I am wondering, does any province not have a property transfer tax?
If so, which one(s)?
Last time I bought in Sask or Alberta they not only didn't have them, real estate agents looked at me sideways when asked if they did. NS doesn't have one either, but the the HRM (Halifax Regional Municipality) does, other municipalities may as well. I've heard Quebec even calls it the "Welcome to Quebec" tax, no wonder I have no use for some forms of government.
Hi Bob - How ya doing! People in BC are getting super upset (almost all of us I think) over the proposed and likely soon to be a reality, HST (harmonized sales tax) because the word is that housing costs will rise dramatically. We have been paying at least 1% sales tax on home purchases for years now. It was that on the first $100,000.00 and then it moved to around 2.5% after that on the balance. I think it changed again because to the best of my knowledge, we only paid a straight 1% on our house 4 years ago. If they do change the amount to the same level as our regular PST (7%)it will be a disaster. This is not supposed to kick in before July of next year so anyone planning on getting around it better make their move before June to be sure. People seem to have a multitude of ideas as to why we are getting the HST but in the end, I think it comes down to major over-spending on the Olympics. BC needs new government but there are no choices. I think it's time to appoint people to these positions and when they abuse them (which is what I feel is happening), we can fire them (which is what I would like to see happen).
Under HST, if it's the same as the existing system, you'd pay HST on new housing, but not on existing houses. There is also an HST rebate on new housing that gives you back some of the tax. Stil, it adds up.