Attention All Buyers

This change, announced in Budget 2024, will replace the current variable fees for transferring land and registering mortgages with a flat levy of $5.00 per $5,000 of property or mortgage value, along with a $50 flat fee. This new structure applies to transfers of land, mortgage registrations, and some caveats. 

Key details 

Current vs. new fees 
Previously, land transfers incurred a fee of $50 plus $2.00 for every $5,000 of property value, while mortgage registrations cost $50 plus $1.50 for every $5,000 of the mortgage amount. Starting Oct. 20, these variable charges will be replaced by the levy: $5.00 per $5,000, plus a flat $50 fee. 

Submission timing 
If a lawyer submits all required documents to the Land Titles Office before Oct. 20, the old variable fees will apply—even if the registration is completed after that date. However, any submissions made on or after Oct. 20 will be subject to the new levy.

Incomplete submissions may be rejected and, if resubmitted after Oct. 20, will be charged under the new levy. Additionally, extensions beyond 30 days may also trigger the new levy.

How the levy impacts buyers 

A typical real estate transaction, such as purchasing a $750,000 home with a $650,000 mortgage, would currently cost about $595 in fees. After the levy is implemented, that same transaction will cost $1,500—more than double the previous amount. This increase may surprise buyers, so it's crucial to inform them ahead of time to manage expectations. 

Calculating the difference 

If a property is purchased for $750,000 and the buyer will be getting a mortgage for $650,000, the fees for the Land Titles Office costs are compared below.

For demonstrative purposes only, final fee calculations should be quoted by the buyer's lawyer.