Alberta's budget will not have a detrimental effect on
mortgage rates, according to Alberta real estate agents.
“Alberta right now is an interesting time,” Duane Ritter, a sales rep, told Mortgage Broker News
. “I don’t really believe the budget will have any effect on real estate ... It’s just going to take more money out of our pockets.”
However, land title and mortgage registration fees may find some impact, the Calgary Herald
reported. For a $500,000 property, the fees could jump to $1,230 – a four-fold increase from the previous fees of $290.
“I don’t think there’s anything major that came into the budget that’s going to deter real estate sales,” said Calgary-based broker George Bamber. “It’s another expense that people don’t really want to incur, but it’s going to be the cost of doing business.”
The government announced the budget last week, which called for increases to many of the province’s taxes. The highlight of the new budget was the slashing off of Alberta’s 10 per cent tax. Instead, the budget added two brackets for those earning over $100,000 in taxable income.
Other highlights include an increase of 35 per cent in traffic fines, as well as fuel tax rise of 13 cents per litre.
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