On July 1, we’ll have dramatic hike for registering new land titles and mortgage documents will triple or quadruple the cost for many new property owners.
Both segments of land title and mortgage registration fees will rise. The flat-fee portion for each type of registration will go from $50 to $75, which is a 50% increase, but an extra $25 won’t break anyone’s budget. It’s the variable or per-dollar fee that new homeowners will really feel. That charge will rise to six times its current level.
Here’s what it will mean for someone who purchases a $500,000 home this summer and secures a $400,000 mortgage;
Currently, the new land title for that buyer costs $150 and the mortgage registration costs $140, for a total of $290.
In the new budget, a land title would cost $675 and mortgage registration $555. The new total: $1,230.