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.