Budget: Dramatic fee hikes coming to real estate market

Uh oh… But a NEED TO KNOW for any new home buyer’s.

Calgary Herald

In a budget thick with user fee increases, homebuyers face the biggest whack — registration fees will triple or quadruple for many new property owners.

The dramatic hikes for registering new land titles and mortgage documents come as Alberta’s real-estate market is mired in a significant slump, with sales volumes down and prices beginning to dip.

The move surprised many in the sector, but Service Alberta Minister Stephen Khan said lawyers and real-estate associations told him there was room to grow, compared with the taxes and fees in other provinces.

“We heard that independently from our stakeholders — boy you guys are really, really really low when it comes to fees,” Khan said. “There’s a recognition that having the lowest fees is not a sustainable model.”

There are two segments of land title and mortgage registration fees, and both will rise July 1. The flat-fee portion for each type of…

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