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The threshold for Home Owner Grant in BC has been increased to $1,050,000 from $950,000 in assessed value. This is across all communities within BC and ensures that 95% of all BC homeowners qualify for the basic grant.
According to BC Assessment, the value of the 2008 Assessment Roll increased approximately 16 per cent from the previous year.
“Measures that help people pay their property taxes and enable them to live where they choose are always welcome,” said Peck. “And the additional assistance offered to low-income homeowners, seniors and others may provide peace of mind to people who depend on the program to help offset expenses.”
The most recent BCREA Housing Forecast suggests affordability remains the most significant barrier to home ownership. The provincial average Multiple Listing Service® residential price is expected to climb to $470,000 in 2008 from $439,121 in 2007.
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