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Increased Fees...Not So Fast!

By Jim on Jan 28, 2016

Just a couple of months ago the former Alberta Conservative government unveiled their plan for the province which was highlighted by a staggering 600% increase to fees related to buying a property and registering a mortgage to the title. Here is a breakdown of how the increases were to effect the purchase of a typical detached home:

 

 

Current Fees

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.

Increased Fees

Here is how the numbers look after the July 1, 2015 increase:

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!!

Well...prospective homebuyers can rest easy as the recently elected NDP government has reversed this increase and reverted back to the existing fee structure. This will be a welcome relief to people that had planned to buy a home or refinance a mortgage after July 1st. See the NDP website link below for the details of the reversal.

http://www.albertandp.ca/notley_makes_buying_a_home_more_affordable_by_cancelling_pc_mortgage_tax_hike

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

Jim

Call Jim Henheffer today!

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Calgary, Alberta, T2G 0T1
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