| Share | Rate | On $900,000 |
|---|---|---|
| Municipal | 0.23% | $2,084 |
| Education | 0.28% | $2,509 |
| Seniors housing | 0.00% | $20 |
| Total | 0.51% | $4,613 |
| City | Rate | On $900,000 |
|---|---|---|
| Canmore | 0.46% | $4,109 |
| Rocky View County | 0.48% | $4,324 |
| Wood Buffalo | 0.51% | $4,613 |
| Leduc County | 0.60% | $5,356 |
| Chestermere | 0.62% | $5,564 |
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 Wood Buffalo apart from its neighbours is not closing costs: it is its property tax rate.
Wood Buffalo carries a residential sub-class on its schedule, “Other 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 Wood Buffalo should ask the municipality which sub-class it falls under.
Wood Buffalo's rate is 0.51%. On a $900,000 plex that is $4,613 a year.
No. Wood Buffalo does not divide its residential class: a duplex, a triplex and a fourplex are all taxed at the same rate, 0.51%.