Posted on
November 7, 2025
by
Chloe Costa
Lately I’ve heard how overwhelming the home-buying process can be as a first-time homebuyer. Sure-it’s a huge milestone, and there’s a long list of things to consider-but it doesn’t have to be stressful. With the right guidance (hi!) and a trusted team on your side, buying a home should feel empowering!
Whether you’re looking in Charlottetown, Stratford, Cornwall, or one of PEI’s beautiful scenic coastal communities, purchasing a home is one of life’s most exciting chapters. As a local PEI Realtor, here are five essential tips to help first-time buyers navigate the Island’s real estate market with confidence this year.
1. Get Pre Approved & Budget
Before you start house hunting, get pre-approved for a mortgage to understand your price range. But more than this, just because you are pre approved for a specific amount doesn’t mean you should buy a house at that price. Consider your monthly budget and be sure to factor in closing costs, property taxes, utilities, insurance, and maintenance. A clear, realistic budget ensures you find a home that fits comfortably into your lifestyle and financial goals.
2. Use First-Time Buyer Programs
Take advantage of Prince Edward Island’s first-time home buyer incentives, such as the Down Payment Assistance Program, Closing Cost Support Program, and Land Transfer Tax exemption. These programs can make a big difference when it comes to affordability—check your eligibility and apply early, as funds can be limited.
3. Pick the Right Location & Home
From downtown life in Charlottetown to the charm of rural PEI, your ideal home depends on what matters most to you. Consider commute times, nearby amenities, and long-term plans. While new construction homes offer low maintenance, older homes may provide extra character or value—just be mindful of potential updates or repairs.
4. Understand the Market & Make Smart Offers
The PEI housing market continues to evolve, so having a local REALTOR on your side is key. They can help you understand current market trends, fair pricing, and strategies. Always include important conditions like inspection and financing conditions to avoid surprises. Patience and preparation go a long way toward securing the right home.
5. Plan for Maintenance & Hidden Costs
Homeownership doesn’t stop once you get the keys. Set aside funds for ongoing repairs, upgrades, and seasonal maintenance. A little planning helps protect your investment and keeps your home in great shape for years to come.
Ready to Buy Your First Home on PEI?
If you’re feeling overwhelmed or just want to chat, I’m here to help.
Reach out today for our free PEI Home Buyers Guide - your step-by-step resource to buying with confidence across PEI.
