The property at 345 Lower Bench Road is the most valuable in Penticton, worth close to $8 million. (Google Maps)

The property at 345 Lower Bench Road is the most valuable in Penticton, worth close to $8 million. (Google Maps)

Penticton’s most expensive property worth almost $8 million

Home values skyrocket as BC Assessment publishes updated numbers Jan. 4

The most expensive property in Penticton is worth $7,955,000 according to BC Assessments.

The property is located just outside of the city at 345 Lower Bench Road, and its 2021 assessment is almost double what the property was assessed at in 2020, at $4,018,000, and more than a million higher than the $6.5 million it sold for in May that year.

The two-story house and 9.64 acre property is the only Penticton location to make the list of 100 most valuable properties in the Thompson Okanagan.

The growth in value was felt across the region, with single-family residential properties on average increasing by 33.5 per cent in Penticton from July 2020 to July 2021, with the average rising from $479,000 to $637,000.

“Yesterday I went on the BC assessment website to check out the value of my mobile home,” Penticton resident Mark Billesberger wrote to the Western. “In 2021, it was assessed at $144,000. This year my assessment skyrocketed to $242,000, a gain of $98,000.”

Strata properties saw a smaller but still substantial growth of 22.1 per cent over the same period.

READ MORE: B.C. home values increase by 22% for 2022, biggest changes in single-family houses

According to BC Assessments, the increase is largely driven by higher demand from homebuyers during the pandemic.

Two Summerland properties, at 4200 Williams Ave, and 903 Dent Street, also made the top 100 list with values of $6.4 million and $6,310,000.

The Williams Avenue property grew from $5,067,000 in 2020, while the Dent Street property grew from $5,163,000.

READ MORE: Penticton’s Kampe estate sold again

Summerland on average saw their single-family homes go from $517,000 to $695,00, an average increase of 34 per cent.

The biggest percentage increase was seen in Keremeos, where the average assessed property went from $304,000 to $449,000, or an increase of 48 per cent.

To report a typo, email: editor@pentictonwesternnews.com.


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