BC sets home owner grant threshold for 2020

by Steve Randall06 Jan 2020

Most homeowners in British Columbia will remain eligible for the B.C Home Owner Grant according to the provincial government.

The 2020 threshold for the grant has been set at $1.525 million, meaning that 92% of homeowners will remain eligible for the basic grant despite the reduction from $1.65 million in 2019.

The lower threshold reflects moderating home prices in British Columbia and reduces the amount of property tax payable to a municipality, or to the province for rural homeowners.

The homeowner grant amounts are:

  • up to $570 for the basic homeowner grant.
  • up to $770 if the home is located in a northern or rural area. A “northern or rural area” means outside the Metro Vancouver, Fraser Valley and Capital Regional districts.
  • up to $845 for homeowners who are 65 years or older, or if the homeowner is a person with a disability or lives with a relative who has a disability.
  • 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.

The grant is reduced by $5 for every $1000 above the threshold that a home is assessed to be worth, although some low income earners may be able to claim a supplement to replace the amount lost.

Homeowners may also be eligible for property tax deferment if they are 55 years or older or are financially supporting a dependent child.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?