Province · Buying your first home in Canada

First-time home buyer programs in Prince Edward Island

PEI exempts qualifying first-time buyers from the Real Property Transfer Tax on homes priced up to $200,000, and runs a Down Payment Assistance Program providing interest-free loans up to $17,500.

Reviewed by Ben Stevenson, Managing Editor, Canadian Money Help Updated April 20, 2026 Methodology

Full up to $200K RPTT exemption

Up to $17,500 DPAP loan

1% of purchase price RPTT rate above $200K

Provincial programs

Real Property Transfer Tax First-Time Buyer Exemption

Full exemption from the 1% Real Property Transfer Tax when the purchase price or assessed value is $200,000 or less.

Eligibility

First-time buyer
Canadian citizen or permanent resident
PEI resident for at least six months before registration, or commits to residency
Purchase price $200,000 or less

Form: Apply at registration

PEI Down Payment Assistance Program (DPAP)

Interest-free loan worth up to $17,500 for qualifying first-time buyers. Loan remains interest-free unless repayment is defaulted.

Eligibility

First-time buyer
Household income below program ceiling
Purchase price below program ceiling

Form: Apply via PEI government

Estimate your land transfer tax

Stacking with federal programs

PEI buyers stack the RPTT exemption or DPAP loan with federal FHSA, HBP, and HBTC. For homes under $200K, the RPTT exemption effectively removes a 1% closing-cost line item.

See all federal programs and stages →