First Time Home Buyers & The Land Transfer Tax
House buyer sign and write on contract home
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!
