Contact
Newsletter

Higher Fees on the Way!

By Jim on Apr 20, 2015

People considering buying a house this summer should be aware of some changes to the fees associated with being a land owner, and with getting a mortgage. 

 

Here are the big changes.

Let’s say you’re buying a house in Calgary for $500,000. You put 20% down ($100,000) and mortgage the other $400,000.

Currently your land title fee is $150.

And the mortgage registration fee is $140.

Total fees are $290.

 

When the fees go up on July 1 of this year, here’s how those numbers will look.

Your land title fee will be $675.

And your mortgage registration fee will be $555.

Total fees will be $1,230.

Difference in cost: $940!!

Experts quoted in this Calgary Herald article predict that the rise in fees won’t do any favours for the local real estate market which has definitely seen a pretty significant downturn so far in 2015, with the Alberta economy facing some relatively ugly prospects with oil prices tumbling as they have.

To be honest, the fact is that Alberta’s fees are pretty low compared to the national average, but let’s face it: We don’t mind paying minimal fees. And no one likes to see fees go up.

Interested in some other fee hikes that might affect you?

  • Gas taxes went up 4 cents per litre today (March 27).
  • Taxes on liquor went up too, by 16 cents on a bottle of wine and 90 cents on a case of beer.
  • Traffic fines will jump up on May 1 by 35%. Running a red light currently costs you $289, but will go up to $388.
  • The fine for speeding near emergency vehicles or construction zones goes up from $703 to $949.

I really can't see these changes in fees having a significant impact on a buyer's decision to purchase or not. The biggest effects will be seen in Canada mortgage rates, which are super low right now. Let’s hope that they stay that way for now to help more people like you be able to afford the house of their dreams this year.

Feel free to call me anytime if you have any questions! 403-837-7542

Jim

Call Jim Henheffer today!

Suite 200, 1212 9th Avenue SE
Calgary, Alberta, T2G 0T1
Phone : 403–837–7542
Fax : 1–888–837–9133
Contact Me | Send an Email Apply Now | Special Rates
  1. Recent Blogs

  2.  

    28 Jan

    Late last year Finance Minister Bill Morneau announced that there will be new down payment requirements coming into effect on February 16,…

  3.  

    07 Mar

    Over the past couple of months we have seen some shifts in some of the most popular mortgage products in the market. We have seen a modest increase…

  4.  

    28 Jan

    Just a couple of months ago the former Alberta Conservative government unveiled their plan for the province which was highlighted by a staggering…

Recent Videos

Getting Pre Approved What can you Afford? View All Videos
1 2
Canada Mortgage Direct Jim Henheffer

VERICO Canada Mortgage Direct Inc. Each Verico Broker is an independent owner operator.