Land transfer tax in Prince Edward Island
Prince Edward Island charges a real property transfer tax of 1% of the greater of the purchase price and the assessed value — but qualifying first-time home buyers pay nothing, because PEI waives the tax entirely for them. The exemption comes with residency strings: broadly, you must have lived in PEI (or filed taxes there) for the required period, every buyer on the deed must qualify as a first-time buyer, and the home must become your principal residence.
- Flat rate on the greater of price or assessed value
- 1%
- For qualifying first-time buyers — the tax is waived
- $0
- Island residency period tied to the exemption rules
- 183 days
Flat rate on the greater of price or assessed value
For qualifying first-time buyers — the tax is waived
Island residency period tied to the exemption rules
The 1% tax and the first-time-buyer waiver
On a $400,000 home the tax is $4,000 — unless you qualify for the first-time-buyer exemption, in which case it's zero. Qualifying means every purchaser on the deed is a first-time buyer (never owned a home, with limited exceptions such as a marriage breakdown), meets PEI's residency conditions — the rules are built around 183 days of residence or a history of filing PEI tax returns — and will occupy the home as a principal residence. Your lawyer files a sworn first-time-buyer declaration with the transfer, so raise it at your first meeting, not at closing.
Find a pro in Prince Edward Island
Homeprint tracks the whole cost of your purchase
Land transfer tax is one line on a closing bill that also includes legal fees, title insurance, and adjustments — and the rebates only help if someone remembers to claim them. Homeprint estimates your full closing bill for your province and city while you're still house-hunting, flags the first-time-buyer relief you qualify for, and keeps every closing document in one permanent vault from the day you get the keys.
- Your land transfer tax and full closing costs calculated for your province — and for Toronto's double tax — before you offer
- First-time-buyer rebates and exemptions surfaced automatically, so the claim happens at registration instead of afterwards
- Every closing document — agreement of purchase and sale, deed, trust ledger — stored in one vault you'll still have when you sell
Land transfer tax in Prince Edward Island — FAQ
Land transfer tax in other provinces
Let Homeprint do the remembering
Add your documents once — Homeprint tracks the dates, the renewals, and the deadlines, and tells you when it's time to act.