Province launches Closing Cost program

A new housing support program will help low to moderate income Islanders on the path of homeownership. 

The new Closing Cost Support Program will provide a reimbursement to eligible Islanders, up to $2,500, towards the closing costs associated with the purchase of their first home. The program can be used in partnership with the provinces’ Down Payment Assistance Program. 

“For many homebuyers, it is the associated costs of buying a home like insurance fees and legal fees, that present a financial barrier to home ownership. The Closing Cost Support Program will allow first-time home buyers to recoup these costs. Through programs like the Rent to Own Program, Down Payment Assistance Program, and the Closing Cost Support Program, we can help Islanders who wish to move out of the rental market and into homeownership. We will continue to find ways to help Islanders realize their dreams of home ownership.”

- Housing, Land and Communities Minister Rob Lantz

To be eligible for the program, applicants must:

• At least one of the Applicants is a Canadian citizen or a permanent resident;
• Be a first-time homebuyer (as defined by the Real Property Transfer Tax Act);
• Have an annual household income of $100,000 or less; and
• Be purchasing a home in Prince Edward Island that will serve as the applicant’s primary residence as an owner-occupied dwelling single family dwelling.

Media contact:
April Gallant
Senior Communications Officer
Housing, Land and Communities
aldgallant@gov.pe.ca