The threshold is being lowered for B.C. homeowners who qualify for a grant to help offset property taxes.
The province says a decline in housing prices has prompted the threshold to be set at $1.525 million for 2020, 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.
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 living in northern and rural areas can claim as much as $1,045 off their annual tax bill.
Homeowners may also be eligible for property tax deferment if they are 55 years or older or are financially supporting a child.
The Canadian Press