Land Transfer Tax
Under the Land Titles system in effect in Manitoba, the Province keeps a registry of land titles. Transferees are required to pay land transfer tax, with some exceptions, and a registration fee upon registration of transfer of title at the nearest land titles office.
Since implemented in 1987, the amount raised by provincial Land Transfer Tax has increased tenfold ($260 to $2630). This contrasts sharply with the rise in the average MLS house price which has gone up over three times as much ($82,000 to $249,000)
Why is this the case?
- 2% is the highest Land Transfer Tax in Canada
- Unlike Ontario or BC, Manitoba has no first-time home buyer exemption
- in 2010 the province collected $3.6 million in Land Transfer Tax.
Go to www.2muchltt.com to find out more about this tax and how it is becoming an unreasonable closing cost.