The mortgage registrations will go from $460,000, average revenue, to $690,000. Land transfer is from $483,000 to $650,000. So, if I might, if I could use an example, if your house of $400,000 with a mortgage of $300,000, currently, the fees on that would be $1.50 on the $400,000, which is $600, and a dollar on the mortgage, which would be $300. What we have suggested here is increasing those fees, the land transfer, going to $2 per $1,000, so that would be $800, and the fees on the mortgage going from a $1 to $1.50. So, in the example I gave, that would go from $300 to $450. It is not a doubling. It is an increase, but it is not a doubling.
Louis Sebert on Consideration In Committee Of The Whole Of Bills And Other Matters
In the Legislative Assembly on February 21st, 2019. See this statement in context.
Consideration In Committee Of The Whole Of Bills And Other Matters
Consideration In Committee Of The Whole Of Bills And Other Matters
February 21st, 2019
Page 4955
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