Open Your Wallets Wider! Increases to Alberta Land Transfer and Mortgage Registration Fees Coming October 20, 2024

[co-author: Jenna Brackman - Articling Student]

On September 27, 2024, the Government of Alberta announced that the fee increases foreshadowed in their spring budget will take effect on October 20, 2024, when the amendments to the Land Titles Act¹ and the Tariff of Fees Regulation (the Regulation)² are proclaimed in force³.

This means the registration fees to be paid to the Alberta Land Titles Office for each registration of a land transfer or mortgage are about to materially increase. Prior to this proclamation, in addition to a $50 base fee,⁴ registration fees were calculated at $2 per $5,000 of value for a land transfer and $1.50 per $5,000 of value for a mortgage. As of October 20, 2024, any transfer or mortgage submitted for registration will be calculated at $5 per $5,000 of value (or more simply put, $1 per $1,000) plus the same $50 base fee.⁵

To put this in real dollar amounts, see the below table for a comparison of registration fees under the old fee schedule and the new fee schedule.

Implications for Purchasers and Borrowers

While the upcoming amendments to the Land Titles Act will result in substantial increases, Alberta’s fees remain among the lowest for any Canadian jurisdiction for registration fees (or equivalent property transfer or land transfer tax). If possible, purchasers and borrowers may wish to avoid this increase by expediting the closing of planned real estate transaction and submitting their transfer and/or mortgage documents to the Alberta Land Titles Office before Friday October 18, 2024. By doing so, subject to a few exceptions, the submitted transfers and mortgages should be locked into the old fee schedule under the Regulation and will benefit from potentially significant cost savings.