Deed Transfer Taxes For Nova Scotia
In Nova Scotia, the Deed Transfer Tax (DTT) is a significant consideration for homebuyers, including those securing a mortgage. The DTT is a one-time tax payable upon the transfer of real estate and is typically calculated as a percentage of the property's purchase price.
This percentage can vary depending on the municipality, ranging from 0.5% to 1.5%. It's important for clients to be aware that this tax is an additional cost on top of other closing expenses and must be paid at the time of the property transfer. As your mortgage broker,
I recommend factoring in this expense when budgeting for your new home to ensure there are no surprises during the closing process. Understanding the DTT and planning for it can help you manage your finances more effectively and facilitate a smoother transition into your new property.