Prince Edward Island charges real property transfer tax at 1% of the greater of the purchase price or the assessed value — 2% on amounts over $1 million. First-time buyers may be exempt. The buyer pays at closing. Estimate yours below.
PEI charges 1% on the greater of price or assessed value (2% above $1 million). On a $700,000 home that's about $7,000. Eligible first-time buyers can be fully exempt up to $1 million. Homes under $30,000 are exempt. This is an estimate — verify with your lawyer.
| Base (greater of price or assessment) | Rate |
|---|---|
| Up to $30,000 | Exempt (low-cost) |
| $30,000 to $1,000,000 | 1.0% |
| Over $1,000,000 | 2.0% |
Based on the greater of purchase price or assessed value. The 2% tier above $1M took effect April 28, 2025. Property valued at $30,000 or less is exempt.
Eligible first-time buyers can be fully exempt from PEI transfer tax on purchases up to $1,000,000. You must be a Canadian citizen or permanent resident, meet PEI residency or tax-filing requirements, occupy the home as your principal residence, and never have owned a principal residence anywhere or claimed this exemption before. If there are several buyers, all must qualify. The exemption does not apply above $1M.
1% of the greater of the purchase price or assessed value, and 2% on amounts over $1 million. On a $700,000 home that is about $7,000.
Eligible first-time buyers can be fully exempt up to $1,000,000. You must be a citizen or permanent resident, meet PEI residency/tax rules, occupy the home, and never have owned a principal residence or claimed the exemption before.
Yes. Property valued at $30,000 or less (the greater of price or assessment) is exempt under the low-cost real property exemption.
Effective April 28, 2025, PEI added a 2% rate on amounts over $1 million, and the first-time buyer exemption no longer applies above $1M.
No. It is an estimate; the base is the greater of price or assessment and the exemption has strict rules. Confirm with your lawyer.