Travis Ball and I explain the changes to Alberta’s land transfer tax. A spoiler: we’re still the cheapest in the country.
Once again I’m joined by Travis Ball, a trusted and reliable realtor with Blackmore Real Estate! Let’s break down the Alberta land transfer fee. There have been some changes—our government has decided that they need to raise our land transfer fees. The cost is variable and depends on how much you spend on the property. The first change is that the cost per $5,000 of value goes from $2 to $5. And the second change is going from $1.50 up to $5 per $100,000 of mortgage.
For example, if it was a $450,000 house (pretty standard in Edmonton) and you put 10% down, you’d have a mortgage of $405,000, and roughly your cost would be about $995 versus $500 previously. So from a dollar point of view it’s not bad but from a percentage point of view it’s a big change. But we’re still way cheaper than other provinces! We’re thousands of dollars cheaper than any other province in the country. For example, if you were buying a place in Ontario, you would have a provincial land transfer tax, and if you’re buying in Toronto there’s also a city land transfer tax. People there can easily spend $50,000 just on the taxes, and they need their down payment on top of that.
So come to Alberta, if you’re not already here! If you’re looking to get pre-approved to buy a home I’m happy to help you out. You can reach out to me at 780-720-2490. And once you have your pre-approval, you can call Travis Ball with Blackmore Real Estate at 780-233-8446, and he can help you find the perfect home for you.
I also have a helpful video about why you should get a second opinion before renewing your mortgage.
Connect with Travis Ball:
- Phone: 780-233-8446
- Website: https://ontheballrealestate.com/
- Instagram: https://www.instagram.com/travisyegre/
- Facebook: https://www.facebook.com/OnTheBallRealEstate/
- LinkedIn: https://www.linkedin.com/in/travisdball
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker Edmonton.
