One homeowner in the South Cariboo will be happy with the provincial government’s 33 per cent increase to the homeowner grant.
Under the previous grant, only homeowners with houses valued up to $1.2 million qualified. Now any houses valued under $1.6 million qualify.
“In and around Vancouver, it’s family homes,” UBC associate economics professor Tom Davidoff said. “But outside of Metro Vancouver, and to a lesser extent Victoria, that’s pretty heady stuff. So you’re giving money to people who are doing very nicely.”
For those in the northern part of the province, the grant increase leaves only seven homes that don’t qualify – all located near Prince George, Fort St. John or Dawson Creek.
Only one home in the South Cariboo will be affected by the grant. The house on Green Lake wouldn’t have qualified for the homeowner’s grant without the influence.
Those in the north that qualify for the grant also get the higher homeowner grant of $770 (or $1,045 for seniors) that applies in northern and rural areas.
This year, 32 homes in northern BC fall under the new grant threshold, but not the old one, according to BC Assessment. In 2016, 59 houses didn’t qualify under the old threshold.
“While I understand some local mayors may have preferred to carve out a part of the province, this is a program that exists to the benefit of all British Columbians, no matter where they live,” said finance Minister Mike de Jong.
Throughout the province, 91 per cent of homes will qualify with the new threshold. Raising the threshold will cost the province $821 million in homeowner grants, an increase of $12 million.
With files from Jeff Nagel
