CKNW: Government increases home owner grant threshold to $1.6 million

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January 10, 2017 | Jon Meyer

Quoted from the article:

The opposition NDP is cheering news the grant threshold will climb but is asking “what took so long?”

Housing critic David Eby says the province knew property assessments would spike this year and wait left vulnerable residents in the dark.

“There’re so many people who are at risk of having to give up homes that they bought that they could barely afford because people leverage themselves so far, they borrowed money for downpayments from friends and family or from private lenders. There’s a huge number of people that are living paycheck to paycheck and stretched themselves to get into the market, and any increase is unsustainable to them.”

Eby wouldn’t say what he thinks a fair threshold would be but says any change should account for big differences in regional valuations.

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