Charlottetown is Canada's smallest provincial capital and the birthplace of Confederation. PEI's real estate market has seen strong appreciation, though prices remain well below Ontario and BC levels.
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Prince Edward Island levies a Land Transfer Tax of 1% on the portion of the purchase price exceeding $30,000. The first $30,000 is always exempt. There is no separate first-time buyer rebate, though some general exemptions may apply in limited circumstances.
Prince Edward Island levies a land transfer tax of 1% on the portion of the purchase price exceeding $30,000. The first $30,000 is tax-free.
At Charlottetown's estimated 2026 median home price of $425,000, the land transfer tax works out to approximately $3,950.00. Compare this to what you would pay buying the same-priced home in other provinces:
Atlantic provinces offer some of the lowest property transfer costs in Canada. Buyers relocating from Ontario or British Columbia keep thousands of dollars more in their pockets at closing.
A land transfer tax (sometimes called a deed transfer tax, land recording fee, or property transfer tax) is a one-time charge paid by the buyer when ownership of real property changes hands. It is paid at closing, in addition to legal fees, home inspection costs, and any mortgage insurance.
In Prince Edward Island, the land transfer tax is calculated as 1% on amount over $30,000. Unlike Ontario and British Columbia, Prince Edward Island does not offer a rebate for first-time homebuyers at the provincial level.
The land transfer tax is due on the closing date of your real estate transaction, typically paid through your real estate lawyer or notary. Your lawyer will collect the funds and remit them to the appropriate authority on your behalf.
Beyond the land transfer tax, buyers in Charlottetown typically face these additional closing costs:
Unlike Ontario (which offers up to $4,000 back for first-time buyers) and British Columbia (up to $8,000), Prince Edward Island does not have a provincial first-time homebuyer land transfer tax rebate. All buyers pay the full amount regardless of whether it is their first purchase.
However, the lower home prices and lower base tax rates in Atlantic Canada mean that the actual dollar amount paid is still significantly less than in major Ontario or BC markets in most cases.
For a broader overview of Canadian land transfer taxes across all provinces, visit the bremo.io Land Transfer Tax Calculator — the most comprehensive Canadian LTT resource online.
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