B.C. properties valued up to $1.975M now eligible for homeowner grant

Homeowners in British Columbia whose property is valued at just under $2 million will still be eligible for the annual homeowner grant.

The provincial government announced Wednesday it has raised the grant threshold to $1.975 million for this year.

The government says in a news release that the new cap will ensure 92 per cent of residential properties are covered, lowering the amount of taxes people pay on their principal residence.

2:12 2022 property assessments sparking ‘sticker shock’ across B.C.

Those who own and live in their homes in Metro Vancouver, the Fraser Valley and Capital Regional districts are eligible for the $570 basic grant, or up to $845 for those with a disability or who are 65 and older.

The basic grant for those in northern and rural areas is $770, or $1,045 for those who are disabled or over 65.

The B.C. assessment authority released property valuations this week, showing increases in almost every part of the province.