The threshold is being lowered for homeowners who qualify for a grant to help offset property taxes in British Columbia.

The provincial government says a decline in housing prices is behind the decision to lower the property value threshold to qualify for the full grant.

The threshold for 2020 is set at $1.525 million, down from $1.65 million in 2019.

The Finance Ministry says 92 per cent of homeowners will be eligible for the full $570 grant in 2020, the same as last year.

BC Assessment said Thursday there was an 11 per cent annual decline in the typical value of single-family homes in Vancouver, with the average assessment standing at $1.57 million as of July 1, 2019.

Townhouse and condo sales were below historic averages for June in both the Fraser Valley and Greater Vancouver. according to regional real estate boards. (Darryl Dyck/Canadian Press)

Partial grants for more expensive properties

Residents whose homes are over the $1.525 million threshold are still able to claim some of the grant, which is reduced by $5 for every $1,000 of assessed value above the threshold.

Those 65 and older who are living in their homes in northern and rural areas can claim as much as $1,045 off their annual tax bill under the grant program.

Homeowners may also be eligible for property tax deferment if they are 55 years or older or are financially supporting a dependent child.