The Financial Statutes Amendment Act, 2024, has changed mortgage registration levies in Alberta by repealing a section of the Land Titles Act. Levies are now based solely on the mortgage principal, increasing costs for borrowers, particularly in large transactions. Amendments also affect supplemental and collateral mortgages, requiring levies only on increased principal amounts. Borrowers and lenders must adapt strategies to manage these higher costs and may need to consult specialists.
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