Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

What is a flip tax and will it affect my sale?

A flip tax is a transfer fee some cooperative apartment buildings charge a seller on resale, and it will not affect your Saskatoon sale because it does not exist here. Saskatchewan has no land transfer tax on the seller's side and Saskatoon has almost no cooperative apartment buildings of that type.

What a Saskatoon seller actually pays on closing is real estate commission, negotiated and agreed in writing, plus legal fees that typically run $800 to $1,500 and any mortgage discharge fee, with title transferred through Information Services Corporation rather than through a building's own board.

Condominium sellers do pay a status certificate or estoppel-type fee to the condo corporation and settle any condo fee adjustments at closing, which is the closest Saskatoon equivalent to a building-level closing cost, but it is a fixed administrative fee, not a percentage-based flip tax.

Knowing exactly what comes off the top before you list is what makes a net number reliable. Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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