While registration fee hikes bring Alberta much closer to the national average, it s still well belo

Mikaela MacKenzie/ Calgary Herald CALGARY, AB --MARCH 26, 2015 -- The land titles office in Calgary on Thursday, March 26, 2015. (Mikaela MacKenzie/Calgary Herald) (For C story by ) 00063780A SLUG: Budget
The move surprised many in the sector, but Service Alberta Minister Stephen Khan said lawyers and real-estate associations told him there was room to grow, compared with the taxes and fees in other provinces.
We heard that independently from our stakeholders — boy you guys are really, really really low when it comes to fees,” Khan said. “There’s a recognition that having the lowest fees is not a sustainable model.”
While this fee is a fraction of the price of a new house or condo, new homebuyers are often surprised by the bevy of unexpected costs like home inspection, legal fees and the suddenly increased levy for document registration, said Liberal MLA Darshan Kang, a former real-estate disney world florida swan hotel agent.
It s the first time since 2011 the province has increased the flat fee for property and mortgage registrations. In the Klein era, the province slashed the variable fee from o.1 per cent of a property price to 0.02, and it hadn t moved since. Now it will be 0.12 per cent.
While registration fee hikes bring Alberta much closer to the national average, it s still well below what homebuyers pay in provinces disney world florida swan hotel with land transfer taxes. That same $500,000 property would come with an $8,000 transfer tax in Vancouver, $7,500 in Halifax, disney world florida swan hotel and $12,200 in Toronto, disney world florida swan hotel according to ratehub.ca, a financial comparison website.
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