COSTS ASSOCIATED WITH BUYING A HOME IN PRINCE EDWARD ISLANDAlso see [ Real Estate Solutions ]
GST may be payable on the sale of real property. Used residential (unless substantially renovated) is exempt from GST. If a property is partly commercial and partly used residential, GST is payable on the portion which is commercial.
Registry fees for the deed and mortgage (see list)
Real property transfer tax of 1% of the greater of the consideration for the transfer and the assessed value of the property (certain exemptions apply)
Legal fees and disbursements + GST/PST
Title search fee (approximately $125 + GST)
Survey/plot plan (approximately $350 + GST for a plot plan – surveys can be more)
Title insurance (depends upon a number of factors including the purchase price – a lender and home owner policy where the purchase price is below $200,000 is approximately $300.00 + GST)
Home inspection (approximately $350 + GST)
Fuel oil/propane adjustment (cost of full tank)
Water test in some cases (approximately $150.00 + GST if clean results on first test – usually the vendor’s expense)
Mortgage insurance fee on high ratio mortgages
Fire insurance
Fees associated with connection of services (call early and avoid reconnect fees)
Moving costs
Appliances and renovations
For Registration of Every Deed of Conveyance Where the Value Of the Real Property Conveyed is: |
Government Fee |
Less than $10,000 |
$75.00 |
$10,000 or greater but less than $20,000 |
$100.00 |
$20,000 or greater but less than $50,000 |
$150.00 |
$50,000 or greater but less than $100,000 |
$225.00 |
$100,000 or greater but less than $150,000 |
$300.00 |
$150,000 or greater but less than $200,000 |
$375.00 |
$200,000 or greater |
$450.00 |
For Registration of Every Deed of Mortgage Where the Principal Sum is: |
Government Fee |
Less than $10,000 |
$75.00 |
$10,000 or greater but less than $20,000 |
$100.00 |
$20,000 or greater but less than $50,000 |
$150.00 |
$50,000 or greater but less than $100,000 |
$225.00 |
$100,000 or greater but less than $150,000 |
$300.00 |
$150,000 or greater but less than $200,000 |
$375.00 |
$200,000 or greater |
$450.00 |
For Registration of Every: |
Government Fee |
Collateral mortgage |
$100.00 |
Assignment of mortgage, release or mortgage, release of judgment lien, mechanics lien, lease, option to purchase and every writing relating to or affecting any interest in or title to land in the province in the nature of a mortgage or relating thereto |
$75.00 |
Satisfaction of mortgage |
$25.00 |
Certified copy of any registered deed, document or mortgage |
$25.00 |