What closing costs in Prince Edward Island
Every line of the cash to close, who pays it, when, and the figures no provincial source publishes.
How much are closing costs in Prince Edward Island?
On the September 2026 average price of $409,925, $5,027 is government charges — $4,099 transfer tax and $927 registry fees. Legal, appraisal and inspection are quoted per file; Riley’s rule of thumb is 1% of the price, about $4,099. All of it is cash on top of the $20,496 down payment.
Every line, itemised
| Cost | Amount | Who pays | When | Note |
|---|---|---|---|---|
| Real property transfer tax | $4,099 | Buyer | Closing | 1% of the greater of the price and the assessed value; $0 for a first-time buyer who qualifies, with no price cap |
| Registry of Deeds fees | $927 | Buyer | Closing | $463.65 for the deed and $463.65 for the mortgage (Registry Act, s. 50.1) |
| Legal fees and disbursements | Quoted per file | Buyer | Closing | A Prince Edward Island lawyer is required to close |
| Appraisal | Not published | Buyer or lender | Financing condition | Quoted per property |
| Home inspection | Not published | Buyer | Before the offer is firm | Quoted per property |
| Legal, appraisal and inspection, est. | $4,099 | Buyer | — | Riley’s rule of thumb, 1% of the price; your lawyer quotes the real figure |
| Property tax adjustment | Varies | Either | Closing | Apportioned by the lawyer to the closing date |
| CMHC premium | 4% — financed | Buyer | Added to the mortgage | Not cash; no provincial sales tax on it here (CMHC lists Quebec, Ontario and Saskatchewan) |
Go deeper
The detail, if you want it
Why the cash has to be in your account
Lenders want the down payment and the closing costs in your account at approval. A buyer with exactly $20,496 and nothing more does not have a complete file.
Property tax after closing
The Province bills property tax on one statement: its own rate on a home is $1.70 per $100 of assessment, owners who live in PEI 183 days a year get a $0.70 credit, and each municipality adds its own rate. The owner-occupied assessment cap (CPI or 5%, whichever is lower) starts again when you buy.
Who closes, and how
A lawyer closes: the title search at the Registry of Deeds (offices in Charlottetown and Summerside), the purchaser’s affidavit, the transfer tax and the registration of the deed and the mortgage.
Why a broker
Licensed, independent, paid by the lender
- Licensed across Atlantic Canada Indi Mortgage brokerage licences in NS, NB and NL (PEI has no licensing regime); Riley Oickle, Associate Mortgage Broker, NS 3001134
- $0 broker fee On a standard residential mortgage the lender pays, not you
- 33 lenders, one application Banks, credit unions, monolines; one credit check
Questions people ask
How much are closing costs in Prince Edward Island?
On the $409,925 average price: $4,099 transfer tax and $927 registry fees, plus legal, appraisal and inspection, which are quoted per file — about $4,099 on Riley’s 1% rule of thumb. The CMHC premium is financed instead.
Do I pay HST when buying a resale home in Prince Edward Island?
Not on the house. HST applies to new and substantially renovated homes; on a resale you pay it only on services such as legal fees.
Are closing costs included in the mortgage?
No. Transfer tax, registration and legal fees are cash, and lenders want to see them in your account at approval on top of the down payment. Only the mortgage insurance premium is added to the loan.
Who closes a purchase in Prince Edward Island?
A lawyer closes: the title search at the Registry of Deeds (offices in Charlottetown and Summerside), the purchaser’s affidavit, the transfer tax and the registration of the deed and the mortgage.
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