Increased Home Owner Grant Threshold in 2017

Marci • January 10, 2017

The Government of British Columbia just released news that they have increased the home owner grant threshold from $1.2M to $1.6M, a 33% increase over last year. The goal is to help keep property taxes affordable, this recent move will help ensure all those who received the grant in 2016 will also receive it in 2017. The following explanation is taken directly from the BC Government website.

The Province is increasing the home owner grant threshold to $1.6 million, helping keep property taxes affordable for families and ensuring most home owners will continue to receive the full grant this year, Finance Minister Michael de Jong announced today.

“This is a 33% increase over last year,” said de Jong. “We are doing our part to help keep housing costs affordable for families. Local governments can also work to keep property taxes at a manageable level for residents by controlling their spending and reigning in the amount of revenue they need to operate.”

The Province is projected to spend $821 million on home owner grants in 2017-18, compared to an estimated $809 million in 2016-17. The Province reimburses municipalities for the full cost of the home owner grant to ensure municipal revenues are not affected.

“The threshold increase to $1.6 million helps ensure virtually everyone who received the grant last year will also receive it in 2017. The strength of the Province’s economy and sound fiscal management have put us in a position to raise the threshold by such a large amount this year to help home owners.”

The increase to the 2017 home owner grant threshold means that provincewide, 91% of homes will remain below the threshold and if eligible, their owners will receive the full grant amount. In many communities throughout the province, most or all homes are covered by the threshold. In Metro Vancouver, 83% of homes will be below the threshold. For properties assessed above this threshold, the grant is reduced by $5 for every $1,000 of assessed value in excess of the threshold.

There are two types of home owner grants:

  • The basic grant can reduce residential property taxes on an owner’s principal residence by up to $570, or if the home is located in a northern and rural area, up to $770.
  • An additional grant is available to home owners 65 years of age or older, or who qualify under the persons with disabilities category, or who are the surviving spouse of a veteran who received certain war-veteran allowances. This additional grant can reduce residential property taxes on an owner’s principal residence by up to $845, or if the home is located in a northern and rural area, up to $1,045.

Low-income home owners who would have received the additional home owner grant can apply for a low-income supplement, which replaces any reduction in the grant caused by having a property valued over the threshold. The low-income supplement is available to qualifying seniors, certain veterans or their surviving spouse and persons with disabilities.

Property tax deferment is another option that can help make home ownership more affordable. Property tax deferment is a low-interest loan program that allows qualifying B.C. home owners to use the equity in their homes to defer payment of their annual property taxes. Qualifying home owners can defer all, or a portion of, the annual property taxes on their principal residence.

Quick Facts:

  • Decisions about the threshold are based on BC Assessment data, and are made in the context of setting priorities within a balanced budget.
  • Home owners who qualify for the home owner grant are Canadian citizens or permanent residents of Canada who live in British Columbia. Grants are only available for an owner’s principal residence.
  • Home owner grant thresholds in recent years:
    • 2016: $1.2 million
    • 2015: $1.1 million
    • 2014: $1.1 million (threshold lowered as a cost-savings measure)
    • 2013: $1.295 million
    • 2012: $1.285 million
    • 2011: $1.15 million
    • 2010: $1.05 million

Learn More:

For more information about home owner grants, visit: http://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/reduce/home-owner-grant/under-65
or contact your municipality or the Province if your property is in a rural area.

For more information about property tax deferment, visit: http://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/pay/defer-taxes
or call 250 356-8121 (Victoria) or 1 888 355-2700 (toll-free in B.C.)

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Collateral vs. Standard Mortgage: Pros and Cons Explained

By Marci Deane • June 17, 2026
Mortgage Registration 101: What You Need to Know About Standard vs. Collateral Charges When you’re setting up a mortgage, it’s easy to focus on the rate and monthly payment—but what about how your mortgage is registered? Most borrowers don’t realize this, but there are two common ways your lender can register your mortgage: as a standard charge or a collateral charge . And that choice can affect your flexibility, future borrowing power, and even your ability to switch lenders. Let’s break down what each option means—without the legal jargon. What Is a Standard Charge Mortgage? Think of this as the “traditional” mortgage. With a standard charge, your lender registers exactly what you’ve borrowed on the property title. Nothing more. Nothing hidden. Just the principal amount of your mortgage. Here’s why that matters: When your mortgage term is up, you can usually switch to another lender easily —often without legal fees, as long as your terms stay the same. If you want to borrow more money down the line (for example, for renovations or debt consolidation), you’ll need to requalify and break your current mortgage , which can come with penalties and legal costs. It’s straightforward, transparent, and offers more freedom to shop around at renewal time. What Is a Collateral Charge Mortgage? This is a more flexible—but also more complex—type of mortgage registration. Instead of registering just the amount you borrow, a collateral charge mortgage registers for a higher amount , often up to 100%–125% of your home’s value . Why? To allow you to borrow additional funds in the future without redoing your mortgage. Here’s the upside: If your home’s value goes up or you need access to funds, a collateral charge mortgage may let you re-borrow more easily (if you qualify). It can bundle other credit products—like a line of credit or personal loan—into one master agreement. But there are trade-offs: You can’t switch lenders at renewal without hiring a lawyer and paying legal fees to discharge the mortgage. It may limit your ability to get a second mortgage with another lender because the original lender is registered for a higher amount than you actually owe. Which One Should You Choose? The answer depends on what matters more to you: flexibility in future borrowing , or freedom to shop around for better rates at renewal. Why Talk to a Mortgage Broker? This kind of decision shouldn’t be made by default—or by what a single lender offers. An independent mortgage professional can help you: Understand how your mortgage is registered (most people never ask!) Compare lenders that offer both options Make sure your mortgage aligns with your future goals—not just today’s needs We look at your full financial picture and explain the fine print so you can move forward with confidence—not surprises. Have questions? Let’s talk. Whether you’re renewing, refinancing, or buying for the first time, I’m here to help you make smart, informed choices about your mortgage. No pressure—just answers.

Bank of Canada Holds Rate at 2.25% — June 10, 2026

By Marci Deane • June 10, 2026
The Bank of Canada announced today that it is maintaining its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. For Canadian homeowners, buyers, and anyone with a mortgage on the horizon — here's what you need to know.

First-Time Buyer? Here’s How to Tell If You’re Ready

By Marci Deane • June 3, 2026
Ready to Buy Your First Home? Here’s How to Know for Sure Buying your first home is exciting—but it’s also a major financial decision. So how can you tell if you’re truly ready to take that leap into homeownership? Whether you’re confident or still unsure, these four signs are solid indicators that you’re on the right path: 1. You’ve Got Your Down Payment and Closing Costs in Place To purchase a home in Canada, you’ll need at least 5% of the purchase price as a down payment. In addition, plan for around 1.5% to 2% of the home’s value to cover closing costs like legal fees, insurance, and adjustments. If you’ve managed to save this on your own, that’s a great sign of financial discipline. If you're receiving help from a family member through a gifted down payment , that works too—as long as the paperwork is in order. Either way, having these funds ready shows you’re prepared for the upfront costs of homeownership. 2. Your Credit Profile Tells a Good Story Lenders want to know how you manage debt. Before they approve you for a mortgage, they’ll review your credit history. What they typically like to see: At least two active credit accounts (trade lines) , like a credit card or loan Each with a minimum limit of $2,000 Open and active for at least 2 years Even if your credit isn’t perfect, don’t panic. There may still be options, such as using a co-signer or working on a credit improvement plan with a mortgage expert. 3. Your Income Can Support Homeownership—Comfortably A steady income is essential, but not all income is treated equally. If you’re full-time and past probation , you’re in a strong position. If you’re self-employed, on contract, or rely on variable income like tips or commissions, you’ll generally need a two-year history to qualify. A general rule: housing costs (mortgage, taxes, utilities) should stay under 35% of your gross monthly income . That leaves plenty of room for other living expenses, savings, and—yes—some fun too. 4. You’ve Talked to a Mortgage Professional Let’s be real—there’s a lot of info out there about buying a home. Google searches and TikToks can only take you so far. If you're serious about buying, speaking with a mortgage professional is the most effective next step. Why? Because you'll: Get pre-approved (and know what price range you're working with) Understand your loan options and the qualification process Build a game plan that suits your timeline and financial goals The Bottom Line: Being “ready” to buy a home isn’t just about how much you want it—it’s about being financially prepared, credit-ready, and backed by expert advice. If you’re thinking about homeownership, let’s chat. I’d love to help you understand your options, crunch the numbers, and build a plan that gets you confidently across the finish line—keys in hand.