PEI Closing Cost Support Program: Financial Help for First-Time Home Buyers

The Prince Edward Island (PEI) government offers a Closing Cost Support Program to help eligible first-time home buyers with some of the expenses that come with purchasing their first home in PEI. Under this program, qualifying buyers may receive reimbursement of closing costs up to $2,500 after their purchase is complete.

Note: Program details, including eligibility rules and available funding, can change. The information below is a general overview only and is not legal advice.

Who is eligible?

At the time of writing, applicants generally must meet all of the following criteria:

  1. At least one applicant is a Canadian citizen or permanent resident;

  2. The applicant applying for the assistance is a resident of PEI;

  3. The applicant is a first-time home buyer. If there are multiple purchasers and not everyone is a first-time home buyer, you should contact the PEI government directly to confirm eligibility /// 902-314-0428 or fairving@gov.pe.ca;

  4. The applicants’ total combined income is $100,000 or less, verified using your most recent Notice(s) of Assessment from the Canada Revenue Agency; and

  5. Property must be owner-occupied and is the applicant’s principal residence as a single family dwelling, meaning no portion is rented out.

Funding and availability

The program is funded by the provincial government and is subject to an overall budget. Government communications have indicated that access to the program is on a first-come, first-served basis and only while budgeted funds last.

If successful in your application, you will receive the funds from the PEI government directly. Note that this program only applies after you have completed your purchase. It is effectively a partial reimbursement.

There is information our firm will provide if you are eligible. First you will apply for the program and if the government determined you are eligible, they will ask for information from our firm that we will provide to finalize and get you funds.

How Golden Pines Law can help

At Golden Pines Law, we regularly assist home buyers with:

  1. Reviewing whether they appear to meet the eligibility criteria for the PEI Closing Cost Support Program;

  2. Explaining how the program fits into the overall cost of purchasing a home;

  3. Providing documents after closing which are needed for a reimbursement application (only after eligibility has been confirmed via application); and

  4. Working with realtors, lenders, and mortgage brokers so everyone understands the timelines and requirements connected to the program.

If you are considering buying your first home in PEI, contact Golden Pines Law to discuss your situation. We would be happy to review your options and help you navigate the process.