Edmonton AB, October 27, 2015 – The Alberta Real Estate Association (AREA) and its 10,000 REALTOR® members across the province are pleased to see housing affordability maintained in the provincial budget announced today.
AREA applauds the fact that today’s budget presentation by Treasury Board President and Finance Minister Joe Ceci will keep home ownership as affordable as possible for Albertans by avoiding the creation of a land transfer tax. Land transfer taxes are taxes paid to municipalities or the province when a property is sold, and cannot be added to a buyer’s mortgage, therefore requiring payment upfront when the transfer is registered. By avoiding the creation of such taxes in Alberta, government has taken an important steps towards ensuring every Albertan has the best opportunity possible to one day afford their own home.
“Today’s budget announcement was positive”, said Ian Burns, AREA’s CEO. “The budget demonstrates the province’s commitment to affordable home ownership.”
With low oil prices, AREA recognizes the province finds itself in a challenging economic position of having to control spending while meeting Albertans’ needs. AREA is encouraged by government announcements of an intent to return to a balanced budget scenario as soon as possible.
AREA will host its Government Liaison Days on November 3 and 4, and will meet with MLAs to share its ideas on how to make the real estate sector even better in Alberta.