First-time Home Buyers Exemption from Real Property Transfer Tax

Description:

If you are eligible for this exemption, you do not have to pay the real property transfer tax on the registration of the deed of conveyance for your principal residence.

To be considered a first time home buyer you must meet the following conditions:

• You have not previously held a registered interest in real property, in any jurisdiction, that constituted a principal residence;
• You have not previously obtained a first-time home buyer exemption;
• You have resided in PEI for at least six months prior to purchasing the residence or resided in the home for six months after the date of purchase;
• You are a Canadian citizen or permanent resident.