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BEST MORTGAGE RATES
1 yr closed 4.900%
3 yr closed 5.250%
5 yr closed 5.390%
5 year closed variable 4.150%
Bank Prime 4.750%
May 6, 2008
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Real Estate News |
- The Toronto Real Estate Board (TREB)
- The Ontario government is giving all first-time homebuyers a break on land transfer tax by proposing to expand the Land Transfer Tax Refund Program to include purchases of resale homes
- First-time buyers of resale homes, as well as newly constructed homes, will be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.
- GST Reduction Information regarding Home Purchases
- Reduction from 6% to 5% January 1, 2008
- Land Transfer Tax Doubled for City of Toronto
- A second land transfer tax, on top of the provincial land transfer tax, at the following rates:
Residential:
- 0.5% of the amount of the purchase price up to and including $55,000
- 1% of the amount of the purchase price between $55,000 and $400,000
- 2% of the amount of the purchase price above $400,000
- First time home buyers of new AND re-sale homes will receive a rebate of the Toronto land transfer tax of up to $3,725 (this equals a 100% rebate on homes purchased for up to $400,000).
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A fantastic web site for anyone moving shortly!
3 easy steps to get moving:
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3. Plan your move
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