One major tax that Jim Prentice was planning went under the RADAR for most Albertan’s.
It was part of the PC Budget and dramatic fee hikes coming to Alberta real estate market.
This was one major over reaction by Prentice and would of hit first time buyers very hard.
The tax will rise six times its current level. (What gave anyone the right to raise them by this amount!)
Here is what it will mean for a buyer who purchases a $500,000 new home this summer.
The average price for a standalone house in Calgary for Buyer who takes out a $400,000 mortgage.
Currently, Buyer pays $150 for New Land Title and $140 for Mortgage Registration. Total of $290.
Proposed PC (Prentice) Budget:
Buyer pays $675 for New Land Title and $555 for Mortgage Registration. Total of $1,230.
This major tax increase was not called for!
Notley (NDP) makes buying a home more affordable by cancelling PC Mortgage Tax hike!
Rachel Notley’s NDP will make homes more affordable for Buyers and families by cancelling the PC plan
to increase Mortgage and Land Title Taxes by 600 percent!