In late May 2025, the federal government announced a significant new measure aimed at improving housing affordability for first-time buyers: the elimination of the 5% GST on newly built homes priced up to $1 million. For homes priced between $1 million and $1.5 million, a partial GST rebate will still apply. This policy is designed to ease the financial burden on new entrants to the housing market and make homeownership more attainable, particularly in high-cost regions where new builds can easily approach the $1 million mark.
According to Desjardins Economics, the GST relief on a $1 million new home translates to approximately $50,000 in savings – an amount that could reduce monthly mortgage payments by about $240. It may also slightly lower the minimum down payment required, given the effective reduction in home purchase price. However, eligibility for the rebate is limited to first-time homebuyers who sign purchase agreements on or after May 26, 2025, and applies only to newly constructed homes.
GST Tax Savings Chart
Overall, the GST rebate offers meaningful savings for qualifying first-time buyers, but the real-world impact will likely vary depending on how the market and developers react. As with many housing-related policies, the benefits will depend not only on the structure of the rebate itself but also on how it plays out in the pricing strategies of builders and the broader housing market dynamics.
On another note, our annual YMS Pro-Am Charity Hockey Tournament wrapped up on June 1st with its biggest year yet. The event brought together 70 players, including current and former professional and collegiate athletes, for an exciting weekend of competition in the Fraser Valley. Hundreds of spectators came out to support the cause, creating a vibrant and energetic atmosphere throughout the tournament.
The championship was claimed by the Big-Time Regretzkys, who played on behalf of the Gurdwara Baba Banda Singh Bahadar Sikh Society. Your Mortgage Source donated $10,000 to the Society, which serves as an important spiritual and cultural hub for the Sikh community. In addition, the tournament raised $900 in cash and two full bins of food for the Abbotsford Food Bank. Since its inaugural tournament 5 years ago, the YMS Pro-Am has raised over $50,000 for various charities and continues to grow as a community-driven initiative celebrating both sport and generosity.
The outpouring of local support through sponsorships, volunteerism, and attendance was a powerful reminder of how much can be accomplished when the community comes together. We are already looking forward to next year’s tournament and building on the success of 2025 to make an even greater impact. Here is a link to our tournament page for more information:
https://www.yourmortgagesource.org/pro-am-charity-hockey-tournament/
Also, we want to thank all of the sponsors listed below for their amazing contributions to the event. Their support was greatly appreciated and made the weekend a memorable experience for all of the players.
PLATINUM SPONSORS – These are our Premier Sponsors for the tournament donating a minimum of $500 to the event.
YOUR MORTGAGE SOURCE – We are the lead sponsor for the event donating $8,500 to the winning teams’ charity along with $2,000 to the winning team.
CANADIAN TIRE – ABBOTSFORD – Canadian Tire (Mark Krawiec – General Manager) in Abbotsford has donated $2400 in water bottles, street hockey balls, pucks and mini cornhole games as a door prize for the tournament. www.canadiantire.ca | mark@ct434.ca | 604-870-4132
CAROLYN CARSON – VYBE REALTY – Carolyn Carson of Vybe Realty has donated $500 which will go towards the prize for the winning charity.
www.choosecarolyn.com | choosecarolyn@gmail.com | 778-878-4687
LITTLE SAIGON – MCCALLUM ROAD – Little Saigon McCallum Road has donated $500 which will go towards the prize for the winning charity.
www.littlesaigon.ca | mccallum@littlesaigon.ca | 604-864-8746
VERICO CANADA – Verico Canada, the parent network of Your Mortgage Source, has donated $500 which will go towards the prize for the winning charity. www.verico.ca.
GOLD SPONSORS – These are our game sponsors for the tournament donating $150 per game to the event.
JEET THATARWAL – BC PROPERTY LISTINGS – Jeet Thatarwal of BC Property Listings has donated $200 as a Game Sponsor for the tournament.
www.bcpropertylistings.ca | jeet@bcpropertylistings.ca | 778-241-8000
MIKE RAUCH – GLENRIDGE ACRES – Mike Rauch of Glenridge Acres has donated $200 as a Game Sponsor for the tournament.
www.12hoursofglenridge.com | mikerauch@shaw.ca | 604-309-6578
SUSANNE WALTON – BC FARM & RANCH REALTY – Susanne Walton of BC Farm & Ranch Realty has donated $200 as a Game Sponsor for the tournament.
www.bcfarmandranch.com | sw.bcfr@gmail.com | 604-309-9398
3 ON 3 CLASSIC HOCKEY TOURNAMENT – Jamie Young of the 3 on 3 Classic Tournament has donated $333 as a Game Sponsor for the tournament.
SILVER SPONSORS – These sponsors have donated swag bag items and door prizes for our tournament participants.
BOSTON PIZZA SOUTH FRASER WAY – ABBOTSFORD – Boston Pizza (South Fraser Way) in Abbotsford has donated 2 Medium Pizzas as a door prize for the tournament.
www.bostonpizza.com | 604-859-3333
CHANA RILEY – HOMELIFE ADVANTAGE REALTY – Chana Riley of Homelife Advantage Realty has donated 70 Keychain Bottle Openers as door prizes for the tournament.
www.chanarileyhomes.com | info@chanarileyhomes.com | 778-242-6250
DOUG REMPLE – HOMELIFE ADVANTAGE REALTY – Doug Rempel of Homelife Advantage Realty has donated 15 Loud Cups valued at $450 gift card as door prizes for the tournament.
www.dougrempel.com | dougrempel@hotmail.com | 604-807-1200
EVERYTHING WINE – ABBOTSFORD – Everything Wine in Abbotsford has donated a $50 wine carrier as a door prize for the tournament.
www.everythingwine.ca | 604-776-5353
GREEK ISLANDS – LANGDON LOCATION – The Greek Islands Restaurant Langdon Location has donated a $50 gift card as a door prize for the tournament.
www.greekislandsrestaurants.com | 604-850-1613
HOCKEY SHOP SOURCE FOR SPORTS – LANGLEY – The Hockey Shop Source for Sports in Langley has donated a $250 gift card as a door prize for the tournament.
www.thehockeyshop.com | sales@thehockeyshop.com | 800-567-7790
HORIZON SPORTS 7 OAKS MALL – ABBOTSFORD – Horizon Sports in the 7 Oaks Mall Abbotsford has donated a $40 Canucks hat as a door prize for the tournament.
Instagram @horizon_sports__ | 604-744-0172
MIDAS – CHILLIWACK – Midas Chilliwack has donated a $150 Oil Change & Tire Rotation package as a door prize for the tournament.
www.midas.com | 604-792-0094
PALIOTTIS RESTAURANT ABBOTSFORD – Paliottis Restaurant in Abbotsford has donated a $150 gift card as a door prize for the tournament.
www.paliottisitalianrestaurants.ca | 604-855-1888
PANAGO PIZZA – Panago Pizza is providing dinner for all of the tournament players.
www.panago.com | 604-310-0001
PERFECT TAN – SUMAS WAY – The Perfect Tan on Sumas Way has donated a $140 gift package as a door prize for the tournament.
www.perfecttan.ca | perfecttan@shaw.ca | 604-855-9559
SPORT CHEK – SEVEN OAKS MALL – Sport Check in the 7 Oaks Mall has donated a $50 gift certificate as a door prize for the tournament.
www.sportchek.ca | 604-870-8944
SPORTS ZONE – ABBOTSFORD – Sports Zone in Abbotsford has donated a $50 gift card as a door prize for the tournament.
www.sportzonese.com | 604-852-1640
SWEAT & SHIVER – ABBOTSFORD – Sweat & Shiver in Abbotsford has donated a 1 hour session valued at $70 as a door prize for the tournament.
www.sweatandshiver.ca | eric@sweatandshiver.ca | 604-260-0570
RINKS AT SUMMIT CENTRE – The Rinks at Summit Centre has donated a 1 year subscription to LiveBarn valued at $240 as a door prize for the tournament.
www.summitcentrerinks.ca | info@summitcentrerinks.ca | 604-504-7565
RINKS AT SUMMIT CENTRE – The Rinks at Summit Centre has donated 1 hour of ice time valued at $300 as a door prize for the tournament.
www.summitcentrerinks.ca | info@summitcentrerinks.ca | 604-504-7565
WHITE SPOT WHATCOM RD – ABBOTSFORD – The White Spot Whatcom Road has donated a $50 gift card as a door prize for the tournament.
www.whitespot.ca/locations/abbotsford-whatcom | unit659@whitespot.ca | 604-864-5744
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