Home Owner Grant threshold set for 2021 tax year
BC Gov News • January 11, 2021
The 2021 Home Owner Grant threshold is set at $1.625 million, ensuring the same percentage of British Columbia homeowners continue to be eligible.
New in 2021, the Province is taking over full administration of the grant program to ease the burden on municipalities. The Province already administers the grant for rural homeowners. Homeowners in all municipalities will now submit their applications directly to the Province instead of through their municipal office. Similar to previous years, applications will open in May when a majority of property tax notices are received.
As in previous years, homeowners are reminded to keep their property assessment notice from BC Assessment or property tax notice from their municipality. They will need their roll and jurisdiction number from their notice to apply for the Home Owner Grant with the Province.
As in previous years, homeowners are reminded to keep their property assessment notice from BC Assessment or property tax notice from their municipality. They will need their roll and jurisdiction number from their notice to apply for the Home Owner Grant with the Province.
The grant is reduced by $5 for every $1,000 of assessed value above the threshold. Some low-income seniors, veterans and people with disabilities can also apply for a supplement that replaces any grant amount they lose due to the value of their home being over the threshold.
The grant is reduced by $5 for every $1,000 of assessed value above the threshold. Some low-income seniors, veterans and people with disabilities can also apply for a supplement that replaces any grant amount they lose due to the value of their home being over the threshold.
The grant amounts for 2021 for homeowners in Metro Vancouver, the Fraser Valley Regional District and Capital Regional District are:
The grant amounts for 2021 for homeowners in Metro Vancouver, the Fraser Valley Regional District and Capital Regional District are:
- up to $570 for the basic Home Owner Grant; and
- up to $845 for homeowners who are 65 years or older, or the homeowner is a person with a disability or lives with a relative who has a disability.
- up to $770; and
- up to $1,045 for homes in northern or rural areas where the homeowner is 65 years or older, or the homeowner is a person with a disability.
π‘ Fraser Valley home prices back to pandemic-era levels under the weight of economic headwinds and sustained inventory π SURREY, BC – Home prices in the Fraser Valley fell for the tenth consecutive month in January, pushing the Benchmark price below $900,000 for the first time since spring 2021. The Benchmark price for a typical home in the Fraser Valley dropped one per cent in January to $897,200, down 6.9 per cent year-over-year. The continued softening of prices wasn’t enough to get buyers off the sidelines, as the Fraser Valley Real Estate Board recorded 619 sales on its Multiple Listing Service® (MLS®) in January, a 33 per cent decrease from December, and 24 per cent below sales from the same month last year. New listings increased 128 per cent in January to 3,078, reflecting the typical seasonal patterns; however, activity remained 10 per cent below last year’s levels.
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