Invest in PEIGuide
Understanding the costs of owning a PEI cottage
By Jodi Bernard, PEI REALTOR®, CENTURY 21 Northumberland Realty. Updated .
The mortgage is only one line. A cottage also carries tax, insurance, utilities, opening and closing the season, and repairs you will not see in July.
Every year
Property tax, insurance, power, propane or oil, basic lawn and snow if the road needs it, and a repair reserve. Seasonal cottages still age when they are empty.
If you rent
Cleaning, linens, management, platform fees, and the weeks that do not book. Do not put the best July rate into every week of the year.
When you buy
PEI’s real property transfer tax is generally 1% of the greater of the price or the assessed value, paid when the deed is registered. Exemptions exist. Confirm the current rules with the province and your lawyer. Legal fees and an inspection are separate.
This is educational, not legal, tax, or lending advice. Ask Jodi Bernard about a specific property.