Prince Edward Island Land Transfer Tax Rates

In Prince Edward Island, the land transfer tax is calculated based on the greater of either the home purchase price or the assessed value.
Let’s say there was a home assessed at $200,000 in Charlottetown. If you really wanted to make sure you got the home, you might pay an additional $10,000 over asking. In that case, even though the property value is assessed at $200,000, you paid $210,000 and have to pay land transfer tax on that amount.
Conversely, if you bought that same $200,000 home for $10,000 under asking, you would have to pay tax based on the assessed value of $200,000.

Tax on the portion of the purchase …	Rate
… up to $30,000	0.0%
… over $30,000	1.0%

If you bought a house worth $200,000 for that amount, you would owe tax thusly:

Value	Tax Rate	Tax Owed
First $30,000	0.0%	$0
Last $170,000	1.0%	$1,700

Prince Edward Island Real Property Transfer Tax First-Time Home Buyers Exemption

The P.E.I exemption covers 100% of the cost of the land transfer tax.
In order to qualify for the P.E.I exemption, you must:

1. Be a Canadian citizen or permanent resident
2. Have kept your principal residence in P.E.I for the previous six consecutive months
3. Have never owned a home that was your principal residence anywhere in the world
4. Have never obtained a first time homebuyers’ exemption in any jurisdiction
5. Occupy, or intend to occupy, the property as their principal residence

If you haven’t lived in P.E.I for six months before purchasing a home, you can still qualify after having lived in the property for six consecutive months after purchase.
If you don’t immediately occupy the property for six consecutive months following the purchase, you must forfeit the exemption.

How to Apply for thePrince Edward Island Real Property Transfer Tax First-Time Home Buyers Exemption

In order to apply for the P.E.I exemption, you must fill and print out this form – the Request for Refund of Real Property Transfer Tax. Then, mail it to
or deliver it to