British Columbia Homeowner Grant Threshold Decreased for the First Time in Six Years
The British Columbia government has recently adjusted the threshold for its homeowner grant program, marking the first decrease in six years. This change comes as home values in the province’s Lower Mainland have seen a decline.
BC Assessment reports that homeowners in the Metro Vancouver area, B.C.’s most densely populated region, can anticipate a drop of up to 10% in their home’s assessed value, based on valuations as of July 1 of the previous year.
In conjunction with the updated assessments, the B.C. Ministry of Finance has announced a revised threshold of $2.075 million for the B.C. homeowner grant this year, representing a decrease of approximately 4.6% compared to the previous year’s threshold of $2.175 million.
This revision is notable as it marks the first time the threshold for the homeowner grant program has decreased since 2020, when home prices across B.C. last underwent moderation.
BC Assessment notes that while homes in other regions experienced more stable assessed values, Vancouver Island and the Southern Interior saw valuations fluctuating between five-per-cent increases and decreases. In contrast, the North and the Kootenays witnessed changes ranging from 15% increases to 5% decreases.
Bryan Murao from BC Assessment attributes the lower assessed values in the Lower Mainland to the softening housing market, with approximately 1.14 million properties in the region being assessed. The total assessment values for 2026 in the area dropped to $1.92 trillion, down from around $2.01 trillion the previous year.
The largest decline in home values was observed in White Rock, where average single-family home values decreased by nine per cent to $1.58 million. Conversely, only four communities in the Lower Mainland experienced an increase in single-family home values, with Anmore leading at four per cent.
Moreover, the B.C. homeowner grant threshold had been progressively rising in recent years, reaching a peak of $2.175 million last year before this year’s adjustment.
While properties valued above the threshold may still qualify for a partial grant through the program’s gradual phaseout process, there are other relief options available for eligible homeowners, such as the B.C. property tax deferment program.