What you need to know about Land Transfer Tax!

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.

Click here to find out how much you will pay!

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.

Stacey Harron

Stacey Harron

CENTURY 21 Sun Country Realty
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