Property Transfer Tax

When you purchase a new home or gain interest in a property that has been registered at the Land Title Office, you will be responsible for paying property transfer tax.

How much do I have to pay?

The amount you pay in property transfer tax is based on the fair market value of the land and improvements (such as the buildings located on the property), calculated on the date of registration. You will be charged at a rate of 1% on the first $200,000 and 2% on the remaining value.

For example:

Fair market value:                         $500,000

1% of the first $200,000:               $2,000

2% of remaining value:                 $6,000

__________________________________________

Total Tax Payable:                      $8,000

If you have any further questions about property transfer tax, please call us at 778-819-8553 or email at [email protected]