As we begin the new year, there's an important change for homeowners in B.C. The property value threshold for the Homeowner Grant has been increased, making it easier for more homeowners to claim the grant in 2025. If your home is valued at $2,175,000 or less, you may be eligible for the full grant amount. This is a welcome change, especially for homeowners in higher-value areas, like Vancouver and surrounding regions, where property values have been climbing.
For homeowners with properties valued above $2,175,000, you may still qualify for a reduced grant amount. The grant is reduced by $5 for every $1,000 that your property’s assessed value exceeds the new threshold. However, if your home’s value exceeds $2,289,000 (or $2,329,000 in northern and rural areas), you will not be eligible for the grant. Keep in mind, the reduced or no-grant amounts still apply to the primary residence of the homeowner.
Another helpful update is the option for property owners to apply for a "partitioned" grant if they have multiple residences on their property. This can be especially beneficial for owners of duplexes, triplexes, laneway homes, or other multi-residential properties. By dividing the assessed value by the number of residences, you may qualify for the grant even if your property's total assessed value would otherwise disqualify you. If you're interested in applying, the process can be done online or by phone. The best time to apply is after you receive your property tax notice and before the payment due date.
For homeowners with properties valued above $2,175,000, you may still qualify for a reduced grant amount. The grant is reduced by $5 for every $1,000 that your property’s assessed value exceeds the new threshold. However, if your home’s value exceeds $2,289,000 (or $2,329,000 in northern and rural areas), you will not be eligible for the grant. Keep in mind, the reduced or no-grant amounts still apply to the primary residence of the homeowner.
Another helpful update is the option for property owners to apply for a "partitioned" grant if they have multiple residences on their property. This can be especially beneficial for owners of duplexes, triplexes, laneway homes, or other multi-residential properties. By dividing the assessed value by the number of residences, you may qualify for the grant even if your property's total assessed value would otherwise disqualify you. If you're interested in applying, the process can be done online or by phone. The best time to apply is after you receive your property tax notice and before the payment due date.
For further questions or assistance, don't hesitate to reach out.
Tazmeen Woodall
Oakwyn Realty Ltd.
604-760-7005
Oakwyn Realty Ltd.
604-760-7005