Every year, thousands of British Columbia homeowners receive their property tax notice and then ask the same question:

"Have I claimed my Homeowner Grant?"

If you're a homeowner in Vernon, Coldstream, Armstrong, Enderby, or anywhere else in the North Okanagan, property taxes are due on July 2nd, and if you're eligible, claiming your Homeowner Grant could save you hundreds of dollars. The grant must be claimed every year—it is not automatically applied.

What Is the BC Homeowner Grant?

The Homeowner Grant is a provincial program that helps reduce property taxes on your principal residence. Eligible homeowners in areas outside Metro Vancouver can receive a reduction of up to $770, while seniors, veterans, and certain individuals with disabilities may qualify for additional assistance.

The important thing to remember is that you must apply every year. Even homeowners who qualify can face penalties if they forget to claim the grant before the tax deadline.

Property Taxes Are Due July 2nd

Across much of British Columbia, including communities throughout the Okanagan, property taxes are due on July 2nd. Late payments can result in significant penalties, and those penalties can apply even if you qualify for the Homeowner Grant but fail to claim it on time.

The easiest way to apply is online through the Province of British Columbia's Homeowner Grant system.

Your BC Assessment Is Not Your Market Value

This time of year often sparks conversations about home values.

Many homeowners receive their property tax notice, see their BC Assessment value, and assume that's what their home is worth in today's market.

The reality is that BC Assessment and market value are often very different.

BC Assessments are based on a valuation date that occurred months ago and cannot account for every factor that affects today's market, including:

• Property condition
• Renovations and upgrades
• Location within a neighbourhood
• Current inventory levels
• Buyer demand
• Financing conditions
• Recent comparable sales

The best way to determine current market value is through a comparative market analysis using recent sales and current competition.

The Market Has Changed

If you've been following real estate over the past few years, you've likely noticed that today's market looks very different from the market we experienced during 2021 and 2022.

The COVID-era frenzy created a unique environment where multiple offers, rapid appreciation, and homes selling within days became common. Those conditions no longer exist.

Today's buyers are more cautious, inventory levels are higher, and purchasers have more choices. In many segments of the market, we are operating in a buyer's market where pricing strategy has become more important than ever.

Why Pricing Matters More Than Ever

One of the biggest mistakes sellers make today is pricing their home based on what a neighbour received in 2021 or 2022.

Those prices are history.

The market doesn't care what a property might have sold for four years ago. It only cares what buyers are willing to pay today.

When a property is overpriced in a buyer's market, several things happen:

• Showings slow down.
• Buyers skip the listing entirely.
• Days on market increase.
• Price reductions become necessary.
• The property develops a stale reputation in the marketplace.

By the time many sellers adjust their price, they've already missed the strongest period of buyer interest.

We often tell clients that you don't want to be chasing the market downward. The goal is to be positioned correctly from the start.

Aggressive pricing doesn't mean giving your home away. It means pricing strategically based on current market conditions, recent comparable sales, and buyer expectations. In today's market, proper pricing generates showings, and showings generate offers.

No showings means no offers.

Thinking About Selling?

If you're considering a move this year, now is a great time to get an accurate understanding of your home's current market value.

A professional market evaluation can help you understand:

• What buyers are currently paying in your neighbourhood
• How your property compares to competing listings
• Where your home should be positioned in today's market
• What improvements could increase value before listing

Whether you're planning to sell next month or next year, having accurate information allows you to make informed decisions.

Need Help?

If you have questions about your property taxes, Homeowner Grant, BC Assessment, or the current North Okanagan real estate market, feel free to reach out.

We're always happy to help homeowners make sense of the market and develop a strategy that gets results.

O'Keefe 3% Realty
- Serving Vernon, Coldstream, Armstrong, Enderby, and the North Okanagan