The Property Transfer Tax is a tax payable to the Provincial Government by purchasers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial.
The amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value, 2% on the amount between $200,000 and $2,000,000, and 3% on the amount between $2,000,000 and $3,000,000, and 5% of the remaining fair market value.
The first calculator is what we call our standard calculator. This is to be used if the Buyer is not a First Time Home Buyer, or if they are purchasing a used home, not a new one.
The second calculator is to be used if the Buyer is a First Time Home Buyer. Just a reminder, a FTHB means the Buyer
The third calculator is to be used if the Buyer is purchasing a Newly Built Home. To qualify for this exemption, the following criteria must be met:
The property must be newly built, as defined in the legislation