Ever since Toronto’s municipal council approved the new land transfer tax, set to come into effect in February 2008, Canadian banks have been wooing Toronto’s imminent homebuyers with cash-back offers and promotional mortgage rates to offset the tax’s cost. Bank of Montreal, Royal Bank of Canada, TD Canada Trust and Bank of Nova Scotia are [...]

The Toronto City Council approved yesterday the much-debated Land Transfer Tax (LTT) in hopes of offsetting the city’s budget shortfall, sparking a scramble among buyers hoping to close their real estate deals before the end of the year. The new tax will add up to 2% to the cost of both residential and commercial real [...]