Buying a home is one of the biggest financial decisions you’ll ever make—and while most people focus on saving for a down payment, there are several other costs that can sneak up on you. If you’re not prepared, these “hidden” expenses can strain your budget and delay your move-in date.

Let’s break down some of the real estate costs you should expect when buying a home in Prince Edward Island, so there are no surprises on closing day.

1. Closing Costs (1%–5% of the Purchase Price)

What they cover:

• Mortgage fees

• Appraisal fees

• Title search and title insurance

• Attorney fees

• Adjustments

• Land transfer tax (1 % in Prince Edward Island-exempt if you are a first time home buyer!)

These fees are usually due at the time of closing and can total anywhere from a few thousand to tens of thousands of dollars, depending on the price of your home and circumstances. If you don’t have a lawyer in mind, I am happy to recommend a reputable property lawyer.

💡 Tip: Always request an estimate from your lawyer early in the process to budget properly. 

2. Inspections ($400–$600 + HST)

Depending on the property a professional home inspection or septic inspection is optional, but highly recommended. It can uncover potential issues like structural damage, plumbing problems, or roofing concerns.

If major issues are found, you can use the report to renegotiate the price or ask the seller to make repairs or if you are not comfortable with the report, assuming you have a home inspection condition, you can walk away.

3. CMHC Insurance (for down payments under 20%)

If your down payment is less than 20%, you’ll need to pay mortgage default insurance, typically through the Canada Mortgage and Housing Corporation (CMHC). The premium depends on your down payment and can range from 2.8% to 4% of your mortgage.

This cost can be rolled into your mortgage or paid upfront.

4. Home Insurance (Required by Lenders)

Before your lender releases funds, you’ll need to provide proof of homeowners insurance. Prices vary depending on location, home size, and coverage, but expect to pay around $700–$1,500 annually in Prince Edward Island.

5. HOA Fees (If Applicable)

If your new home is in a neighborhood or condo community with a Homeowners Association (HOA), you’ll need to pay monthly or annual dues. These can range from $100 to over $1,000 per month, depending on the amenities and services offered.

6. Moving Costs ($500–$2,500+)

Don’t forget about the cost of actually getting into your new home. Whether you’re hiring movers, renting a truck, or buying new furniture, moving expenses can add up quickly.

7. Utilities & Deposits

You may need to set up new accounts for electricity, water, gas, internet, and other services. Some providers require deposits—especially if you don’t have a long history with them.

Final Thoughts

While the down payment is a major piece of the puzzle, it’s only part of the total cost of buying a home. By understanding and budgeting for these additional expenses, you’ll avoid surprises and set yourself up for a smooth homebuying experience.

Whether you're a first-time buyer or making a move, I’m happy to help you navigate the full cost of homeownership in PEI—from pre-approval to handing over the keys! Reach out anytime.

When buying or selling a home, the right real estate agent can make all the difference. With so many options out there( there are over 400 licensed REALTORS® in PEI), how do you know who to trust?

Here are the must-haves and red flags to help you choose wisely.

✅ Must-Haves

1. Local Market Knowledge
   Your agent should know the ins and outs of your neighborhood—pricing trends, school districts, and what buyers are looking for.

2. Strong Communication Skills
   Real estate moves fast. Your agent should be responsive and keeping you updated.  If they don’t answer your calls or texts promptly, find someone who does.

3. Proven Track Record
   Look for an agent with a solid history of successful transactions. Online reviews and referrals from friends or family can be great indicators.

4. Licensed and Ethical
   Make sure they’re licensed and in good standing. Bonus points if they’re a member of the Canadian Real Estate Association, which holds agents to a higher code of ethics.

5. Tech-Savvy Marketing
   Especially if you're selling, your agent should know how to market your home online—with great photos, social media, and listing platforms. Gone are the days of just throwing a sign in the yard and putting a home up on MLS. Agents today should be savvy in multi faceted marketing approaches to get as many eyes on your property and ultimately top dollar for your home.

🚩 Red Flags

1. Lack of Transparency
   If an agent avoids answering your questions or won’t show you comparable listings, that’s a warning sign.

2. Pushy or Overpromising
   Be cautious of agents who pressure you to make decisions or guarantee unrealistic outcomes.

3. Poor Communication
   If they’re slow to respond or hard to reach from the start, that probably won’t improve later.

4. Infrequent Experience
   A part-time or new agent isn’t necessarily a deal-breaker, but make sure they have the support and tools to manage your transaction effectively.

Choosing a real estate agent is a big decision—don’t rush it. Interview at least a few, ask questions, and trust your instincts. The right agent will make the process smoother, less stressful, and more successful.