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.
If you’re looking for your next (or first) home, between $100K and $11-Million, call me anytime.
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