2019 Property Assessments Show Increases

Jan 2, 2019 | 11:20 AM

Property assessment notices for 2019 will be arriving in the mail this week, and the majority of residential home owners in the Okanagan will see increases of 5 to 15% over last year.

Katrina LeNoury, an assessor from the Thompson Okanagan region, says the values are based on conditions as of July 1, 2018.

“Local communities and individual housing may experience changes greater or lesser than the average, as market values are based on local market demand and conditions.”

The average assessed value in Vernon is up 8% from $411,000 to $447,000.

Kelowna was up by 7%, from $590,00 to $632,000. (see below for complete list)

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The Okanagan’s biggest increase was in Spallumcheen, where values were up 18% ($307,000 to $364,000).

Overall, the Okanagan’s total assessments increased from about $108 billion in 2018 to $118.6 billion this year,” says LeNoury. “A total of about $2.5 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.”

BC Assessment provided the following examples of 2018 to 2019 changes for single-family residential properties

Kelowna $590,00 $632,000 +7%
West Kelowna $577,000 $614,000 +6%
Lake Country $575,000 $619,000 +7%
Penticton $445,000 $481,000 +8%
Summerland $466,000 $517,000 +10%
Keremeos $240,650 $270,200 +12%
Oliver $352,000 $381,000 +8%
Osoyoos $382,000 $414,000 +8%
Princeton $183,750 $198,000 +7%
Peachland $542,500 $582,500 +7%
Armstrong $353,750 $384,000 +8%
Enderby $292,000 $300,000 +2%
Vernon $411,000 $447,000 +8%
Coldstream $550,000 $590,000 +7%
Salmon Arm $307,000 $364,000 +5%
Spallumcheen $307,000 $364,000 +18%
Sicamous $251,000 $293,800 +17%
Lumby $290,600 $323,400 +11%

Assessed values of single family homes in Metro Vancouver dropped between five and 10 per cent.

You can get more information at BC Assessment’s website at bcassessment.ca including lists of 2019’s top valued residential properties across the province.

The website also provides access to a free, online property assessment search service that allows anyone to search, check and compare 2019 property assessments for anywhere in the province.

A new option allows property owners to unlock additional property search features by registering for a free BC Assessment custom account.

“Property owners can find a lot of information on our website including answers to many assessmentrelated questions, but those who feel that their property assessment does not reflect market value as of July 1, 2018 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says LeNoury. “If a property owner is still concerned about their assessment after speaking to one of our appraisers, they should submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel.

by Corey Fischer