Bank Of Canada Holds Rate, Mason Bees and The Most Beautiful Surrey Townhouse Listing

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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June 2025 Foreclosures

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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.

Changes to First Time Home Buyer G.S.T. Rebate

From Tony Spagnolo - Spagnolo LLP https://bcrealestatelawyers.com/

On May 27, the Federal Government issued a press release that is very important for first time home buyers of new homes (and co-ops): a full GST rebate on homes under $1 million, and a partial rebate on homes between $1 million and $1.5 million.

Per the press release (the link to which is found at the bottom), the Excise Tax Act will be amended to provide a rebate to first time home buyers. In basic terms, it means that First Time Home Buyers will still pay the GST on the closing of a purchase of a qualifying home but will be eligible for a rebate of the full amount (up to $50,000).

The rebate is phased out in a linear manner from $1-1.5 million. So for example, a home that is $1.4 million would lose 80% of the rebate – in other words, it would still be eligible for a 20% ($10,000) rebate!

This policy will hopefully spur some activity in the pre-sale market and help first time buyers enter the market.

The full press release can be found here: https://www.canada.ca/en/department-finance/news/2025/05/gst-relief-for-first-time-home-buyers-on-new-homes-valued-up-to-15-million.html

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Subtle, Like Canada

There is simply nothing better in the world than a warm day lounging on the deck, looking at the river. Every year we put a few red flowers out on the deck to encourage the hummingbirds to visit our feeder.

This year we added some white flowers as well, to represent the flag and show our patriotism, in the most subtle, Canadian kind of way. Happy Summer, eh!

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Free Mason Bees!

We have been considering purchasing Mason bees for a couple years now, and just haven't gotten around to it. However, a few weeks ago we discovered that Mason bees had begun tunnel-nesting under a gardening tray we left on the deck. Right away we went out and grabbed this adorable little bee house for them to have a safe, and aesthetically pleasing, place to lay their eggs.

Mason bees are fascinating! They are solitary bees with no hive or territorial instincts, so they do not sting. Males do not even have a stinger, and females will only sting if threatened. They are also master pollinators, since they showed up every flower on our lemon tree has a baby lemon growing.

We have very much enjoyed counting the filled tubes each day, (23 today!), and monitoring their progress. Next spring the new recruits will emerge to help pollinate our garden. Ain't nature grand!

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Featured Listing - #6 - 16825 60th Ave, Surrey, BC

Experience luxury living in this fully detached 4 bed + den, 4 bath home located in a quiet, gated community. The stunning renovation includes a brand-new kitchen, premium appliances, hardwood flooring, renovated powder room, upgraded lighting, and detailed mouldings. Completely updated, this home also features a custom stone fireplace, wet bar with dual beverage fridges, and a home theatre with projector, 106" screen, and multi-room audio. Comfort is prioritized with newer central A/C and a high-efficiency furnace. Beautifully landscaped East-facing yard is ideal for entertaining offering a Trex composite deck, built-in outdoor kitchen, glass patio cover, artificial grass, hot tub pad, and elegant lighting. A rare opportunity in an unbeatable location-this home truly has it all! (31202574)

Listing agent Wes Hansen 604-512-3386

Listing link here

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My address is: DLC West Coast Mortgages Jamie Moi ~ Michelle Chandra 200 - 8661 201 Street Langley, V2Y 0G9 Canada	Powered By HippoContact