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Home owner grant threshold boosted to $1.6M

Courtesy of REW
By E. Vecina

To ensure that most of the previous year’s qualifiers will reap the benefits in 2017, the B.C. government announced a 33 per cent increase in its home owner grant threshold, from $1.2 million to $1.6 million.

Despite the B.C. Assessment’s reported increases in residential property values this year, the provincial government assured that approximately 91 per cent of homes in its jurisdiction (and 83 per cent in Metro Vancouver) will remain under the new threshold, CBC News reported.

In its news release, the B.C. government projected expenditures of $821 million in home owner grants for the period covering 2017-18, up from the $809 million in the previous annum.

However, the move was criticized for being “too little, too late” by David Eby, MLA for Vancouver Point Grey and housing critic for the B.C. NDP.

“They're reacting to patch things up two years too late, and it's a giant mess,” Eby said. “The idea that there are all these really rich homeowners that are somehow leeching off the system is a bit of a fiction.”

He added that among the most at-risk sectors are middle-class and financially struggling families, who are already overburdened by the increases in taxes and other operational expenses over the past few years.

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