It’s going to be a busy holiday vacation for Toronto real estate professionals. 

According to the city of Toronto:

Purchasers with a Purchase and Sale agreement on or before December 31, 2007 will receive a full rebate of the Toronto Land Transfer tax regardless of the closing date.

Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing before February 1, 2008 will not be required to pay the Toronto Land Transfer tax.

Purchasers with a Purchase and Sale agreement signed after December 31, 2007 with a closing on or after February 1, 2008 will be required to pay the full Toronto Land Transfer tax.

If you’re a first time home buyer, you won’t pay Toronto’s land transfer tax on the first $400,000 of house value.  Above that, you’ll pay 2%.