Three separate ways Prince Edward Island puts money back in your pocket when you buy your first home. Plug in your numbers below and see exactly what applies to you.
Estimate only, based on Finance PEI’s Down Payment Assistance Program Fact Sheet and the Government of PEI’s Closing Cost Support Program page. Both programs have additional eligibility rules (credit, citizenship, owner-occupancy) not captured above, and funding is limited — confirm your actual eligibility before counting on a number. For planning and discussion only. Not legal, tax, or accounting advice.
A second loan behind your mortgage, run by Finance PEI. Interest accrues at 5%/year but is forgiven once you’ve repaid the principal in full — goes toward your down payment only.
Official program page ↗A direct contribution toward legal fees and other closing costs — separate application, separate money, on top of the DPAP. First-come, first-served until the province’s budget is committed.
Official program page ↗PEI waives the Real Property Transfer Tax entirely for eligible first-time buyers — no income or price cap, just a residency and first-time-buyer test filed at closing.
Try the land transfer tax calculator ↗The Down Payment Assistance Program and Closing Cost Support Program share the same core test: a first-time buyer (haven’t owned in the last 4 years, or been through a relationship breakdown), household income of $110,000/year or less, a home priced at $350,000 or less in PEI, owner-occupied as your principal residence with no rental portion, satisfactory credit, and Canadian citizenship or permanent residency. The land transfer tax exemption runs on its own test: 6 months’ PEI residency (or 2 of the last 6 tax years filed), first-time buyer, principal residence — no income or price cap.
These aren’t either/or. A qualifying buyer can use the DPAP toward their down payment, the Closing Cost Support Program toward legal and inspection fees, and pay zero land transfer tax on the same purchase — then layer on the federal FHSA and RRSP Home Buyers’ Plan covered in our First Time Home Buyer Guide.
Yes. They’re three separate programs with their own applications, and eligible buyers can use all three on the same purchase, alongside federal help like the FHSA and RRSP Home Buyers’ Plan.
A conditionally interest-free loan of up to 5% of your purchase price, to a maximum of $17,500. It’s repayable over 10 years, and the accrued interest is forgiven once you’ve repaid the principal in full. Your household income must be $110,000 or less and the home $350,000 or less.
A contribution of up to $2,500 toward the closing costs on your first home purchase in PEI, for buyers with household income of $110,000 or less on a home priced at $350,000 or less.
No — you need to meet the province’s residency and first-time buyer criteria and file a signed declaration form at closing. Your lawyer or notary handles this as part of registering the deed.
The Down Payment Assistance Program and Closing Cost Support Program are administered by Finance PEI and PEI Housing Corporation. We can point you to the right application and tell you which ones you’re likely to qualify for based on your file.
Figures above are drawn from Finance PEI’s Down Payment Assistance Program Fact Sheet and the Government of PEI’s Closing Cost Support Program page, current as of early 2026 — program rules, funding, and thresholds can still change, and each has additional eligibility criteria beyond income and price. This page is general information, not a guarantee of eligibility — confirm current details directly with PEI Housing Corporation, Finance PEI, or your lawyer/notary before applying. For planning and discussion only. Not legal, tax, or accounting advice.
Tell me a bit about your purchase and I’ll tell you which of these programs you’re likely eligible for — and help you apply.
Get in touchNo spam, no pressure — just a straight answer on what applies to your file.