BoC 2.25%/Prime 4.45%/Next Jul 15/CPI ~3.2%/USD/CAD
Land transfer tax › Prince Edward Island

PEI real property transfer tax

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.

Quick answer

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.

2.25%
BoC rate
4.45%
prime rate
Jul 15
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PEI transfer tax calculator

estimate
$
Note: the base is the greater of the purchase price or assessed value. A 2% rate applies above $1M. The first-time buyer exemption applies up to $1M and requires all buyers to qualify; property under $30,000 is exempt outright.
Estimated PEI transfer tax
$0
Real property transfer tax on the greater of price or assessment.
Before exemption$0
First-time buyer exemption$0
Estimate only — not legal or financial advice. The first-time buyer exemption has strict eligibility rules and does not apply above $1M. Verify with your lawyer or PEI Finance before closing.

PEI transfer tax rates (2026)

Base (greater of price or assessment)Rate
Up to $30,000Exempt (low-cost)
$30,000 to $1,000,0001.0%
Over $1,000,0002.0%

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.

First-time home buyer exemption

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.

FAQ

How much is land transfer tax in PEI?

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.

What is the PEI first-time buyer exemption?

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.

Are low-value homes exempt?

Yes. Property valued at $30,000 or less (the greater of price or assessment) is exempt under the low-cost real property exemption.

What changed in 2025?

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.

Is this calculator exact?

No. It is an estimate; the base is the greater of price or assessment and the exemption has strict rules. Confirm with your lawyer.

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Independent & not affiliated. bankratecanada.ca (Overnight) is not affiliated with the Government of Prince Edward Island or any lender. Results are approximate, illustrative estimates — not tax rulings or legal or financial advice. See our Terms and Privacy.
Sources: princeedwardisland.ca — Transfer tax rate · princeedwardisland.ca — First-time buyer exemption. Reviewed 6 Jul 2026 — estimates only, verify with your province or lawyer.
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