Be like Tom!!! / Prime - no change

Christos Gitersos - Mortgage Planner

christos@gitersos.com
604.786.9099
http://www.gitersos.com/

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Be rewarded for being awesome!

You can earn up to $2,700 just for referring your family, friends or co-workers.

The more you refer the more you make. Just for referring a name you'll get $20 cash so you can do with it as you please!

Some more information here http://www.gitersos.com/client-appreciation/

This year has been so overwhelming with the support I've received. I have many amazing people who have received quite a bit and I can't be more thankful!

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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

Comments

Be like Tom not like the other guy!

One of my long time friends moved to the island a few years back. He kept his lawn immaculate as you can see. I drove by there this weekend and took a picture to send him as to what it looks like today. What a difference! He almost cried to see it. After SO much hard work, of which I saw often, this is what it ended up looking like. Be like Tom!!

His real name isn't Tom!

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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.