Closing Costs on Winnipeg’s most expensive home
The news is all abuzz this week with the listing of Winnipeg's most expensive home ever: 1063 Wellington Cr is listed at 11 Million Dollars. With 18,000 sq feet, 6 bedrooms and 12 bathrooms, it's Winnipeg's most luxurious listing,…. ever!!!. Which got me to thinking: What are the property taxes and especially, the Land Titles Transfer Tax on this home?
Land Titles Transfer Tax
As you may or may not know, the Land Titles Transfer Tax, which is a one-time tax paid at the time of transfer of title to a new owner, is a tax which increases with the value of the home. A base point of reference would be a $200,000 home which would incur a one-time payment of $1,730 in L.T.T.T. For every dollar above that $200K price, the fee increases by another 2%
This 11-million dollar home would incur a one-time LTTT cost of $217,730.
But at least its just a one-time fee….. not like the $49,746 in annual property taxes.
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About the Publisher
Bo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist.
Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages.
He can be reached easily By E-Mail or call/text him Call/Text Here
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jerrynotpit
I never thought about what it would cost on place like this to transfer it. Here where I am from 217,730 dollars would pay for a nice home. That is almost what we paid for our place.
No longer will I complain about the taxes we pay here. 49,746 dollars in property taxes is many people’s annual incomes.
I know that people who can afford an 11 million dollar home this is a small amount but in my world this was a Wow seeing the cost of having a home like this. Good information to see posted. Thanks
Selina
Well I can’t afford such home but I would love to see such details about high profile home. And who wouldn’t? BTW nice website you have will all the details. Buyers and sellers can get easily access to all the data.