On October 22, 2007, Toronto City Council approved a new land transfer tax which takes effect on February 1, 2008. More details on implementation are available in a report recommended by Executive Committee on October 29, 2007 to be considered by Council on November 19 and 20, 2007. Staff Report to Executive Committee October 26, 2007.
A creative marketing opportunity was seized by the Bank of Montreal to assure Buyers that they need not rush to buy their properties in accordance the Land Transfer Tax imposed by Toronto Council, if they financed with BOM their tax to a maximum of 1.5 % would be paid by the lender. http://www2.bmo.com/news/article/0,1083,contentCode-7095_divId-4_langId-1_navCode-112,00.html
As of this posting; The Toronto Dominion Bank has advised their Mortgage reps that they will meet and further enhance the offer of tax relief. http://www.eleganthomesinwesttoronto.com/ShowResources.cfm?Pageid=46851&TypeOfPage=1
I look forward to the newest offers available for buyers to encourage them to join the Home Ownership market. I believe that to stay competitive and maintain market share, the other lenders serving the Toronto (GTA) will follow suit. Check out the What will I do for you? or First Time Buyers Guide.
