P.E.I. Liberals Seek Higher Limits for Down Payment Assistance Program

I. Liberals are proposing to increase the maximum thresholds for the province's Down Payment Assistance Program. The program currently caps the home purchase price at $350,000 and total household income at $110,000. I. has risen. I. Real Estate Association showed the overall single-family benchmark price at $378,000 and the average sale price at $398,673.

McNeilly stated that raising the purchase-price cap to $400,000 would help more residents buy homes and remain in the province. He said applicants currently face high rental costs and cannot advance without updated program limits.

Dollar said the program recorded a record 141 approved applications last year, with an average purchase price of about $277,000, mostly in rural areas. He cautioned that increasing the maximum purchase price could place some buyers in homes they cannot afford to maintain.

Dollar pointed to the province's separate Closing Cost Support Program as an existing measure that assists homebuyers with additional expenses. He made no commitment to alter the current thresholds.