Home Owner Grant Threshold Increases in 2016

Ministry of Finance -- British Columbians who own homes valued up to $1.2 million may be eligible to receive a full home owner grant this year, while a partial grant may be available if the home is valued above this threshold.

The home owner grant provides modest property tax relief to those who need it most. Last year, this program returned nearly $800 million to B.C. residents. For 2016, more than 91% of homes are below the threshold.

BC Assessment estimates the values of all homes based on their market value on July 1 each year. For homes valued below the threshold, the basic grant can reduce residential property taxes on an owner’s principal residence by up to $570.

An additional grant up to $275 is available for homeowners who are aged 65 or over, who qualify under the persons with disabilities category, or who are eligible to receive certain war-veteran allowances. The northern and rural home owner benefit provides an additional $200 in property tax relief to households outside the Greater Vancouver, Fraser Valley and Capital Regional Districts.

Low-income homeowners who would have received the additional home owner grant except for the high value of their home can apply for a low-income grant supplement.

Homeowners who face difficulty keeping up with rising property assessments in B.C. may also be eligible to defer all or a portion of their property taxes. The property tax deferment program provides low-interest loans that allow eligible homeowners to defer payment of annual property taxes until their home is sold or becomes part of an estate. This program is available to owners who are 55 or older, surviving spouses of any age, and persons with disabilities. Families who are financially supporting children may also qualify.

https://news.gov.bc.ca/releases/2016FIN0001-000002

Fraser Valley Real Estate in Hot Demand Throughout 2015

SURREY, BC – Fraser Valley real estate experienced its strongest year in a decade in 2015. This was the second highest year for property sales in Fraser Valley’s history, just shy of the region’s previous sales high in 2005.

The Board’s Multiple Listing Service® (MLS®) processed 21,095 sales in 2015, 33 per cent more than the 15,840 sales in 2014, and 0.9 per cent fewer than the 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $12.1 billion, four billion more than was sold in 2014.

In contrast, the Board received a typical volume of new listings in 2015 – 30,998 – comparable to the average over the last ten years, set at 31,296 new listings.

Jorda Maisey, President of the Fraser Valley Real Estate Board, attributes 2015’s market strength to a strong economy elevating consumer housing demand. “The Fraser Valley has always appealed to consumers looking for competitive pricing and a diverse range of housing options.

“Last year shows that consumers recognize the long‐term value of property ownership in the Fraser Valley, particularly valuing the single family home, which they recognize is becoming a limited commodity. Sales of single family detached increased across all of our communities, in some instances more than doubling 2014’s sales.”

Sales during December were the highest for that month in Fraser Valley’s history. The Board processed 1,543 sales, an increase of 44 per cent compared to December of 2014. December’s total inventory in the Fraser Valley was 4,280 active listings; 33 per cent fewer than were available in December 2014.

The MLS® Home Price Index benchmark price of a detached home in December was $672,400, an increase of 17.3 per cent compared to December of last year when it was $573,100. The MLS® HPI benchmark price of townhouses increased 9.6 per cent going from $293,500 in December of last year to $321,800 last month. The benchmark price of apartments was $204,900, an increase of 7.3 per cent compared to $191,100 in December 2014.

Maisey adds, “The market remains buoyant, and with very low inventory currently there is tremendous opportunity for sellers. For buyers finding it challenging in their search, REALTORS® are recommending they consider a variety of housing options and communities they may not have considered. There’s a lot of choice out there, you just need to know where to look.”