Residents of the Okanagan can expect to see the value of their properties raise when they receive their BC Assessment in the coming days.
More than 289,000 properties across the entire Okanagan will be receiving their assessment in the mail, reflective of market value as of July 1, 2022.
“Homeowners throughout the Okanagan can generally expect to receive assessments that are up about 10 per cent to 15 per cent for houses while condos and townhomes are up a bit higher,” said Okanagan Deputy Assessor Tracy Wall. “Assessments are valued as of July 1, meaning everyone’s annual assessment is a reflection of what your home could have sold for around that time.”
BC Assessment collects and analyzes property data throughout the year and in the past year, they discovered that the total assessments in the Thompson-Okanagan has risen from $203.7 billion to $234.3 billion. About $3.8 billion of that is from new construction, subdivisions, and rezoning.
The City of Kelowna, West Kelowna, and Lake Country now all have average assessment values that are more than $950,000. Kelowna saw a 14 per cent increase in the last year, rising from $869,000 to $988,000. West Kelowna showed a 13 per cent raise to $964,000 while Lake Country is now at $972,000 after a 10 per cent raise.
Joining Kelowna in the 14 per cent increase club is Cache Creek, Merritt, Osoyoos, Penticton, and Summerland.
Condos and townhouses saw a 16 and 17 per cent increase in Kelowna and West Kelowna respectively.
The most expensive house in the Thompson-Okanagan is in Lake Country on Pixton Road, valued at $17,336,000. It is the 156th most expensive house in the province.
In Kelowna, the most expensive house is valued at $14,645,000, on Hobson Road in Kelowna. It is known as the ‘Rock House’ and has now been the most expensive house in Kelowna for five straight years. Across the province, it’s the 297th most expensive house.
In the top 500, Lake Country also has the 445th most expensive house. It is on Juniper Cove Road and is assessed at $12,722,000.
The largest increase happened in Sun Peaks with a 44 per cent raise. In the last year, the average price went from $1,146,000 to $1,647,000.
Following is Clinton with a 41 per cent increase and Clearwater with a 29 per cent raise.
Coldstream, Peachland, and Sicamous saw the lowest increase at nine per cent.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said Thompson area Assessor Tracy Shymko. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
“It is important to think about your assessment as what you could have sold your home for around July 1 of the past year and not necessarily in today’s real estate market.”