Dan Welyk Realtor®  Since 1999

There Is No Substitute for Experience.

Back to Blog

The cost of buying a home will be going up starting July 1, 2015 with Alberta’s new budget.

 

How much?  Oh, about 400% is all.  No, not in value - a form of a Land Transfer Tax - just called something different.

 

As Realtor’s we have been advocating against such fees for years and with the latest budget, the Government got this one in.

 

Here is the breakdown.

 

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)

Fees After July 1, 2015

($75 + $6 per $5,000 increment)

Land Title Registration

$150

$675

Mortgage Registration

$130

$555

Total

$280

$1,230

 

As a buyer obtaining a mortgage, do be prepared to have these funds set aside for your new “closing” costs as a lender will want to see you do have it. 

“What do you mean?” you ask.   This means you have to save your down payment of 5% + approximately $1200 for lawyer fees, $450 for property inspection and $1200 for the “registration” fees - the ones that went up by 400%.   Basically - you have to save an additional $1000 to keep things simple.  

 

 


 

MLS® Listing Search

Buying A Home

Selling Your Home

 

client review

 

Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.