Alberta Budget Sets Increase in Fees!
Keeping you informed:
This statement came from the Alberta Real Estate Association (March 27/15) of which all REALTORS® who are licensed and practice in Alberta are members!
“Budget 2015 includes significant hikes to fees paid by real estate consumers beginning July 1, 2015, including registering new land titles and mortgage documents.
The Alberta Real Estate Association (AREA), the provincial, professional association for Alberta’s 10,000 REALTORS®, was not one of the real estate association stakeholders consulted on these increases.
AREA appreciates the fiscal challenges faced by government and recognizes that, after this increase, fees related to real estate transfers remain lower in Alberta than other provinces. We have asked Service Alberta to confirm what sources they are quoting when expressing that real estate associations were among the stakeholders who identified that there was ‘room for these fees to grow’.”
Increases to fees are certainly never welcomed and the table below details the impact of these increases on the fees for a $500,000 home with a $400,000 mortgage:
Fees Prior to July 1, 2015
($50 + $1 per $5,000 increment)
Land Title Registration $150
Mortgage Registration $130
Total $280
Fees After July 1, 2015
($75 + $6 per $5,000 increment)
Land Title Registration $675
Mortgage Registration $555
Total $1,230
Though the increase as of July 1st represents a hike of more than 400% for the real estate consumer, the cost of real estate transfers in Alberta remains lower than other provinces. This can be attributed to the continued avoidance of a Land Transfer Tax in Alberta at either the provincial or local levels.”
All About You. Really.
