley hold the lender, appraiser and lawyer to the closing date.
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
Do you need a licence to arrange a mortgage in Prince Edward Island?
Prince Edward Island has no mortgage-broker licensing regime, so there is no provincial licence to hold or check. Riley Oickle works there exactly as in Nova Scotia, identified by his Nova Scotia Associate Mortgage Broker licence 3001134 with Indi, The Independent Mortgage Company Ltd..
What does it cost to buy a home in Prince Edward Island?
On the September 2026 average price of $409,925: $20,496 minimum down, $4,099 transfer tax and $927 registry fees, and other closing costs estimated at about $4,099 — roughly $29,622 in cash. The CMHC premium is added to the mortgage instead.
Is there a land transfer tax in Prince Edward Island?
1% of the greater of the purchase price and the assessed value, paid by the purchaser when the deed is registered; a transfer of $30,000 or less pays none. A first-time buyer pays no transfer tax, and there is no price cap: every buyer on the deed must be a citizen or permanent resident, have lived in PEI for six months (or filed PEI tax returns in two of the last six years), never have owned a principal residence, and live in the home for 183 consecutive days.
Is there a first-time home buyer program in Prince Edward Island?
Down Payment Assistance Program (Finance PEI): A loan of up to 5% of the price, to a maximum of $17,500, for the down payment only; it is conditionally interest-free (the interest is forgiven once the loan is repaid in full, over ten years), and the first year’s payments can be deferred. Household income $110,000 or less, price up to $350,000, insured mortgage required; open until 31 March 2031 or until the budget is committed.
Do I need to come to Bedford?
No. Every file is remote: a call, secure upload, e-signatures, an appraiser local to the property and your own Prince Edward Island lawyer at closing.
Do you arrange mortgages in Three Rivers and the rest of Prince Edward Island?
Yes, the same way as in the cities: remote, with an appraiser who covers the area and a Prince Edward Island lawyer at closing. This page covers Three Rivers; the city page covers Charlottetown.
Still unsure? Ask me directly.
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Buying, renewing or refinancing in Prince Edward Island?
Send the listing or your renewal statement. You get back the cash to close, what the file needs and which lenders fit it, within a business day, at no fee.
(902) 298-0218 · 8:00 am to 10:00 pm Atlantic, every day