| Share | Rate | On $900,000 |
|---|---|---|
| Municipal | 0.85% | $7,634 |
| Education | 0.28% | $2,499 |
| Seniors housing | 0.01% | $76 |
| Total | 1.13% | $10,210 |
| City | Rate | On $900,000 |
|---|---|---|
| St. Albert | 1.11% | $9,969 |
| Brooks | 1.12% | $10,035 |
| Cold Lake | 1.13% | $10,210 |
| Morinville | 1.15% | $10,324 |
| Grande Prairie | 1.22% | $10,949 |
Alberta levies no land transfer tax, provincial or municipal. At closing there are two Land Titles registration fees: $50 plus $5 for each $5,000 or portion thereof of the land value, and the same on the mortgage principal.
On a $900,000 building financed at 80%, that comes to $1,720 in all. Bought with cash, the same building costs only $950: the second half of the line follows the mortgage, not the price. For comparison, the same building in Vancouver would pay a five-figure transfer tax. So what sets Cold Lake apart from its neighbours is not closing costs: it is its property tax rate.
Cold Lake carries a residential sub-class on its schedule, “Multi-family residential”, whose definition is published nowhere: the tax rate bylaw refers to it without reproducing it. The rate shown here is the ordinary residential rate, and this tool does not guess a threshold no text provides.
It is named rather than hidden: a buyer looking at a multi-unit building in Cold Lake should ask the municipality which sub-class it falls under.
Cold Lake's rate is 1.13%. On a $900,000 plex that is $10,210 a year.
No. Cold Lake does not divide its residential class: a duplex, a triplex and a fourplex are all taxed at the same rate, 1.13%.