In addition to the regular costs of buying a house (down payment, legal fees, taxes, registration fees and alike), Land Transfer Tax is another amount you will need to pay. In Manitoba this tax is calculated on a sliding scale. Below is a table outlining the rates.
Value of Property | Rate |
On the first $30,000 | 0% |
On the next $60,000 (i.e. $30,001 to $90,000) | 0.5% |
On the next $60,000 (i.e.$90,001 to $150,000) | 1.0% |
On the next $50,000 (i.e. $150,001 to $200,000) | 1.5% |
On amounts in excess of $200,000 | 2.0% |
To calculate land transfer tax on a specific property or amount please use the Land Titles office calculator.
If you are buying a lot from your builder, you should ask your builder if they will sell you the lot as a separate transaction prior to commencing construction so you only pay Land Transfer Tax on the value of the lot rather than the lot and the value of the newly built home.