In Alberta, what is the primary advantage for homebuyers regarding transfer costs compared to most other provinces?
Correct Answer
C) No land transfer tax is charged on property purchases
Alberta has no land transfer tax, while provinces such as Ontario (land transfer tax) and British Columbia (property transfer tax) charge a percentage of the price. Alberta buyers pay only Land Titles registration fees to register the transfer and mortgage, a large saving on higher-priced homes.
Why This Is the Correct Answer
Alberta charges no land transfer tax on property purchases. The government charges on a transfer are limited to Land Titles registration fees for the transfer and any mortgage, which is the primary transfer-cost advantage over most provinces.
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