The threshold for claiming homeowner grants is going up, B.C. Finance Minister Mike de Jong confirmed Monday.
The program, which is intended to help reduce property taxes, has come under scrutiny after many homeowners checked their B.C. Assessment property valuations on Jan. 1 and discovered the assessed value of their home has skyrocketed.
WATCH: Tom Davidoff explains why the B.C. government’s plan to increase the homeowner’s grant threshold may be bad housing policy
Currently, the program offers a grant of $570 to those who own and live in homes with an assessed value under $1.2 million. The new threshold will be $1.6 million, reports Global BC’s chief political reporter Keith Baldrey.
According to de Jong, the government wants to make sure that as many families benefit from the grant as possible.
He raised the limit by $100,000 last year following soaring real estate prices.
– With files from Keith Baldrey and The Canadian Press