Alberta Homebuyers: Break Out Another Thousand

At Clear Title Law, our mission is to elevate the lives of our clients by providing legal clarity and solutions to protect your legacy.  If you are a planning to purchase a home or refinance your mortgage, you need to be aware of increasing disbursement costs on the horizon that could affect your budget.

What’s Changing?

Beginning October 20, 2024, the Alberta Government will increase registration fees for land transfers, mortgages and other financial encumbrances. Previously, homebuyers and borrowers paid $2 per $5,000 of property value for transfers and $1.50 per $5,000 for mortgages. After October 20, the new rate will be $5 per $5,000 of value for both, plus the $50 base fee.

For example, the registration fees for a transfer and mortgage will increase as follows:

What Can You Do?

At Clear Title Law, we’re committed to helping you navigate these changes so you can focus on achieving your real estate goals without surprises. Although Alberta’s fees remain relatively low compared to most provinces, this change will have a noticeable impact on your closing costs. If you are currently purchasing or refinancing a home, you can consider closing your deal before October 18, 2024, prior to the fee increase date, saving you hundreds of dollars. 

Protect Your Legacy with Clear Title Law

We understand that buying a home is one of the most important decisions you’ll make for your future, and every detail matters. Our team at Clear Title Law will provide the legal clarity you need to protect your investment. If you have any questions about these new fees or just want to ensure your real estate transaction goes smoothly, don’t hesitate to reach out to Clear Title Law. We’re here to guide you every step of the way.