Revelstoke has seen an average of seven per cent increase in assessed property values, according to BC Assessments.
Although Revelstoke did not see the largest increase in the Kootenay region, it has the second most valuable properties on average in the region at $546,000 for single-family dwellings, after Fernie.
Overall, every single region in B.C. reported a zero to 10 per cent increase in valuation.
RE/MAX Revelstoke Reality Owner Mass Spataro said one of the main reasons why homes in Revelstoke are so valuable is due to supply and demand.
“We’re not building new homes, for people wanting to move here, fast enough.”
He said the lack of staff housing is probably also putting stress on the local real estate market, helping to drive up prices.
For the last four years, Spataro said Revelstoke has been a seller’s market.
BC Assessment said while real estate markets across the province ground to a halt in March, demand soon exploded.
“It was like someone turned a tap on,” said Spataro.
He said people are flocking to B.C. and Revelstoke is an attractive place to live, especially for its outdoor lifestyle.
The municipalities with the largest property assessment increase in the Kootenays were Salmo and Slocan at 19 per cent.
The most expensive property in our region is in Windermere at $6.1 million. The second most expensive home in the Kootenays is located in Revelstoke at $5.3 million. The residence is a ski chalet known as Bighorn.
Since 2017, property values have increased in Revelstoke by 53 per cent.