Wednesday, January 11, 2017

B.C. Homeowner Grant Lift Gives Relief

The BC government in response to property assessment jumps of 30%- 40% has been to increase the  threshold to qualify for the homeowner grant to 1.6 million from the previous 1.2 million. 

The homeowner grant provides $570 annual credit against property taxes on "principal residences" of those under 65 and $845 for seniors. Rental properties receive no grants.

What does this mean for the Chilliwack real estate board area?  It has a small impact in December 2016; single family detached houses got an average selling price of about $468,000. There were 34 sales over 1.2 million dollars with 14 of these cresting the 1.6 million dollar mark. Presently, there are 17 residential properties currently listed above the new threshold of 1.6 million as at the time of writing.

Those property's assessed in excess of 1.6 million dollars are not eligible for the home owners grant.

Stephen Mullock is an award winning full-time real estate specialist with 30 years of experience and hundreds of sales. Thinking of buying or selling real estate in the Fraser Cheam communities of Chilliwack, Agassiz or Harrison Hot Springs? Contact Steve (click here) of Royal LePage Wheeler Cheam Realty for experience, local knowledge and friendly service you’ll be happy you did.