I don't believe it's goodbye to the grant (correct me if I'm wrong) but a reduction on the grant based on the amount over the threshold of $1.2M.
Im quite sure its goodbye to the grant once you are over the 1.2M threshold. There are two levels of grant reduction. A larger reduction if you are a senior/disabled/veteran I believe. The basic level (that most homeowners used to receive before prices went crazy) is the one homeowners are losing out on now. I got this from the city of Vancouver site.
2016 home owner grant threshold increased to $1.2 million
In 2016 the home owner grant threshold of assessed value is $1.2 million (from $1.1 million in 2015). The grant is reduced by $5.00 for each $1,000.00 above the threshold.
- The basic grant is eliminated when the assessed value reaches $1.314 million
- The additional grant is eliminated when the assessed value reaches $1.369 million
If you qualify for the seniors or other additional grant, but the grant amount has been reduced or eliminated due to the 1.2 million threshold, you may still be eligible for the low income grant supplement .