Friday, November 30, 2007

TD/Canada Trust Rolls out new plan to help cover Toronto Land Transfer tax on mortgages until March 21, 2008

This is in response to the Toronto Land Transfer Tax

Toronto's comfortable mortgage now at TD Canada Trust: bank will cover the Toronto land transfer tax on mortgages until March 21, 2008

Homebuyers have until March 21, 2008 - No requirement to have a current account with TD Canada Trust - Choice of two mortgages available

TD Canada Trust announced today that it will cover the new City of Toronto land transfer tax on behalf of its customers when they arrange a mortgage between November 22, 2007 and March 21, 2008.

In response to the City of Toronto's increase to the land transfer tax, TD Canada Trust will provide up to 1.50% of the mortgage amount in cash to cover this expense for customers obtaining a new fixed rate closed mortgage with a term of 5 or 7 years.

Homebuyers do not have to have a current account with TD Canada Trust in order to be eligible for this offer.
Who's eligible?:
  • Those who arrange and fund a 5 year Special Fixed Rate Mortgage or a 7 Year Special Fixed Rate Mortgage between November 22, 2007 and March 21, 2008.
  • Those purchasing Toronto properties which were affected by the new City of Toronto Land Transfer Tax
"We're very pleased to be able to provide this limited time offer to those who are buying a home in Toronto between now and March 21, 2008," said Joan Dal Bianco, Vice President, Real Estate Secured Lending, TD Canada Trust. "We know that our offer means one less thing to worry about and will help take the pressure off of purchasing for homebuyers impacted by the land transfer tax increase."

The offer is not available in conjunction with any other offers and the maximum cash amount is $15,000.

Mark's comments: I am guessing that you would not be eligable for any mortgage interest rate discounts if you take advantage of the above deal. I will check into this and re-post if there is a change.

Read more about Toronto Land Transfer Tax and use an online calculator

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A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

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  1. We are battling the Property Transfer Tax here in BC. Eliminating this tax could really boost the real estate market.

  2. This is so true! Hopefully you will have better luck than us.

    Good luck with your battle!