Buying a Home — PE
Buying a Home in Prince Edward Island
Province-specific costs, taxes, and the step-by-step process for Prince Edward Island home buyers.
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Offer checklist, closing cost summary, land transfer tax guide, and step-by-step buyer guide — customized for Prince Edward Island.
Land Transfer Tax / Fees
PEI Real Property Transfer Tax: 1% of the greater of purchase price or assessed value — the same rate for residents and non-residents (PEI has no flat non-resident transfer-tax surcharge). Separately, non-residents face acreage limits under the Lands Protection Act (cabinet approval is required to acquire more than 5 acres or property with more than 165 ft of shore frontage) and pay a higher annual provincial property tax.
First-Time Buyer Rebate
First-time buyers may be exempt from the 1% transfer tax if household income is under $100,000 and the purchase price is below the program cap (approximately $200,000). Confirm current thresholds with your lawyer.
Closing Costs to Budget For
- Real Property Transfer Tax (1%)
- Legal fees ($1,000–$1,600)
- Title insurance ($200–$300)
- Home inspection
- HST on new builds
Professionals You'll Need
Lawyer / Notary
$1,000–$1,600.
Title Insurance
Recommended. Cost: $200–$300.
Home Inspector
Recommended. Budget $300–$500.
Step-by-Step Process
- 1
Pre-approval
- 2
Offer conditional on financing and inspection
- 3
Lawyer completes title search
- 4
Close
Watch Out For
Non-resident restrictions: federal and provincial rules limit agricultural land purchases by non-Canadians
Well and septic systems are common — have both tested
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