Back in March, I shared an important update about upcoming changes to Alberta's land transfer and mortgage registration fees. This is a follow-up to remind you as of October 20, 2024, Alberta’s land transfer and mortgage registration fees have increased, impacting closing costs for homebuyers across the province. Today, on December 3, 2024, I want to refresh your memory and provide updated details to ensure you're well-informed. 

Starting October 20, 2024:

• Land Transfer Fees: Increased by 2.5 times the previous amount.
• Mortgage Registration Fees: Increased from $1.50 per $5,000 of the mortgage amount to $5 per $5,000, a rise of 3.3 times.

For example:

• A typical $400,000 home purchase with a mortgage now incurs an increase in fees from approximately $1,500 to just over $2,000.
• For higher-value properties between $750,000 to $1 million, total closing costs may rise to close to $3,000.

Despite these increases, Alberta remains the most affordable province for land transfer and mortgage registration costs. Compared to other provinces like Ontario and British Columbia, fees here are significantly lower, making real estate transactions in Alberta a competitive choice.

Why It Matters

These changes mean higher disbursement costs for buyers, sellers, and refinancers. It’s crucial to account for these when planning your budget for closing a transaction.

For a detailed breakdown, check out this resource: READ MORE IN DETAILS

If you’re looking for guidance or have questions about how these changes might affect your next transaction, don’t hesitate to reach out.

Reggie Sandhu