VICTORIA - Another sign of B.C.'s cooling housing market is appearing in the form of property assessments that show some home values falling for the first time in years.

At the same time, the B.C. government is increasing the provincial homeowner grant that's used to help offset property taxes, which are partly based on the assessments.

The B.C. Assessment Authority says most homeowners will see a change of less than five per cent in the value of their properties compared to last year, but some may see a significant decrease, especially on Vancouver's west side and in Whistler, Pemberton, the Sunshine Coast and Bowen Island.

The reductions come after housing prices cooled during 2012, but some properties have also risen in value, and to deal with that, the government is increasing the threshold for people to claim the homeowners grant.

The threshold will rise by $10,000, meaning people with homes valued up to $1.29 million will qualify for the grant.

Finance Minister Mike de Jong says under the increase, more than one million homeowners in B.C. will be eligible for the full grant, or about 95.5 per cent of homeowners.

Also on HuffPost:

Loading Slideshow...
  • 10) 5850 Northwest Marine Dr., UBC

    Assessed value: $21,852,000 Lot of 75,000 sq-ft, with five bedrooms and eight bathrooms.

  • 9) 3489 Osler St., Vancouver

    Assessed value: $22,007,000 Built in 1997, this home has six bedrooms and seven bathrooms.

  • 8) 3330 Radcliffe Ave., West Vancouver

    Assessed value: $23,571,000 Built in 1999, this home has five bedrooms and six bathrooms.

  • 7) 1388 The Crescent, Vancouver

    Assessed value: $24,225,000 Built in 1912, this home has eight bedrooms and nine bathrooms.

  • 6) 2815 Point Grey Rd, Vancouver

    Assessed value: $24,413,000 Built in 1962, this home has five bedrooms and six bathrooms.

  • 5) 4857 Belmont Ave., Vancouver

    Assessed value: $24,590,000 Built in 1986, this home has five bedrooms and eight bathrooms.

  • 4) 5696 Newton Wynd, UBC

    Assessed value: $25,420,000 Built in 1992, this home has eight bedrooms and 13 bathrooms.

  • 3) 4719 Belmont Ave., Vancouver

    Assessed value: $25,513,000 Built in 1997, this home has six bedrooms and 10 bathrooms on a lot of almost 60,000 sq.-ft.

  • 2) 3085 Point Grey Rd., Vancouver

    Assessed value: $35,168,000 This unfinished home will have seven bedrooms and nine bathrooms.

  • 1) 4707 Belmont Ave., Vancouver

    Assessed value: $39,269,000 Built in 2007, this home has 10 bedrooms and 17 bathrooms on a lot of 1.7 acres.