Today the new Alberta Premier, Rachel Notley, confirmed her earlier promise to cancel the PC plan to increase the Mortgage Tax by 6000%. With some uncertainty circling around the new NDP reign in our province, this is good news for the real estate industry already.
"Families are already worried about their jobs and paying for their mortgage" — Rachel Notley
The former PC government had plans to increase the variable Mortgage Tax and Land Transfer fees from $1 to $6 (per every $5,000 of property value). Those plans also included fixed fees coming to mortgages, land transfers and land title registry services as well.
Notley's plan to cancel that increase will allow homebuyers to keep hundred of dollars in their pocket, important money during the process of buying a home.
The NDP will cancel Jim Prentice’s plan to increase Alberta’s variable taxes for mortgages and land titles by 600 percent, and reverse increases to fixed fees. At a time when families are worried about their jobs and paying their mortgage, the government should not be forcing families to pay more to buy a new home.
To read more about this story from the new NDP government, you can see it on their website here.