From now first time home buyer can get land transfer tax rebate up to $2000 for second hand house. This is new policy in Ontario which applies to new homes only before. If the GST rate will drop to 5% from January 1, 2008 as the conservative government promised, and if you have signed sales and purchase agreement before the GST rate drops and the closing date is after the GST rate drop, you might be able to get GST transitional rebate for the GST rate drop. The rebate will not be 1% of your purchase price as you have got new house GST rebate (about 36% of GST) that is most likely excluded from your purchase price already. The government will issue information on transitional rebate, I guess. It should be the same as what happened in 2006 when GST rate dropped from 7% to 6%. You should be able to find relevant information from the websites of the federal department of Finance and Revenue Canada later on.