Attention first time home buyers! One of our most rewarding jobs at Parker Realty is helping first time homebuyers. While it’s fun it’s also quite complicated to buy a home in today’s market. That applies to anywhere on Prince Edward Island. Currently as a home buyer on PEI, most people have to pay a 1% tax called the Real Property Transfer Tax (Commonly known as the Land Transfer Tax) on the purchase price. First time homebuyers are exempt meaning they don’t have to pay that 1%. That’s great news as long as you meet the definition for first time home buyer (see link above). You will be saving 1% when you buy a home on PEI for the first time. Contact any of our REALTOR® experts who will be able to determine easily if you qualify!