Little change in Okanagan property values

Jan 2, 2020 | 11:55 AM

The value of residential properties increased slightly in Vernon in 2019 but went down in Kelowna.

However BC Assessment indicated there was not much change in Okanagan land prices from the year before.

In the next few days, owners of more than 280,800 properties throughout the Thompson Okanagan should expect to receive their 2020 assessment notices, which reflect market value as of July 1, 2019.

“For the Okanagan region, the majority of homeowners can expect to see stable values with slight changes from last year,” said Okanagan area deputy assessor Tracy Wall. “Commercial and industrial properties have shown increases, especially in the North Okanagan.”

“Throughout the Thompson, the majority of home owners can expect an increase in value compared to last year,” said Thompson area deputy assessor Tracy Shymko. “Comparing July 2018 and July 2019, home values have risen consistently for most of Kamloops and the Thompson with a few communities seeing increases slightly higher than others, especially in Clinton, Lillooet, Ashcroft and Lytton.”

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BC Assessment collects, monitors and analyzes property data throughout the year.

On Thursday, the agency released a table showing the Thompson Okanagan’s estimated range of percentage changes to 2020 assessment values by property type compared to 2019.

Assessments vary by jurisdiction or municipality within the region.

Property Type	Kelowna/Okanagan areas 2020 Assessments Range of per cent changes in value (as of July 1, 2019)	Kamloops/Thompson areas 2020 Assessments Range of per cent changes in value (as of July 1, 2019)
Residential Single Detached Homes	-5 per cent to +10 per cent	-5 per cent to +20 per cent
Residential Strata Units (e.g. condominiums)	-10 per cent to +10 per cent	0 per cent to +15 per cent
Commercial	-5 per cent to +15 per cent	-5 per cent to +25 per cent
Industrial	-5 per cent to +20 per cent	-15 per cent to +20 per cent

Overall, the Thompson Okanagan’s total assessments increased from about $147.7 billion in 2019 to $153.1 billion this year.

A total of about $2.7 billion of the region’s updated assessments was from new construction, subdivisions and rezoning of properties.

Estimates of typical 2019 versus 2020 assessed values of properties throughout the region were also released.

Single family homes:

Single Family Homes By Community	2019 Typical Assessed Value as of July 1, 2018	2020 Typical Assessed Value as of July 1, 2019	% Change
City of Kelowna	$643,000	$629,000	-2%
West Kelowna	$614,000	$607,000	-1%
Lake Country	$619,000	$627,000	+1%
Penticton	$481,000	$469,000	-3%
Summerland	$517,000	$526,000	+2%
Keremeos	$270,000	$275,000	+2%
Oliver	$381,000	$389,000	+2%
Osoyoos	$413,000	$430,000	+4%
Princeton	$197,000	$215,000	+9%
Peachland	$582,000	$574,000	-1%
Armstrong	$384,000	$400,000	+4%
Enderby	$300,000	$304,000	+1%
Vernon	$447,000	$463,000	+4%
Coldstream	$590,000	$581,000	-2%
Salmon Arm	$401,000	$413,000	+3%
Spallumcheen	$364,000	$345,000	-5%
Sicamous	$294,000	$298,000	+1%
Lumby	$323,000	$340,000	+5%
Kamloops	$431,000	$461,000	+7%
Barriere	$221,000	$246,000	+11%
Clearwater	$230,000	$243,000	+5%
Merritt	$266,000	$289,000	+9%
Ashcroft	$222,000	$261,000	+17%
Cache Creek	$163,000	$181,000	+11%
Chase	$286,000	$305,000	+7%
Clinton	$120,000	$150,000	+25%
Logan Lake	$230,000	$245,000	+7%
Lillooet	$215,000	$257,000	+20%
Lytton	$138,000	$160,000	+17%
Sun Peaks	$847,000	$829,000	-2%

Strata residential properties, including condominiums:

Strata Homes By Community	2019 Typical Assessed Value as of July 1, 2018	2020 Typical Assessed Value as of July 1, 2019	% Change
Kelowna	$370,000	$364,000	-2%
West Kelowna	$402,000	$387,000	-4%
Penticton	$281,000	$287,000	+2%
Vernon	$275,000	$285,000	+4%
Kamloops	$248,000	$269,000	+8%

More information can be found at bcassessment.ca.

“Those who feel that their property assessment does not reflect market value as of July 1, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Tracy Wall said. “If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a property assessment review panel.”

The property assessment review panels, independent of BC Assessment, typically meet between Feb. 1 to March 15 to hear formal complaints.

“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” Shymko said.

Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday.

by Kate Bouey

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