Property Tax Due!
  
🏡 Reminder: Property Tax Deadline Approaching
Just a friendly reminder that property taxes in British Columbia are due by the end of June. Avoid late penalties by ensuring your payment is submitted on time. You can pay online, through your bank, or in person at your local municipal office.
Don’t forget to claim your Home Owner Grant, if eligible, before the deadline to reduce your property tax amount.
For more information on payment methods or to apply for the grant, visit your municipality’s website or go to gov.bc.ca/homeownergrant.
Stay on top of your taxes and enjoy a stress-free summer!
No GST for First Time Homebuyers buying Brand New
🏡 Major GST Break for First-Time Home Buyers: A Game Changer for Canadians
As of May 27, 2025, the Canadian government has introduced a significant incentive for first-time home buyers: a full rebate of the 5% Goods and Services Tax (GST) on new homes priced up to $1 million. For homes valued between $1 million and $1.5 million, the rebate is phased out linearly—for example, a home priced at $1.25 million would be eligible for a 50% GST rebate. (paranych.com, Canada.ca)
Why This Matters:
Substantial Savings: This rebate can save first-time buyers up to $50,000, making homeownership more attainable.(pm.gc.ca)
Boost to New Home Construction: By incentivizing the purchase of new homes, this measure aims to stimulate the construction industry and increase housing supply across Canada.
Broader Eligibility: Unlike previous rebates limited to homes under $450,000, this new policy reflects current market realities, especially in high-cost areas. (paranych.com)
Eligibility Highlights:
Must be a first-time home buyer (not have owned a home in the past four years).(paranych.com)
The home must be a new construction intended as the primary residence.
The agreement of purchase and sale must be entered into between May 27, 2025, and 2031, with construction beginning before 2031 and completion before 2036. (Canada.ca)
This initiative is a significant step toward making homeownership more accessible for Canadians, particularly in markets where affordability has been a longstanding challenge.
For more details on the rebate and how to apply, visit the official government announcement: (Canada.ca)
Bank of Canada holds rates steady for second consecutive meeting as Q1 GDP surprised on the high side and tariff-related inflation remains a risk
By Dr Sherry Cooper, Chief Economist for Dominion Lending Centres
As expected, the Bank of Canada held its benchmark interest rate unchanged at 2.75% at today’s meeting, the second consecutive rate hold since the Bank cut overnight rates seven times in the past year. The governing council noted that the unpredictability of the magnitude and duration of tariffs posed downside risks to growth and lifted inflation expectations, warranting caution regarding the continuation of monetary easing.
The gap between the 2.75% overnight policy rate in Canada and the 4.25-4.50% policy rate in the US is historically wide. Another cause of uncertainty is the fiscal response to today’s economic challenges. If the Big Beautiful Bill, now under consideration in the Senate, survives, the US is slated to run unprecedented budget deficits. The Congressional Budget Office estimates it would add roughly US$4 trillion to the already burgeoning federal government’s red ink. This has caused a year-to-date rise in longer-term bond yields, steepening the yield curve.
Uncertainty remains high, and the US President just doubled the tariff on steel and aluminum to 50%, which could halt Canadian metals exports to the US. Last week’s release of the first quarter GDP report at 2.2% annualized growth was stronger than expected as exports and inventories surged before the tariffs. Final domestic demand in Canada was flat. More recent data showed considerable weakness, especially in labour and housing markets. Consumer spending has also slowed sharply.
Read more here...
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