How to become a mortgage broker in Prince Edward Island

Updated: May 30, 2025

Do you have a passion for helping people achieve their dream of owning a home? A career in Prince Edward Island’s mortgage brokerage industry might be a great fit for you. This is especially true if you enjoy working with lending companies such as banks, credit unions, and other mortgage lenders.

Need help in getting started?

In this article, Canadian Mortgage Professional will shed light on how to become a mortgage broker in Prince Edward Island. We will cover what you need to know to help you determine if this career suits you. We will also share three tips on how to succeed as a mortgage broker in this province.

How do you become a mortgage broker in PEI?

If you want to work as a mortgage broker in Prince Edward Island, you don’t need to worry about having a bachelor's degree or even a high school diploma. You won’t be taking any educational course either.

Thinking about where to get a mortgage broker licence? Well, forget about that because you don’t have to get one either! You won’t need to complete nor qualify for any qualifications—aside from registering to do business in PEI.

Check out these five best places to live in PEI that you can recommend to your clients:

Who regulates mortgage brokers in PEI?

Aside from registering to do business in Prince Edward Island, you won’t need to qualify for any requirements to be a mortgage broker in PEI. As such, there’s no regulatory body for mortgage brokers.

“There are currently no licensing or regulatory requirements to be a mortgage broker in Prince Edward Island, which means it’s up to individual brokerages to ensure their brokers remain compliant,” Hannah Martens says. She is the President of the Canadian Mortgage Brokers Association (CMBA) Atlantic and a local mortgage broker in PEI.

Martens is also one of the Best Young Mortgage Professionals in Canada in 2024's Rising Stars awards.

“With recent updates to FINTRAC requirements, many brokers on the Island are now aligning with compliance standards seen in other provinces.”

Role of CMBA Atlantic

The CMBA Atlantic represents mortgage brokers and consumers in all four Atlantic provinces, working with regulators and industry partners like lenders and insurers.

The association promotes high professional and ethical standards in the mortgage industry. It supports balanced regulations that protect consumers without limiting their choices or increasing costs. It encourages consumers to look for the MB logo when seeking trusted mortgage advice from a broker.

According to Martens, CMBA Atlantic supports mortgage professionals in PEI “by offering ongoing education, professional development, and networking opportunities across the Atlantic provinces.”

“We also advocate at the provincial level on issues that impact brokers and consumers alike—such as licensing, housing policy, and programs such as down payment assistance & rent to own—while working to elevate the standard of service in our industry for both new and experienced brokers,” she says.

Understanding the role of a mortgage broker in PEI

The main task of mortgage brokers is to assist their clients in finding the most suitable mortgage based on the latter’s personal objectives and monetary capacity. Their role is to connect their clients with well-established mortgage lenders. This allows eligible borrowers to compare different mortgage options without having to approach mortgage lenders by themselves.

Mortgage brokers also have a major part in mortgage transactions by making sure that their clients have the financial means to fund the mortgage. They can evaluate credit history and other data to see if their clients can afford to pay without having to live paycheque to paycheque.

Due to their connection with multiple lenders, mortgage brokers can often negotiate better interest rates and mortgage terms than clients would get on their own. This can help them save thousands of dollars over the life of the home loan.

Why work in PEI?

“I’m incredibly biased, but I truly believe Prince Edward Island is the best province in the country—especially for mortgage brokers. Islanders value local connections, and clients here often prefer working with someone who understands their community and roots,” Martens says.

She also said that there’s been consistent interprovincial migration from places like Alberta, Ontario and Nova Scotia. This makes opportunities for co-brokering or local support when outside mortgage brokers need a trusted partner on the ground.

“PEI is also a hot spot for secondary homes and cottage investments, making it an attractive market for clients across the country.”

How to succeed as a mortgage broker

With dedication and perseverance, aspiring mortgage brokers can gain an edge over the competition, consistently attract clients, and earn referrals. Want to learn more about how to succeed as a mortgage broker in Prince Edward Island? Try following these three tips:

1. prepare to offer multiple options
2. be straightforward about your fees
3. share evidence of your accomplishments

Let's take a closer look below:

1. Prepare to offer multiple options

Clients have different mortgage requirements, personal goals, and financial cases. As such, you should learn how to attend to their needs and manage their complex situations. To be successful as a mortgage broker in Prince Edward Island, you must be able to:

• answer most, if not all, of their concerns
• explain in detail the mortgage products that your partner lenders can offer
• present direct solutions and alternatives based on their goals and needs

“I can’t stress enough the importance of education—whether you’re new or seasoned, it’s the difference between being a good broker and a great one,” Martens says.

2. Be straightforward about your fees

You should always be clear about fees and other costs with your clients. As much as possible, try to make the discussions less intimidating for your clients. You can achieve this by always sticking to the facts. Be sure to provide all the necessary information that they need to know—especially how much they need to pay for your services.

It is also helpful to develop your communication skills. Establish mutual respect with your clients right from the beginning. Know how to manage their expectations and don't be afraid to have difficult conversations.

After all, buying a house and borrowing a large amount of money can be terrifying, especially for first-time buyers. You must be aware that not all your clients will be happy with the home loan options that you can offer. Compromise where you can but learn to set your boundaries as a mortgage professional.

3. Share evidence of your accomplishments

An integral part of your job as a mortgage broker is putting your clients at ease, especially when they are overwhelmed by their expenses. You can gain their trust by providing positive feedback from your past clients. You should also let them know about your qualifications and training to show credibility.

To do this, try displaying your certifications and awards inside your office. You can also showcase your achievements by posting them online on your social media accounts and website (if you have any).

You can also gather personal recommendations from your network, especially from past clients, and share these with your prospects. Showing these client reviews will help establish your name and highlight your abilities as a trusted mortgage broker in PEI.

Would you like to know other tips? Watch this clip to learn other secrets on how to be successful as a mortgage broker not just in PEI but across the country:

Try following these three tips and you could see your name listed among the top mortgage brokers in the country. For inspiration, check out our special report on the 75 best mortgage brokers in Canada.

Average salary of mortgage brokers in Prince Edward Island

According to the latest report from Ziprecruiter, a mortgage broker in Prince Edward Island has an average salary of $129,346 per year. You can also expect to earn at least $10,778 monthly and $2,487 weekly. As for the hourly wage, you can get $62.19 while performing your tasks as a mortgage broker.

How much can mortgage brokers earn in PEI through commissions?

Aside from the average earnings that mortgage brokers can get as their fixed salary, they can earn more per deal through commissions. Typically, mortgage brokers can earn at least 5% of the total price of their client’s mortgage deal.

Get leads to earn more

If you want to attract clients in Prince Edward Island, you need to learn how to market yourself as a credible mortgage broker. Try doing any of these to get more leads:

• Build a strong online presence: Use social media and other online tools to market your services.
• Connect with professionals who might be referral partners: Networking with professionals in related industries can bring consistent referrals.
• Attend local events and real estate seminars: You can even host free events to educate potential clients about mortgages.
• Offer free consultations while you’re still starting out: Providing free resources can attract potential clients.

Here are three more ways to get mortgage leads in Canada:

Planning to start your career as a mortgage broker in Canada? Check out this guide!

Building your brand as a mortgage broker in Prince Edward Island

Building your brand as a mortgage broker in Prince Edward Island takes time and effort. It also involves connecting with other professionals in and out of the industry. Growing your network can bring valuable referrals and insights. This can help you improve the quality of your service and help you attract more leads.

“Prioritize industry events and local networking opportunities; they help you stay connected, visible, and relevant. One of my best practices is to always remain open to change—small tweaks to your systems or communication style can lead to major improvements in how you serve,” Martens says.

It is also important to stay updated on the latest mortgage trends and loan options from your partner lenders. With this, you can provide the best advice and solutions to your clients. For the most recent mortgage news in Prince Edward Island and across Canada, visit our market updates page.

Was this guide on how to become a mortgage broker in Prince Edward Island useful? Tell us what you think in the comments below.