Everything you need to know about Land transfer tax in PEI. Use the below approvU PEI land transfer tax calculator to estimate your land transfer tax amount to buy a property in PEI
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The Prince Edward Island Real Property Transfer Tax (Land Transfer Tax) applies to several categories, including physical land and structures situated on the land, such as a building, machinery, installations, equipment, and utilities. Bulk storage tanks and any supply pipeline connected to ithemalso included wire, cable, towers, any transmission system forming part of a television cable, and more.
These property types are defined in the Real land transfer tax as “Real Property.”
Their PEI Land Transfer Tax is calculated by applying the Real land transfer tax of 1% on the greater of:
Prince Edward Island proves to you why bigger is only sometimes better. As Canada’s smallest province, Prince Edward Island has many attractions and activities that draw people to move to the province. It has a population of 167,680, Canada’s least populated province (except Territories).
The province is enjoying an influx of business and entrepreneurial acumen. These have helped modernize the province’s traditional agriculture, fisheries, and tourism sectors. It now boasts of new developments in bioscience and advanced manufacturing.
PEI population growth is one of the highest in the country. It has a 3.1% year-on-year population growth rate, ahead of Nova Scotia and Nunavut, which were 2.2% and 1.9%, respectively.
The province’s average house price currently sits at $390,000 as of CREA August 2022 data. PEI’s housing market is forecasted to have the largest decrease in the country. The house price is expected to fall 25% by December 2023 compared to 2019.
"Birthplace of Confederation"
$362,900
$251,276
167,680
$78,000
The fees are illustrated in the table below.
Greater of the purchase price or the assessed value | The land transfer tax rate | First-time home buyer rebate |
less than $30,000 | no land transfer tax paid | Full refund for first-time homebuyers |
between $30,000 and $200,000 | 1.00% | Full refund for first-time homebuyers |
greater than $200,000 | 1.00% | no rebate available |
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Let’s assume that the home you are buying is valued at $300,000.00
First $30K Property Value
Rate
Fee
Number of Tallys per $5000.00 property value
Rate
Fee
A full refund of this amount if you are a first-time home buyer
Number of Tallys per $5000.00 property value
Rate
Fee
No refund of this amount
Land Transfer Tax Amount For A $300K Property
$200,000 or less if it will be their principal residence.
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