The Government of Alberta has officially announced registration fee increases outlined in it's Spring budget, to take effect October 20, 2024 which will have material impact to real estate transactions.
What are registration fees?
a. They are fees imposed by the Alberta Land Titles Office for registering documents, including transfers of land, mortgages, builders' liens and caveats. When these documents are registered, it ensures there is a public record of who owns the land and any interests of encumbrances or liens.
Key Fee Changes to Know (this impacts the buying side):
1. Transfers of Land
2. Mortgage Registrations and Land-Charging Caveats
Here is a simple comparison of the OLD FEE vs. the NEW FEE, as an example:
This is a material jump in cost for purchasing and needs to be understood when making your purchase, so it's not a surprise (part of closing costs).
Land Transfer fees have jumped 150%, while Mortgage Registration fees have jumped 200%.
Despite these increases, Alberta's land title and registration fees still rank the LOWEST in Canada. In comparison to BC and ON, not only are Alberta fees LOWER, we also don't have a land transfer tax that could represent a range of 1–3% of total purchase price, based on pricing tier.
If you have any questions or concerns, best to get a consultation with a real estate lawyer, or can call me to discuss!