Its Facebook page message said: "It is with much regret that we have had to call the Seeka Te Puke Christmas Float Parade off this year. The weather has been a looming threat all week and despite forecasts indicating we would be able to get it in before the major front came through later this afternoon, it appears to have arrived early. :(
So sorry..."
The wet forecast for the first weekend of summer has already put paid to at least two other events.
Baypark Family Speedway promoter Bernie Gillon decided to "call it" on the North Island Saloon Car Championship nationals on Thursday, postponing the event to next Saturday.
This Saturday's Little Big Markets at Coronation Park in Mount Maunganui have also been cancelled.
Metservice meteorologist Claire Flynn said she had no good news for parade organisers.
"It's looking like a wet weekend for Tauranga."
She said a front associated with a low sitting out in the Tasman Sea would spread south, bringing long periods of persistent rain to the Bay of Plenty and strong northeasterly winds that could reach gale force in exposed areas.
There would be showers from early Saturday morning as the front spread south across the Western Bay of Plenty, with the main heavy rain band beginning to cross Tauranga in the mid- to late-morning.
"It's going to be a wet day, all day."
She said accumulating rainfall could pose a flooding risk around rivers and waterways.
More showers were forecast for Sunday.