B.C. authorities will increase house owner grant restrict as dwelling values rise by 12%

The British Columbia authorities is boosting the house owner grant threshold to $2.125 million for this yr as common property values improve by 12 per cent. 

The federal government says in a press release that resetting the edge from $1.975 million means about 92 per cent of residential properties will probably be eligible for the grant, which reduces property tax on a principal residence. 

The essential grant for many who dwell of their properties in Metro Vancouver, the Fraser Valley and Capital Regional District is $570 and as a lot as $845 for these over 65, who’re veterans or who’ve a incapacity.

For owners in northern and rural areas, the essential grant is $770 or $1,045 for veterans, these with a incapacity or folks over 65. 

BC Evaluation says in a press release the valuations launched Tuesday present estimates from final July, when the entire worth of actual property assessed within the province reached $2.27 trillion. 

The company says that whereas some folks could also be fearful about their taxes going up in the event that they’ve had a big hike within the worth of their dwelling, a very powerful issue is how a lot the worth has modified relative to the common improve of properties of their space. 

The best valued dwelling within the province is a $74 million Vancouver waterfront mansion and compound owned by Lululemon founder Chip Wilson. 

Listed below are the common assessed values of single-family properties in 2023 for some areas of B.C. together with the share change:

Vancouver, $2.125 million, a 7 per cent improve. 

Whistler, $2.902 million, an 11 per cent improve. 

Surrey, $1.609 million, up 13 per cent. 

Victoria, $1.157 million, up 8 per cent. 

Duncan, $591,000, a 13 per cent improve. 

Tofino, $1.616 million, up 20 per cent. 

Port Alice, $261,000, down 1 per cent. 

Kelowna, $988,000, up 14 per cent

Osoyoos, $685,000, up 14 per cent. 

Merritt, $475,000, a 14 per cent improve. 

Castlegar, $497,000, up 18 per cent. 

Nelson, $675,000, up 5 per cent. 

Village of New Denver, $361,000, a 26 per cent improve. 

100 Mile Home, $405,000, up 26 per cent. 

Fort St. John, $343,000, a 4 per cent improve. 

Fraser Lake, $204,000, a 31 per cent improve. 

Prince George, $450,000, a 12 per cent improve. 

Valemount, $345,000, a 28 per cent hike.