Alberta Homebuyers to Pay Dramatically Higher Real Estate Fees

Alberta Homebuyers to Pay Dramatically Higher Real Estate Fees

Homebuyers are going to see major fee increases in the wake of last Thursday’s provincial budget.

Beginning July 1st, land transfer and mortgage registration fees will increase for both flat fee and variable fee components.

The flat fee component of each type of registration increases from $50 to $75 (that’s a 50 per cent increase) but is relatively painless on a purchase worth several hundred thousand dollars.

The variable cost increases are significant though.

The variable fee which currently is $1 per $5,000 in property value will increase to $6 per $5,000 in property value.

Today a $350,000 home costs $240 for the land transfer and mortgage registration costs. As of July 1st that $350,000 home will rack up $990 in fees.

Thankfully we don’t have land transfer taxes like other provinces.

It’s hard to imagine but buyers in Toronto pay a provincial land transfer tax and a municipal land transfer tax. Ouch!!!

Title searches are  going up to $15 per title from the current $10 per title.

It was only a couple of years ago when a title search cost $5.

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