Coming this week! News From Nexus


June 2026 edition

Property Tax Payment Due Dates



It's time to make sure your property taxes are paid. The due date is July 2 in most British Columbia municipalities, and July 3 in Vancouver. That includes Metro Vancouver cities and municipalities like Burnaby, North Vancouver, Richmond and Coquitlam.

Instructions on how to pay are outlined on property tax bills — payment can be made in person, by mail or online — or by clicking here.

If eligible, taxpayers should also apply for a Home Owner Grant that may reduce the taxes owing on your principal residence. Even if your taxes are paid by your mortgage company, you must apply for the grant by the tax due date. Late payments generally means a penalty of five per cent, and another five per cent for missing the secondary date (usually September). Exact deadlines set by local city halls.

It's also a good idea to check with your lawyer or conveyancer regarding property tax adjustments and grant applications before completion.

For B.C. seniors deferring property tax



Here ie news for B.C. seniors who are enrolled in the Property Tex Deferment Program — note the deadline. The news is courtesy of the Canadian Association of Retired Persons (CARP)...

If you are currently enrolled in the program and use automatic renewal, your 2026 taxes will be automatically deferred under the new rules unless you choose to opt out.

If you do not want your 2026 property taxes deferred under the new terms, please evaluate your financial situation and opt out before June 1, 2026.

What is Changing in 2026?


Starting in the 2026 tax year, the British Columbia government is making significant changes to the Property Tax Deferment Program that will impact seniors (55+) and others using the program. The changes involve higher interest rates and a shift from simple to compound interest, making the program more expensive.

Key Changes Effective 2026


Interest Rate Hike

The interest rate for the Regular program will change from “prime minus 2%” to “prime plus 2%.”

Compound Interest

Interest will now be compounded monthly rather than calculated as simple interest.

Impact on Equity

The new, higher and compounded rates could cause the debt to grow significantly faster, potentially reducing a homeowner's equity by up to 70 per cent over 17 years, compared to 7 per cent under the old system, according to tax experts.

These changes apply only to property taxes deferred in 2026 and future years. Taxes deferred in 2025 and earlier will continue under the previous interest terms.
 

U.S. interest rates on the rise?



Less than three weeks before the Bank of Canada next addresses its prime lending rate, the majority of United States Federal Reserve monetary policy committee believes its rate should be hiked to offset inflation.

According to U.S. News: "The Fed is caught in the crossfire of inflation. There is little appetite at the central bank for interest rate cuts as long as consumer prices are rising and likely go higher. Wholesale inflation surged to a six per cent annual rate in April."

Minutes of a recent meeting indicate that eight of the 12  members of the committee are against cutting the rate.  The next Federal Reserve announcement is scheduled June 17. The new chairman of the Reserve, Kevin Warsh, replaced Jerome Powell this week.

Canada's next interest rate announcement is scheduled for June 10.

JUST SOLD!


5436 Westhaven Place


Caulfeild


West Vancouver



Meet Jennifer


Jennifer always has the best interests of her clients at heart. She recognizes that buying or selling a home is a huge moment in everyone’s life and is keen to use her knowledge and skills to ensure her clients achieve the best results.

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Meet Dale


Having started Nexus Realty nearly three decades ago, Dale has a history of proven results for his clients. Whatever his clients’ situation, he approaches his work with the same integrity and great service. Teaming with his daughter, Jennifer, makes Nexus Realty a family business dedicated to helping other families at pivotal moments in their lives.

More about Dale...

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Dale Clark

Nexus Realty Corp

West Vancouver,  BC 

Phone: 604-720-3353

daleclark@nexusrealtycorp.com, jenniferclark@nexusrealtycorp.com