🏡 𝗛𝗢𝗪 𝗠𝗨𝗖𝗛 𝗗𝗢𝗘𝗦 𝗜𝗧 𝗖𝗢𝗦𝗧 𝗧𝗢 𝗢𝗪𝗡 𝗔 𝗛𝗢𝗠𝗘 𝗜𝗡 𝗪𝗜𝗡𝗡𝗜𝗣𝗘𝗚? 🤷🏻
After buying your house or condo, how much does it 𝗰𝗼𝘀𝘁 𝘁𝗼 𝗼𝘄𝗻 it?
✅ Utilities
✅ Taxes
✅ Insurance
what else ❓❓
Info and Tips for Buyers and Sellers of Real Estate
Info and Tips for Buyers and Sellers of Real Estate
Info and Tips for Buyers and Sellers of Real Estate
🏡 𝗛𝗢𝗪 𝗠𝗨𝗖𝗛 𝗗𝗢𝗘𝗦 𝗜𝗧 𝗖𝗢𝗦𝗧 𝗧𝗢 𝗢𝗪𝗡 𝗔 𝗛𝗢𝗠𝗘 𝗜𝗡 𝗪𝗜𝗡𝗡𝗜𝗣𝗘𝗚? 🤷🏻
After buying your house or condo, how much does it 𝗰𝗼𝘀𝘁 𝘁𝗼 𝗼𝘄𝗻 it?
✅ Utilities
✅ Taxes
✅ Insurance
what else ❓❓
Wedding planning can be stressful. Here are 7 often overlooked steps of planning your wedding, and also your life beyond that special day.
Protecting your home from flooding Whether you’re an avid news watcher or not, you’ve likely heard about the devastating storms …
𝗔𝗹𝘂𝗺𝗶𝗻𝘂𝗺 𝗪𝗶𝗿𝗶𝗻𝗴 & 𝗬𝗼𝘂𝗿 𝗛𝗼𝗺𝗲 🏡
If your home is built between 𝟭𝟵𝟲𝟬 & 𝟭𝟵𝟳𝟲
there is a chance that it contains 𝘢𝘭𝘶𝘮𝘪𝘯𝘶𝘮 𝘸𝘪𝘳𝘪𝘯𝘨.
What it means – how to check – what to do
𝘙𝘦𝘢𝘥 𝘵𝘩𝘪𝘴 👉🏻 👉🏼 👉🏽
Buying a house or condo is likely the largest financial step you will ever take. Here are 6 steps and a video to help prepare you for the journey.
What is a Condo Management Company? Condominiums in Winnipeg can range from as few as 2 units, all the way …
Thinking of buying a condo in Winnipeg? Condo fees get a bad rap. We need to realize that some of the items which are included in a condo fee would cost more money in a stand alone house.
Condo documents a seller has to provide to a buyer in Winnipeg. Here is a list, plus some downloadable forms sellers and buyers of condos can use.
Home Buyers in Winnipeg deserve to have their own agent. If you’re about to invest hundreds of thousands of dollars in a house or condo, you should be working with an Accredited Buyer Rep who will help you find and get a great home
Winter is coming! Make sure your home is protected while you are on vacation. Insurance companies have minimum requirements for homeowners to protect their homes.
I wrote about Winnipeg Land Titles office, and the reason why there is usually a 3 to 4 week delay between the date-of-possession for a home, and the date-of-receiving money for the sale. A while back,  I sat down with a nice couple who were writing an offer on a house, and the conversation turned to the ‘Closing Costs’  (which includes the land titles transfer tax) of the purchase. The conversation went something like this:.
Mr. Buyer: So aside from the lawyers fees (which we had already discussed), what other costs will I need to budget for?
Bo: Well, there will be home insurance. Good news is that you won’t have to pay any property taxes, because we’re doing this in January. But of course you have to budget for the Land Titles Transfer Tax.
Mr Buyer: A tax? Just for changing the title of the house? How much is THAT going to cost?
I did a quick mental calculation, and gave him the cost, and then watched as his face went thru the classical 5 stages of grief, from Denial (“This Can’t Be Right), to Anger ((F*#@ing Govm’t), Bargaining (Isn’t there a way around this), Depression (Oh, Man…..that’s alot of dough) to finally  Acceptance (Well, It IS a nice house and there is NO WAY around it, short of leaving our province). So just how much is the government raking in with this tax?
While Manitoba is not the only province to impose this tax, it is by far the most aggressive and onerous. Thru a set of formulas, we arrive at a figure of $1720 for a $200,000-house or condo. With Winnipeg’s average house price hovering around the $230,000 mark, we can see that our Provincial Government is collecting approx. $2000 in taxes, EVERY TIME the title of a house is transferred.  But wait, you say….  didn’t Bo just tell us that it costs $1720 for a $200K home?
Yes, but I haven’t told you the worst part:Â Â ABOVE the $200K price, this tax adds an additional 2% on EVERY DOLLAR.
So, a $300,000 home will cost you $3720Â Â (calculated by adding the $1720 base, plus 2% on the additional $100,000 price = $3720)
While the Land Titles Transfer Tax is especially difficult for young, first-time home buyers, even people ‘with money’ find an added tax of 4 grand or more to be a financial ‘hit’. For that reason, Winnipeg REALTORS® have been lobbying to change this regressive tax. Let’s bring it more in line with other western provinces.Â
Ideally, inline with Alberta, where a $200K home costs $75 in Land Titles Transfer Tax and a $300K home costs $95. But heck, let’s not even look at those numbers, lets instead compare to my wife’s home province of Saska-Bush …. where it costs just $1200 to transfer the title of a $400,000 home.
Manitoba’s fee for transferring the Title of a $400,000 home:Â $5,720
This is a one-time tax paid each time a property is ‘transferred’ between owners. It is calculated based on the value of the property. Most provinces in Canada do have a Land Titles Transfer Tax, but each jurisdiction has their own way of calculating the tax.
In Winnipeg, the LTTT (Land Titles Tax) is paid by the buyer. It is paid EACH time you buy a property, house, condo or vacant land. If you sell the property at a later time, there is NO refund or credit. It is quite literally a tax grab by the provincial and civic governments.
Yes, any type of residential property, including houses, condos and vacant land are subject to this tax.
We have a tool that will help you embedded in our App. Its available here… Land Titles Tool.
For a look at more comparisons and for a more in-depth article on the Land Titles Transfer Tax, go to the Winnipeg REALTORS® website at https://2muchltt.com There is even a link to contact your local MLA.
You can never completely safeguard your property against unforeseeable events, such as home intrusion and car theft, home accidents and …
Interview with the founder of D’Arcy’s Animal Rescue Centre, D’Arcy Johnston. Founder and owner of D’Arcy’s ARC at 730 Century St., pet rescue centre and shelter for cats, dogs and other pets.
Buying a home in Winnipeg? Check this extensive, definitive guide for home and condo buyers in our market.
No matter what kind of market you are in, here are some basic but important top tips for first time buyers. Houses or condos, follow these tips to help you in your house buying process.