You may be able to get help under the Down Payment Assistance Program if your situation matches all of the points below:
- At least one applicant is a Canadian citizen;
- You are a first-time home buyer;
- Your total household income is $100,000 or less;
- The purchase price of the home may not exceed $350,000;
- The property is on Prince Edward Island; and
- You do not have the financial ability to pay 5 per cent of the purchase price without the help of the program.
- You have a satisfactory credit rating
- You do not have any defaulted outstanding debt obligation on file in the Government of Prince Edward Island Central Default Registry.
- The purchased property must be the applicant’s principal residence (and owner occupied as a single-family residence).
For the purposes of this program, you are a first-time home buyer if you meet one of the following criteria:
- You have never purchased a home before;
- In the last 4 years, you did not occupy a home that you or your current spouse or common-law partner own; or
- You have gone through a breakdown of a marriage or common-law partnership (even if you don't meet the other first-time home buyer requirements).
Proof of legal status
A document showing citizenship or immigration status in Canada. For example:
- citizenship certificate
- confirmation document
- record of landing, confirmation of permanent residence;
- permanent resident card
- visitor record
- temporary resident permit
- study permit
- positive notice of decision
- verification of status document
- registration date with Indigenous and Northern Affairs Canada
- passport
- foreign passport
Record of Employment
This is an official form, filled out by your employer, that says how long you worked and how much you earned when you worked for that employer. When you leave your job for whatever reason, your employer must give you a Record of Employment within 5 days after your last day of employment.
Proof of housing situation
For example:
- letter from landlord about your housing situation
- eviction notice
- disconnection notice
- police report about an incident involving your housing
- moving company quote or invoice
- list of repairs needed in home
- list of expenses for renovations needed for independence in the home
- proof of home ownership (mortgage, property ownership)
Notice of Assessment
A statement from Canada Revenue Agency (CRA) to each taxpayer, every year, after you have filed a tax return. It tells you the amount of income tax you owe, or the amount of the refund you will get.
You may apply online or download a pdf version of the Down Payment Assistance Program application form, for completion, signature(s) and submission, along with the following supporting information:
- A Notice of Assessment from the Canada Revenue Agency (CRA) for the prior tax year from each applicant.
- A copy of the Applicant’s Birth Certificate, or Passport, evidencing Canadian citizenship.
- A written verification of employment confirming your date of hire, position, current annual income, employment status: Full Time, Part Time, Casual, Seasonal, Term and the probability for future or continued employment.
If you are deemed to be able to get the program, you will then need the information below to finalize program financing:
- A copy of the Applicant’s final Approval for first insured mortgage financing, from a recognized financial institution.
- A copy of the Applicant’s Agreement of Purchase and Sale for the program eligible home being purchased.
After you apply for the program, a staff person of Finance PEI will contact you to discuss your application and the next steps to determine eligibility.
If you have any further questions, contact:
Bruce Johnston, Senior Financial Analyst
Finance PEI
94 Euston Street, 2nd Floor
PO Box 1176
Charlottetown, PE
Phone: (902) 894-0379
Fax: (902) 368-6255
Email: [email protected]