Home buying costs in Prince Edward Island
Land transfer tax, registration fees and closing costs in Prince Edward Island, calculated from the province's own published schedule.
Land transfer tax
1% of the greater of the consideration and the assessed value, with no tax at all where that amount does not exceed $30,000. Reports of a 2% tier at $1,000,000 and above from Budget 2025-2026 could not be confirmed against the consolidated Act, so 1% is applied throughout: check with your lawyer on a purchase at seven figures.
| On the portion | Rate |
|---|---|
| $0 to $30,000 | 0.00% |
| Above $30,000 | 1.00% |
| Purchase price | Transfer tax |
|---|---|
| $400,000 | $3,700 |
| $650,000 | $6,200 |
| $900,000 | $8,700 |
| $1,200,000 | $11,700 |
Sales tax on the mortgage insurance premium
Prince Edward Island charges no sales tax on the mortgage default insurance premium. Only Ontario, Quebec and Saskatchewan do.
First-time buyers
- First-time buyer exemption, with no price ceiling. A full exemption, and unusually there is no maximum price: the regulation that once prescribed one was revoked. You must be a Canadian citizen or permanent resident, have lived in PEI for the six months before registration or filed PEI returns in two of the last six years, never have held a registered interest in a principal residence, and intend to occupy the home. Tax becomes payable if you do not occupy it for 183 consecutive days. Read the rules
Sales tax on a vehicle
A single 15% harmonized sales tax. A trade-in comes off the price before tax is charged. See the car payment calculator.
Work it out for your own purchase
Income tax differs by province too, and it changes what you actually have to spend far more than transfer tax does.
See what a salary comes to in Prince Edward Island with Salary After Tax
Sources
- Real Property Transfer Tax Act, R.S.P.E.I. 1988, Cap. R-5.1, consolidated to May 29, 2026 · Legislative Counsel Office, Government of Prince Edward Island · checked
- Real Property Transfer Tax Act General Regulations · Legislative Counsel Office, Government of Prince Edward Island · checked