Homeowner Grant
B.C. eases eligibility for homeowner grant
Times Colonist (Victoria) Wed 21 Feb 2007
Seniors rich in property but low on incomes are getting a break from the province to help keep them at home. This move, along with others announced in B.C.'s budget, tackles the issue of the erosion of affordable housing for home buyers and homeowners, said Cameron Muir, chief economist with the B.C. Real Estate Association. Seniors on fixed incomes with homes assessed at $950,000 or more will now be able to receive the full homeowner grant. "It allows them to age in place," Muir said. The criteria for low-income levels will be based on those used to qualify for the Medical Services Plan premium assistance. This year, the province again increased the threshold for the basic homeowner grant to respond to higher housing costs. The threshold is now $950,000, up from $780,000 last year. The basic grant is $570. For seniors, people receiving veterans benefits, and those with disabilities, it is $845. Finance Minister Carole Taylor said that in some cases, seniors bought their homes after the Second World War. Since then, the value of their homes and lots has risen dramatically. Housing affordability is an issue in the capital region, where the average price of a singlefamily house last month was $511,192. The average price of a condominium was $351,508. The province also moved to help first-time homebuyers get into the real estate market by increasing their threshold to $375,000 provincewide. Under this program, purchasers are exempt from property-transfer tax. First-time buyers can now save up to $5,500. This program also helps keep people in their homes because they can hold off paying property taxes until their houses are sold. When that happens, the taxes are paid, along with interest at below prime rate.