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

The end of an Echo

Invermere Valley Echo shuts down operations in Columbia Valley

Creating a new narrative for Canal Flats

Economic development consultant hired, lists vision for next 90 days

UPDATE: Crews battle as wildfires rage in B.C. Interior

Crews brace for another day on B.C. firelines as no let up is likely

VIDEO: B.C. wildfires by the numbers

Wildfires continue to engulf regions of B.C.’s forests and communities.

VIDEO: More than 180 wildfires burning across B.C.

Firefighters from other provinces called in to assist

DTSS Grad March 2017

DTSS Grad March 2017

59 cats seized in Chase

59 neglected and injured cats were seized from a property in Chase

Soundgarden singer Chris Cornell dead at age 52

The singer/songwriter passed away early Thursday morning in Detroit

Paying tribute to a primeval passage

Uninterrupted celebrates the Adams River sockeye run in an extraordinary way.

UPDATE: Pemberton Music Festival cancelled, no automatic refunds

In the past, the music festival located in Pemberton drew large crowds last year of 180,000 fans

Medical wait times cost B.C. patients $2,300 each

New Fraser Institute report places B.C. at second worst in costs associated with long wait times

UPDATE: 22 killed at Ariana Grande concert

Witnesses reported hearing two loud bangs coming from near the arena’s bars at about 10:35 p.m.

One in three Canadian high school students have rode with drinking drivers, study reveals

Nearly one in five rode with a driver who’d been smoking pot

Top court to hear federal government’s appeal on residential school records

A lower court judge ruled to destroy the stories after 15 years unless consent is given to preserve

Most Read