If you are in the market for a new property, there are some important items that should be on your checklist. One of them is following current Nova Scotia mortgages rates to get the best interest rate. Another is saving for the maximum down payment that you can afford (as best to avoid paying CMHC insurance), and the third is budgeting for the closing costs.
Land transfer tax is a large component of the closing costs. It can add up to a considerable sum so you don’t want to be left short when the deal is finally about to close.
Nova Scotia land transfer tax is determined on a municipal level. Properties within the Halifax Metro area, the land transfer tax is calculated as 1.5% of the purchase price. For all other municipalities, the tax percentage ranges from 0.5% to 1.5%.
For example, let’s say you purchase a property valued at $250,000 in Halifax, you can use Ratehub.ca’s Nova Scotia land transfer tax calculator to estimate your total land transfer tax easily. Our calculator accurately determined the land transfer tax for that particular property is $3,750.
Don’t get caught unaware by the additional costs of the land transfer tax. Use our calculators to determine how much you’ll need to save.