Increase In Transfer and Mortgage Fees at Closing

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!

Jay Berg

Jay Berg

REALTORĀ®
CENTURY 21 Vantage Realty Ltd.
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