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By Liam Verster

2025 Property Assessments

Vernon properties see decline in assessed value

Jan 2, 2025 | 11:42 AM

B.C. Assessment released it’s annual residential property assessment report Tuesday, Jan. 2, which shows the values of homes in Vernon declining slightly.

The agency that evaluates the worth of properties in the province said the average single family home in Vernon was valued at $721,000 for 2025, down from the previous year’s value of $724,000.

Coldstream also saw property values decline from $921,000 to $902,000.

Updated average values for single family home properties in the region include:

• City of Armstrong – $639,000 (-5% on an annual basis)
• Township of Spallumcheen – $623,000 (+1%)
• Village of Lumby – $571,000 (+2%)
• City of Enderby – $535,000 (no change)
• Lake Country – $930,000 (-3%)
• City of Kelowna – $938,000 (-1%)
• City of West Kelowna – $904,000 (-1%)

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Though assessed values for the communities saw some declines, the highest valued properties in the Southern Interior were found in the Central Okanagan.

The highest valued residential property, estimated at $15,656,000, was located in Lake Country.

The second highest valued property was found in Kelowna at $14,368,000, with the third also located in Lake Country and valued at $13,451,000.

B.C. Assessment provided a list of the top 100 valued residential properties in the Southern Interior, which included four in Coldstream, one of which was valued at $11,561,000. There were no properties in Vernon or other North Okanagan communities included in the list.

B.C. Assessment said there were 444,668 residential properties assessed in the Southern Interior, which was up one per cent from the properties identified in 2024.

The total value of the assessed properties in the region was $322.8-billion, which was up $5.29-billion, or three per cent, from the previous year’s value.

“For 2025, most homeowners can expect generally flat property assessment value changes in the minus five to plus five per cent range for many Thompson Okanagan communities while homeowners in Kootenay Columbia areas may see a higher rate of change in the zero to 10 per cent range,” B.C. Assessment’s Deputy Assessor, Boris Warkentin, said.

“For property owners throughout the Southern Interior, there may be a delay in receiving your 2025 Assessment Notices due to ongoing Canada Post backlogs, but anyone can check updated values at bcassessment.ca, using our online property search service.”

B.C. Assessment added the total value of new construction, subdivisions and rezoning in the Southern Interior was valued at $5.3-billion for 2025.

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