Property Transfer Tax

The amount of tax due depends on the fair market value of the property that is transferred:

If the fair market value is $200,000 or less, the tax is 1% of the fair market value

If the fair market value is greater than $200,000, the tax is 1% of the fair market value up to $200,000, plus 2% on the portion of the fair market value that is greater than $200,000

For example:

*If fair market value of property is $150,000: Tax payable is: 1% of $150,000 = $1,500
*If fair market value of property is $250,000: Tax payable is: 1% of $200,000 = $2,000
*Plus 2% of $50,000 = $1,000
*For total tax payable of $3,000

For registrations on, or after, February 20 2008, the fair market value threshold for eligible residential property is $425,000.

A proportional exemption is provided for eligible residences with a fair market value of up to $25,000 above the threshold (i.e. up to $450,000).