Alberta’s land titles registry will generate an estimated $77 million in revenue over the next fiscal year once a planned new levy is in place. The 2024 provincial budget, released February 29, announces that a straightforward charge of $5 per $5,000 of value of transferred property and mortgage registration will come into effect to replace the current fee schedule.

Since 2019, registrants have paid $2 per $5,000 of property value plus $1.50 per $5,000 of mortgage registration on top of a base fee of $50. Citing the example of $450,000 home purchase with a 10 per cent down payment, the budget document portends a looming 138 per cent increase with the new fee structure.

“This translates to a levy of $955, an increase of $553.50 from the existing fees,” it states. “Additional revenue from this measure is estimated at $45 million for 2024-25 and $91 million in 2025-26.”

Enabling legislation for the new levy, which will also include the date it is to go into effect, is expected this spring. The budget document reports the previously accumulated backlog of registrations was cleared last year, but an increase in demand is projected for the future.

Meanwhile, Alberta’s new levy is presented as something of a bargain compared to elsewhere in Canada. The budget document notes that provincial land transfer fees for a similar $450,000 home would be $2,050 in Saskatchewan, $5,628 in Ontario and $7,156 in British Columbia.