Property assessments down in some parts of Okanagan

Jan 2, 2024 | 11:18 AM

Some property owners in the Okanagan will see decreases in their 2024 property assessments that will arrive in the mail this week.

The notices from BC Assessment reflect the market value as of July 1, 2023.

Deputy assessor Boris Warkentin said most homeowners in the Southern Interior can expect modest changes.

“With the softer real estate market, most changes in home values will be somewhere between -10 per cent to +5 per cent in the Thompson-Okanagan communities whereas Kootenay Columbia changes are slightly more at -10 per cent to +10 per cent,” Warkentin said.

In the North Okanagan, Vernon saw the typical assessed value for single-family homes rise 2 per cent to $725,000, while Coldstream was up 4 per cent to $922,000 (see table below).

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Spallumcheen saw the biggest jump at 5 per cent, up to $610,000.

The summaries below provide estimates of typical 2023 versus 2024 assessed values of properties throughout the region. These examples demonstrate market trends for single-family residential properties by geographic area throughout the Southern Interior.

Armstrong	$663,000 (2023)	$670,000 (2024)	+1%
Enderby	$538,000	$536,000	0%
Vernon	$714,000	$725,000	+2%
Coldstream	$888,000	$922,000	+4%
Salmon Arm	$667,000	$657,000	-2%
Spallumcheen	$583,000	$610,000	+5%
Sicamous	$490,000	$510,000	+4%
Lumby	$568,000	$560,000	-1%

In the Central Okanagan, Kelowna’s typical assessed value decreased by 3 per cent to $953,000.

Kelowna	$987,000 (2023)	$953,000 (2024)	-3%
West Kelowna	$964,000	$912,000	-5%
Lake Country	$972,000	$955,000	-2%
Penticton	$727,000	$708,000	-3%
Summerland	$788,000	$776,000	-2%
Keremeos	$505,000	$498,000	-1%
Oliver	$610,000	$609,000	0%
Osoyoos	$684,000	$673,000	-2%
Princeton	$389,000	$378,000	-3%
Peachland	$889,000	$884,000	-1%

BC Assessment said the Southern Interior’s total assessments increased from $303 billion in 2023 to almost $315 billion this year. A total of almost $5.9 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.

The examples below demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic area for select Southern Interior urban communities:*

Kelowna	$517,000 (2023)	$513,000 (2024)	-1%
West Kelowna	$547,000	$523,000	-4%
Penticton	$413,000	$403,000	-2%
Vernon	$399,000	$401,000	0%
Kamloops	$405,000	$398,000	-2%
Sun Peaks	$758,000	$764,000	+1%
Cranbrook	$247,000	$262,000	+6%
Nelson	$558,000	$526,000	-6%

BC Assessment’s website at bcassessment.ca includes more details about 2024 assessments, property information and trends such as lists of 2024’s top valued residential properties across the province.

The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2024 property assessments for anywhere in the province.

Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property’s 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use an interactive map.

by Pete McIntyre

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