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Big Banks offering Incentives to help offset Toronto Land Transfer Tax

W1255970 
Toronto Land Transfer Tax comes into effective December 31st, 2007

 

The deadline for Toronto's New Land Transfer Tax is approaching fast.  But it looks like the Big Banks are thinking ahead to help us adjust in the first few months.   The Bank of Montreal is the latest of the big banks to beef up its mortgage promotions.

For BMO customers who take out a new closed mortgage with a fixed five- or seven-year term, the bank will cover the new land transfer tax up to 1.5 per cent of the mortgage amount, up to a maximum of $15,000.

For instance, as of Jan. 1, 2008, a person who buys a $400,000 property would owe $3,725 to the City of Toronto for land transfer tax. With a $300,000 mortgage, the Bank of Montreal would cover the tax.

The offer applies to customers who arrange a mortgage by Feb. 29, 2008.

The bank is also offering special promotional rates of 6.38 per cent for a five-year mortgage and 6.43 per cent on a seven-year mortgage.

"Purchasing a home is the largest investment most of us will ever make," said BMO vice-president Cid Palacio. "It's important that Toronto homeowners don't feel pressured into making a purchase decision based on this new tax."

At the Royal Bank of Canada, customers can opt for a discount mortgage rate and cash-back offer on mortgages with terms ranging from one to 10 years, spokesperson Nancy Mitchell said.

"The cash can be used for any reason other than the down payment."

Bank of Nova Scotia customers can qualify for up to 5 per cent cash back on their mortgage amounts for closed mortgages stretching for three, four, five and seven years.  (Remember to watch the rates.)

TD Canada Trust also offers cash-back promotions on mortgages with terms of five years or more.

For more information on the New Toronto Land Transfer Tax click here.

For information Mortgage Financing Options visit www.NoMoneyDownPlan.com

Toronto Star Article

Search Homes on www.SuttonRealty.com

 

Posted: Tuesday, November 20, 2007 3:56 PM by Sutton Realty

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