Homeowner grant increased

With housing prices continuing to rise, the provincial government has raised the threshold for the homeowner grant to $1.65M, compared to $1.6M in 2017.

The province said the increase will ensure the same percentage of homeowners remain eligible to apply for the grant, which is 91 per cent. 

The basic grant for a homeowner is $570, and $770 for those in northern or rural areas.

Homeowners over 65 years old or homeowners with disabilities can receive up to $845 for the grant, or $1,045 in northern or rural zones.

Some low-income earners can also apply to supplement their homeowner grant. Those aged over 55 or those supporting a dependent child can also apply for a property tax deferment. 

The owner must use the home as their principal residence to be eligible for the grant.

Property values in the Okanagan accelerated in 2017, according to information released from BC Assessment on Tuesday.

Single-family home values were assessed at about 16 per cent higher in Kelowna for 2017, compared to 2016. For the first time, a home in the region was assessed at more than $10M.

The average increase in property values in Penticton was also at 16 per cent, while in Vernon those values jumped 11 per cent.

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