| Share | Rate | On $900,000 |
|---|---|---|
| Municipal | 0.77% | $6,968 |
| Education | 0.26% | $2,360 |
| Total | 1.04% | $9,327 |
| City | Rate | On $900,000 |
|---|---|---|
| Innisfail | 0.99% | $8,885 |
| Sylvan Lake | 1.00% | $8,999 |
| Edmonton | 1.04% | $9,327 |
| Blackfalds | 1.04% | $9,353 |
| Lethbridge | 1.05% | $9,452 |
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 Edmonton apart from its neighbours is not closing costs: it is its property tax rate.
The rate above is the one for a building under 4 units. At 4 and above, Edmonton classes the building as “Other Residential” and taxes it at 1.08% instead of 1.04%.
On a $900,000 building the gap is $418 a year. That is the expense line that decides whether a fourplex still beats the triplex next door, and no listing mentions it.
Edmonton's rate is 1.04%. On a $900,000 plex that is $9,327 a year.
Yes. At 4 units and above, Edmonton classes the building as “Other Residential” and taxes it at 1.08% instead of 1.04%.