Townhouse construction in Metro Vancouver

Higher home values ring in 2017

B.c. property assessments are out, showing jump in Okanagan, South Vancouver Island and Metro Vancouver

With property assessments showing increases as high as 50 per cent in urban areas of B.C., the provincial government is promoting its interest-free loan program for first-time home buyers as existing home-owners brace for higher property tax bills.

Property assessment notices are being mailed out and values posted at the B.C. Assessment website this week, based on the agency’s mid-2016 real estate market surveys. Preliminary data showed increases of 30 to 50 per cent for houses and condos in Metro Vancouver, 10 to 40 per cent for Greater Victoria and five to 30 per cent in the Central Okanagan.

Rising values mean fewer properties qualifying for the provincial homeowner’s grant. Homes valued at more than $1.2 million are ineligible, and Metro Vancouver politicians have repeatedly called on the province to create a regional system for grant eligibility to reflect higher values in their region.

The province’s latest move is the creation of a second-mortgage fund for first-time buyers, called the B.C. HOME Partnership. It starts taking applications on Jan. 16, with loans up to five per cent of the purchase price to a maximum of $37,500, interest free for five years for qualified buyers.

Housing Minister Rich Coleman said the program is designed to help renters as well as first-time buyers, as more people move out of a tight rental market into their own homes. The province estimates 42,000 households are eligible to take advantage of the interest-free loans.


Just Posted

B.C.’s north heats up to record highs

Bella Bella, Masset, Prince Rupert and the Cassiar Area all broke records

Special prosecutor appointed in Burns Lake mayor sex assault case

Luke Strimbold has been charged with numerous sex related charges

Ottawa proposes restricted pot labels, packages

Packaging will include red stop sign with marijuana leaf and ‘THC’

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

B.C.-pioneered wood construction on a roll internationally

Washington state considers mandatory engineered wood for public buildings

Cops say gun-toting robbers used fake police lights to pull over victims

Information wanted on North Shuswap robbery, police impersonation, burnt vehicle, motorhome theft.

BCHL Today: Surrey Eagles and Powell River Kings close to advancing

BCHL Today is a (near) daily look at what’s going on around the league and the junior A world.

Plane filled with smoke lands at Nanaimo Airport

WestJet flight came in from Vancouver

VSO to perform ‘Star Wars’ music while 1977 movie plays on big screen

Three shows for the classic at iconic Orpheum Theatre this summer

B.C. emergency alert system being tested Wednesday

Alarm tone and message will play on TV and radio

BC Conservatives pumped by poll results

Surge in popularity has BC party picturing elected representatives in Victoria

Most Read