Down Payment Assistance Program
Official details
- Max Value
- Up to 5% (max $17,500)
- Key Details
- A conditionally interest-free loan for first-time buyers with a household income under $110,000.
Services
Programs For You
Resources
Mortgage Programs
Our team is happy to assist you with your application process. Please note that our support is limited to the application phase, and we are not responsible for subsequent steps or outcomes
Buying & Closing Assistance
While some of these are restricted to first-time buyers, they are critical tools for helping clients overcome the initial capital barriers of purchasing a home.
PEI
Closing Cost Support Program
Official details- Max Value
- Up to $2,500
- Key Details
- A non-repayable grant to help cover closing costs for low-to-modest income first-time buyers.
Rent to Own Pilot Program
Official details- Max Value
- Homes up to $350,000
- Key Details
- Allows modest-income renters to transition to homeownership by renting to own an eligible home.
First Home Savings Account (FHSA)
Official details
- Max Value
- $40,000 lifetime
- Key Details
- Tax-deductible contributions and tax-free withdrawals specifically for a first home purchase.
RRSP Home Buyers' Plan (HBP)
Official details- Max Value
- Up to $60,000
- Key Details
- Allows a tax-free withdrawal from an RRSP to buy a home, which must be repaid over 15 years.
First-Time Home Buyers' Tax Credit
Official details- Max Value
- $1,500 in tax savings
- Key Details
- A non-refundable tax credit for the year the home is purchased.
Adding Secondary Suites (Income & Refinancing)
For clients looking to build wealth, offset their mortgage, or house extended family, the federal government recently introduced sweeping changes to make secondary suites easier to finance.
Canada Secondary Suite Loan Program
Official details- Max Value
- Up to $80,000
- Key Details
- A 15-year loan at a fixed 2% interest rate to build or renovate a secondary suite.
Insured Refinances for Secondary Suites
Official details- Max Value
- Up to 90% LTV
- Key Details
- Allows homeowners to refinance up to 90% of their property's value (up to a $2 million property limit) amortized up to 30 years to add up to 4 rental units.
Renovations, Repairs & Accessibility
If a client is buying a "fixer-upper" or needs to refinance to fund emergency repairs, PEI offers several grants based on household income (typically capped at a combined $50,000 for these specific programs).
Note: PEI groups its Home Renovation, Seniors Home Repair, Seniors Safe @ Home, and Persons with Disabilities renovation grants under one central portal and application.
PEI Home Renovation Program
Official details- Max Value
- Up to $12,000
- Key Details
- A grant for essential structural, heating, plumbing, or electrical repairs.
Seniors Home Repair Program
Official details- Max Value
- Up to $4,000
- Key Details
- A grant for Islanders aged 60+ to fund essential repairs like roofing, doors, or windows.
Seniors Safe @ Home Program
Official details- Max Value
- Up to $10,000
- Key Details
- Funding for accessibility modifications (like grab bars or ramps) to help seniors age in place.
Renovations for Persons with Disabilities
Official details- Max Value
- Up to $16,000
- Key Details
- Funding to modify a home to improve life safety and accessibility for a resident with a permanent disability.
Habitat Home Repair Pilot
Official details- Max Value
- Up to $15,000
- Key Details
- A 0% interest loan for critical exterior repairs (roof, siding, windows) for low-to-moderate-income homeowners.
Energy Efficiency Upgrades
For clients looking to reduce utility costs, these programs can often be factored into the purchase or tackled immediately after closing.
Energy Efficiency Loan Program
Official details- Max Value
- Up to $10,000
- Key Details
- A repayable loan to help cover the upfront costs of installing heat pumps, insulation, or solar panels.
efficiencyPEI Rebates
Official details- Max Value
- Varies
- Key Details
- Direct rebates for energy-efficient upgrades, including a Free Home Insulation program for eligible low-income applicants.
CMHC Eco Plus
Official details- Max Value
- 25% premium refund
- Key Details
- A partial refund on CMHC mortgage default insurance premiums when buying or building an energy-efficient home.
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