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GST Rebate for First-Time Homebuyers Comes Into Effect

Great news - the GST Rebate for First-Time Homebuyers has finally come into effect!!

Announced last spring by the federal government, the bill received Royal Assent last week and eliminates “the Goods and Services Tax (GST) for first-time home buyers on new homes up to $1 million and reducing the GST for first-time home buyers on new homes between $1 million and $1.5 million.”  The Canada Revenue Agency will now be able to start processing rebate claims. 

Please note that the rebate will generally apply to agreements of purchase and sale entered into on or after March 20, 2025, and before 2031. 

If you have clients that were first time home buyers and purchased a new home under $1,500,000 between March 20, 2025, and today you should reach out and make sure they apply for the rebate.  We are combing through our files so that our clients are notified, but you should do the same, in particular if they did not use us.

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Bank of Canada Interest Rate Announcement

The Bank of Canada maintained its overnight policy rate at 2.25% this morning.  In the statement accompanying the decision, the Bank noted that the war in the Middle East has increased volatility and heightened risks in the global economy but the Bank still expects the Canadian economy to grow modestly in 2026 though the labour market remains soft and growth looks to be weaker than expected in Q1. On inflation, the Bank expects the sharp increase in energy prices to push CPI inflation higher in coming months.

 

 

Absent a U.S. war with Iran and its knock‑on effects on oil prices and other downstream costs, there is a strong case for the Bank of Canada to be lowering its policy rate. Core inflation continues to decelerate, with three‑month measures falling again in February and now averaging just over 1%. Economic growth is likely to come in below the Bank’s somewhat optimistic Q1 forecast, and Canada just recorded its weakest month for employment growth since 2022. Instead, the Bank will need to assess the inflationary impulse from a potential supply shock and the risk of pass‑through to inflation expectations, which argues for some degree of caution. Most estimates suggest that an extended period of high oil prices could add 1% to inflation, potentially pushing growth in consumer prices back to over 3%. While it is possible that the Bank would look through a temporary shock to prices and react instead to a weakening economy, the situation is currently too uncertain for there to be any strong conviction in a policy direction.

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Coldest Night of The Year 2026

Big Shout to Everyone Supporting the 13th Annual Coldest Night of the Year, raising $215,000 and counting, with funds raised supporting individuals and families in our community experiencing, hunger, homelessness, isolation and mental health challenges.

Great-full to the part of HomeLife Benchmark Realty, Leading Co-Sponsor.

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Coldest Night of the Year 2026

  • Saturday, February 28 -  4 PM @ Memorial Park, White Rock

  • 2 to 5 km walk

  • Raising funds for counselling, homelessness & poverty

  • Join our team or simply donate $20.00                                                         

  • Link To Donate:  https://cnoy.w-ith.me/WalkerFamily 

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Another 5***** Review!

We have numerous reviews over the years for top production, but what means most to us is satisfied clients!

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Just us at Walk The Rock along White Rock Beach Promenade!

Donations up to $5000 will be matched by HomeLife White Rock!

When: Sunday, June 1, 2025

Where: White Rock Beach Promenade – Memorial Park

Time: 11:00AM – 3:00PM

Memorial Park: Fair Activities open 11:00AM – 3:00PM

Bayview Park: 11:00PM – 12:00PM Live Yoga Oceanside Yoga Class (by donation)

1:00PM – 2:00PM Innovative Fitness Exercise Class (by donation)

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

Changes to First Time Home Buyer

G.S.T. Rebate

Yesterday, 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 of this email), 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.

We will be updating our Knowledge Centre shortly, but in the meantime feel free to ask any questions that come to mind. We anticipate a large number of questions so will likely batch them and answer them in our next email. 

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

 

 

Tony Spagnuolo

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