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Registration Costs for Real Estate in Edmonton, Alberta

How much more money will Home Buyers need in Edmonton, Alberta?

How much more money will Home Buyers need in Edmonton, Alberta?

Within the past week there has been a bunch of buzzing news in my industry.  The budget has been a hot topic here in Alberta and mostly it is due to the lack of taxes coming from Oil and Gas.  While I would love to get into a conversation about politics, and have a blame session, and though it is Wine Wednesday (shout out to all the Berries out there) that topic would be better left to my core group of friends, family and those that truly know how I like to joke.  I’ll keep politics out of the Meow Blog.  So back to the budget.

The Alberta 2015 Budget comes with added costs to Albertans and Edmontonians in many ways.  I have heard of many of them through the news, but it was shocking to me when I got an Alberta Real Estate Association (AREA) Advisory this week that spoke about the changes for consumers of Real Estate.

As of July 1st, 2015 there will be a 400% increase in the cost of purchasing a home here in Edmonton, or anywhere in Alberta for that matter.

What really tweets me off was the fact that Service Alberta went on record to say that they identified real estate associations among the stakeholders who were consulted on increases to fees related to the transfer of real estate.  The AREA went on record to say:

‘the Alberta Real Estate Association (AREA), the provincial, professional association for Albertas’ 10,000 REALTORS, was not one of the stakeholders consulted on these increases.’  #thingsthatmakeyougohmmm

Here’s a breakdown based on a $500,000 home with a $400,000 mortgage:

Land Title Registration $150 $675
Mortgage Registration $130 $555
TOTAL $280 $1,230

So there you have it, Real Estate fees are on the rise.  The government needs more money from the corporate sector so they are taxing the middle class.  This years budget is all about ‘Sin taxes’.  So buying real estate is now a sin… I bet Moses never saw that one coming.

I have said, and I will continue to say that Edmonton is a great place to live, work and grown equity in your home.  That way, when you retire, you can move to the coast, buy a sailboat and live like a queen.  Now that’s the Cats’ Meow.

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