Closing Cost Support Program
The Closing Cost Support Program assists Prince Edward Islanders of low and modest incomes with financial assistance to cover a portion of the closing costs on the purchase of their first home.
Eligible applicants can apply to receive a contribution of up to $2,500 to support the closing costs of the purchase. Apply using the online form below.
Am I eligible for closing cost assistance for my first house?
For an applicant to be eligible for assistance, the following criteria must be met:
- At least one of the Applicants is a citizen or permanent resident of Canada and the Applicant is a resident of PEI;
- The Applicant is a first-time home buyer (as defined by the Real Property Transfer Tax Act);
- The Applicants total annual household income must be $100,000 or less in based on line 15000 from your Canada Revenue Agency “Notice of Assessment";
- Confirmation of income must be provided by way of a Notice of Assessment from the Canada Revenue Agency for the previous taxation year;
- The property being purchased is in Prince Edward Island, must be owner-occupied, and constitutes the Applicant's principal residence as a single-family dwelling, with no portion of the dwelling being rented out;
- The closing date for the property purchased occurred after December 1, 2023.
What information do I need to provide with the application?
You will be asked to provide:
- Identity and contact information for the primary applicant and, if applicable, the co-applicant;
- Identity and contact information for legal counsel handling your real estate file;
- Property ID for the new property;
- Marital status for each applicant;
- Household income – each applicant’s projected income for the current year and total income, as per line 15000 from the CRA “Notice of Assessment”, for the last taxation year filed;
- Copy of a birth certificate or passport for each applicant;
- “Notice of Assessment” for previous taxation year for each applicant, as downloaded from the online “My Account” at CRA;
- Copy of the Closing Cost Support Certification and Authorization form, completed and signed as required;
Additional documents to finalize program financing, when available, including:
- Copy of the fully executed Purchase and Sale Agreement for the home being purchased;
- Statement of Adjustments for the purchase;
- Written confirmation that the transaction has closed; and
- Proof of payment for legal fees (ie. a receipt from the law firm)
For more information, contact:
Fred Irving, Housing Project Coordinator
11 Kent Street, P.O. Box 2000
Charlottetown C1A 7N8
Toll Free: 1-800-563-3734
The Province of Prince Edward Island will accept applications until the allocated budget has been committed. The budget will be allocated on a first-come, first-serve basis and only complete applications will be eligible for processing.