First-time home buyer programs in Prince Edward Island

Real property transfer tax exemption

• No transfer tax is payable if you're a first-time buyer: you've never owned a principal residence or claimed the exemption before. There has been no price limit since October 1, 2016.
• You must be a Canadian citizen or permanent resident, and have lived in P.E.I. for six months or filed taxes there in two of the last six years.
• You claim it by filing the first-time home buyer declaration with the transfer.

Federal programs available in every province

• First Home Savings Account (FHSA): contribute up to $8,000 a year, to $40,000 in total, with tax-deductible contributions and tax-free qualifying withdrawals.
• Home Buyers' Plan: withdraw up to $60,000 from your RRSPs and repay it over 15 years.
• GST/HST first-time home buyers' rebate: up to $50,000 of the federal GST on a newly built home, in full up to $1,000,000 and phased out at $1,500,000.
• Home buyers' amount: a federal non-refundable tax credit of $1,500 (15% of $10,000).
• With less than 20% down, first-time buyers can get an insured mortgage with an amortization of up to 30 years.

Estimate your costs in Prince Edward Island

The calculator applies the provincial transfer tax or registration fees, with first-time buyer relief where the province offers it, plus default insurance and the monthly payment.

Before you rely on a program

Each figure on this page comes from the government page cited for it. We checked every program against its official page on November 13, 2026, and give the date a rule took effect wherever the government states one. Programs can close, run out of funding or change their limits, so confirm eligibility with the program before you sign an agreement of purchase and sale. Loans must be repaid, and income and price limits apply to the whole household.