Why You Should Buy Before July1, 2015? The Alberta Real Estate Association released a statement saying:
"Budget 2015 includes significant hikes to fees paid by real estate consumers beginning July 1, 2015, including registering new land titles and mortgage documents.
The Alberta Real Estate Association (AREA), the provincial, professional association for Alberta’s 10,000 REALTORS®, was not one of the real estate association stakeholders consulted on these increases.
AREA appreciates the fiscal challenges faced by government and recognizes that, after this increase, fees related to real estate transfers remain lower in Alberta than other provinces."
What does this mean to you the consumer? Expect up to a 400% increase in your lawyer fees when transfering title on the purchase of your new home.
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:
So if you are thinking about purchasing that new home, consider doing so before the big hike on July 1st of this year. Call a Platinum Team member today for more info.
RE/MAX River City's PLATINUM TEAM
2852 Calgary Trail / Edmonton AB / T6J 6V7
Cell 780.690.1933 / Fax 780.432.6513
"Your Property, Our Passion"