This provincial property transfer tax is calculated at :
- 1% of the purchase price up to and including $200,000
- 2% on the value above $200,000 and up to and including $2,000,000.
- 3% on the value greater than $2,000,000
Further 2% on residential property over $3,000,00
If you are a first time homebuyer, effective April 1, 2024, there’s an exemption on properties with a fair market value of $835,000 or less.