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Prince Edward Island

Prince Edward Island is the smallest province in Canada and its total population is roughly the size of a small city. Real Estate licences here are regulated by the Provincial Department of Justice. All education and required courses that are required to obtain a licence are provided by the Prince Edward Island Real Estate Association (PEIREA).

How to get a Real Estate Licence in Prince Edward Island

Licencing Prerequisites

Before getting a license in Prince Edward Island, the candidate must have the following:

  1. Be at least 18 years of age.
  2. Be a Canadian citizen or permanent resident of Canada
  3. Be otherwise suitable for licencing according to the Registrar

Getting the Licence

There is a two-part licensing process in Prince Edward Island:

  1. Educational Requirements for Pre-licencing
  2. Application for Licence

Part 1 – Educational Requirements

To receive a Basic Licence, you are required to register for the Pre Licencing Course offered by PEIREA , take the course and pass the written exam.

See the Costs & Fees section for more details.

Part 2 – Application

Within one year after completing the Pre Licencing course, the prospective realtor must submit a Real Estate Salesperson Licence application at the Provincial Department of Justice. In addition, the prospective realtor must secure a surety bond as insurance for their practice.

Click here for suggestions for finding a brokerage as a prospective new realtor.

Licencing Bodies and Organizations

There are two bodies responsible for licensing Realtors in Prince Edward Island:

  • The Provincial Department of Justice is the body responsible for implementing the Prince Edward Island Real Estate Trading Act that creates the legal responsibilities of real estate agents

Department of Environment, Labour and Justice

Consumer, Corporate and Insurance Division

Fourth Floor, Shaw Building, South

95 Rochford Street

P.O. Box 2000

Charlottetow, PEI C1A 7N8

http://www.gov.pe.ca/jps/index.php3?number=14978

 

Prince Edward Island Real Estate Association

75 St. Peter’s Road

Charlottetown, PE C1A 5N7

T: 902-368-8451

F: 902-894-9487

office@peirea.com

http://www.peirea.com/

Costs & Fees to get Licensed in Prince Edward Island

The following is a breakdown of the fees that will be necessary to become a Realtor in Prince Edward Island:

Course Fees
Description

Cost

Frequency

Notes

Pre-licencing Real Estate Education Course*

$1800

One time only

Required

Real Estate Education Course Materials

$500

One time only

Required

Licencing/Registration Costs
Licence Fee

$200

Every 2 years

Required

Surety Bond

$2000

One time only

Required

CREA/PEIREA Registration

$400

One time only

Required

CREA/PEIREA Fees

$474

Annually

Required

Additional Costs*                                                                                                                        
Franchise Fees

$150-400

Monthly

Broker-dependent

Advertising/Marketing

$250-500

Monthly

Optional

Smart Phone

$50+

Monthly

Optional

Computer

$500

As required

Broker-dependent

Car (budget $10,000)

Dependent on model

As required

Broker-dependent

Total Course Costs $2300
Total Required Costs to Start Your Business $6324  (one month/year)
Total Ongoing Annual  Costs $5974

*All Additional Costs are estimates.  HST is in addition to all amounts.

Schools that Provide Real Estate Courses

Training in Prince Edward Island is provided by PEIREA. The required courses are at various locations throughout Prince Edward Island. These locations are searchable on the PEIREA website and vary depending on the date and available venues. The course takes place over a two-week period of full-time study or an eight-week of part-time study.

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