The Government of British Columbia has raised the homeowner grant threshold to $2.125 million as average property values in the province increased 12% over the past year.
The provincial government said in a written statement that lifting the grant threshold from its previous level of $1.975 million means that 92% of residential properties in British Columbia will now be eligible for the grant, which reduces property taxes on a homeowner’s principal residence.
The basic grant for people who live in Metro Vancouver, the Fraser Valley and Capital Regional District is $570 and $845 for homeowners over the age of 65, who are veterans or have a disability.
For homeowners in northern and rural areas of British Columbia, the basic grant is $770 or $1,045 for veterans, people with a disability, or people over age 65.
The government added that the total value of real estate assessed in the province reached $2.27 trillion in 2022.
The highest valued home in British Columbia is a $74 million waterfront mansion in Vancouver that is owned by Lululemon (LULU) founder Chip Wilson.
