The B.C. government has announced a 2021 homeowner grant threshold of $1.625 million.
This means that the grant is being reduced by $5 for every $1,000 in assessed value above that figure.
"Some low-income seniors, veterans and people with disabilities can also apply for a supplement that replaces any grant amount they lose due to the value of their home being over the threshold," the province said in a news release.
The basic homeowner grant has been set at up to $570 for owners of dwellings in Metro Vancouver and the Fraser Valley and Capital Regional districts.
Those who are 65 or older can receive up to $845 in these areas. The same amount may be available to homeowners in these areas with a disability or who live with someone with a disability.
"Homeowners may also be eligible for property tax deferment if they are 55 years or older or are financially supporting a dependent child," the province stated.
Those living outside the three regional districts mentioned above are eligible for a basic homeowner grant up to $770.
If the homeowner outside of the three areas is over 65, disabled, or lives with someone with a disability, they can receive up to $1,045.
For more information, visit this link.
Will renters also get a rebate?
In 2018, the province boosted the homeowner grant threshold to $1.65 million, which was up from $1.6 million the previous year and $1.2 million the year before that.
In the 2017 election campaign, the NDP promised a $400 annual grant to tenants, but that was never delivered.
That was in part due to opposition from then B.C. Green leader Andrew Weaver, whose caucus was propping up John Horgan's minority government.
In the 2020 election campaign, the NDP said that if it were reelected, it would offer a $400 annual rebate to tenants who earn up to $80,000 per year.
On October 24, the NDP won a majority, electing 57 MLAs in the 87-seat legislature.