Mortgage broker in Charlottetown
One application, 65+ lenders, and Prince Edward Island pricing that reflects today's market — not the single rate your bank happens to offer.
Get my rate →What does a mortgage cost in Charlottetown right now?
A typical home in Charlottetown costs around $400,000. With the federal minimum down payment of $20,000 and default insurance added, the mortgage comes to roughly $395,200 — about $2,109 a month at 4.14% over a 25-year amortization.
Prince Edward Island charges a real property transfer tax of 1%, with an exemption for qualifying first-time buyers and for low-value properties.
- Typical Charlottetown home price: about $400,000.
- Minimum down payment: $20,000.
- Estimated monthly payment at 4.14% over 25 years: $2,109.
- Estimated closing taxes and registration: $4,000.
The Charlottetown numbers, line by line
- Benchmark purchase price
- $400,000
- Minimum down payment
- $20,000
- Mortgage before insurance
- $380,000
- Default insurance premium
- $15,200
- Total mortgage
- $395,200
- Monthly payment at 4.14%
- $2,109
- Land transfer tax / registration
- $4,000
Prices are rounded market estimates and payments exclude property tax, heat and condo fees. Run your own figures in the payment calculator or the land transfer tax calculator, and see today's Prince Edward Island rates.
What 8Twelve does for Charlottetown borrowers
- Purchases and pre-approvals for Charlottetown buyers, including new builds and condos.
- Renewals and lender switches at maturity — no penalty, and most lenders cover the legal costs.
- Refinancing and equity takeout for renovations, investments or tuition.
- Debt consolidation, rolling high-interest balances into one mortgage payment.
- Self-employed, new-to-Canada and rental-income files that a single bank's policy would turn down.
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Charlottetown mortgage questions
How much do I need for a down payment in Charlottetown?
On a $400,000 home in Charlottetown — a typical price for the market — the federal minimum down payment is $20,000. That is 5% of the first $500,000 and 10% of the portion above it. Below 20% down the mortgage must be insured, which adds a premium of roughly $15,200 to the balance.
What are mortgage payments like in Charlottetown?
At 4.14% over a 25-year amortization, a $400,000 purchase in Charlottetown with the minimum down payment works out to roughly $2,109 a month in principal and interest. Property tax, heat and condo fees are on top of that.
How much is land transfer tax in Charlottetown?
Closing taxes in Charlottetown come to about $4,000 on a $400,000 purchase. PEI charges 1% of the greater of purchase price and assessed value. First-time buyer rebates can reduce this where the province offers them.
Does 8Twelve have mortgage agents licensed in Charlottetown?
Yes. 8Twelve Mortgage is licensed in Prince Edward Island and works with Charlottetown homeowners and buyers across purchases, renewals, refinances and debt consolidation, with access to more than 65 lenders rather than a single bank's rate sheet.
Is a mortgage broker better than my bank in Charlottetown?
A bank can only offer its own products. A broker shops the same application across banks, credit unions, monoline lenders and alternative lenders, then presents the best approval. For Charlottetown borrowers with self-employment income, rental income or a thin credit file, that breadth is usually the difference between an approval and a decline.
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Learn moreBest available rate from 8Twelve's lender panel, subject to qualification and lender approval. OAC.