Update on Real Estate Land Titles Charges/Interest Rate News

There has been some decidely good news of late for those in the Alberta real estate market.

First, we had posted earlier that the government of Alberta had decided to significantly raise the fees associated with real estate transactions. These are the fees that a typical person would incur to purchase real estate such as land titles registration costs.

Fortunately for those in the real estate market, the newly elected government decided to cancel that order and land titles fees are now staying the same as before. This will result in significant savings for even the average home buyer - the cost increase would have resulted in an approximate fee increase of $1000 for the typical buyer.

Second, the Bank of Canada decided to reduce their key interest rate. And major banks have followed suit and reduced their prime lending rates. Consumers will benefit from lowyer interest rates on everything from home equity lines of credit (that are usually tied to the prime lending rate) to standard purchase mortgage loans.

If you have any questions about the cost of buying or selling your property, please feel free to contact Darren Richards at d.richards@rht-law.ca.

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