B.C. increases homeowner grant threshold to $1.2 million as property values rise
VICTORIA — As the average selling price for single-family homes in Vancouver surpasses $2.5 million, the provincial government moved Tuesday to ensure residents with property assessed at less than half that amount are eligible for homeowner grants.
Finance Minister Mike de Jong said the skyrocketing price of some B.C. homes prompted the government to boost the threshold for those eligible for the $570 homeowners grant to $1.2 million.
De Jong said the increase from $1.1 million means 91 per cent of B.C. property owners remain eligible to claim the grant that cuts their annual property tax bill.
The announcement comes as annual property assessments arrive in the mail and many, particularly in Metro Vancouver, reveal dramatic increases in property values.