British Columbia has reduced the eligibility threshold for the provincial homeowner grant for residential properties to $2.075 million for 2026, a decrease from the $2.175 million set for 2025. This adjustment reflects the current trends in the province's housing market, which has seen a cooling effect.
Key Takeaways
- The 2026 threshold for the provincial homeowner grant has been lowered to $2.075 million.
- Basic grant amounts remain unchanged.
- Property assessments for 2026 are based on market values as of July 1, 2025.
- The housing market's cooling is evident in the latest property assessments.
Homeowner Grant Details
The basic grant amounts for the homeowner grant will stay the same. Homeowners in the Capital Regional District, Fraser Valley Regional District, and Metro Vancouver Regional District can receive up to $570 this year. For seniors, veterans, and individuals with disabilities in these areas, an additional grant of up to $845 is available.
Properties located outside these densely populated regions are eligible for basic grants of up to $770. Those who qualify for additional grants in these areas can receive up to $1,045.
It's important to note that properties valued above the new threshold may still be eligible for a partial grant. To qualify, the property must be the homeowner's principal residence, and an application is required. Homeowners should be aware that applying after the property tax due date could result in late payment penalties.
Last year, the province reported that nearly 500,000 seniors and over 19,000 individuals with disabilities benefited from the additional homeowner grants.
Market Trends Reflected in Assessments
The homeowner grant is adjusted annually, taking into account B.C. Assessment's property value reports. The 2026 assessments, released recently, are based on market values as of July 1, 2025. B.C. Assessment evaluated more than 2.2 million homes last year, with a total valuation of $2.75 trillion.
Assessor Bryan Murao commented that the softening housing market is directly reflected in the 2026 property assessments. Homeowners in the Lower Mainland can anticipate decreases in their assessed property values. Vancouver Island and the Southern Interior are expected to show generally stable values. The North and Kootenays regions exhibited more varied property value changes, ranging from a 5% decrease to a 15% increase.
