Increase In Transfer and Mortgage Fees at Closing
The new Budget has dramatically increased the fees for Transfers and Mortgages. Most notably, the variable fee of $1.00 per $5,000.00 in property value has increased to $6.00 per $5,000.00.
Under the old fee schedule, a $350,000 home would cost $120 for both the Transfer and Mortgage ($420 in total). Under the proposed new schedule, a $350,000 home will cost $495 for both the Transfer and Mortgage ($990 in total). The cost of ...searches and caveats have also increased by $5 each, so each transaction will likely see an additional $20 from those.
We have contacted Land Titles, and they do not know when these fee changes will be implemented (yet). Ask me how this will affect you!