Property values increased in Revelstoke for the second straight year in a row in 2015, BC Assessment announced Monday morning.
The annual assessment roll was published Monday morning and they showed that the value of all residential property in Revelstoke went up by 3.4 per cent, while the value of commercial properties inched up by a mere 0.81 per cent.
However, the average price of a single-family home went up by 9.8 per cent, to $325,000 from $296,000.
Ramaish Shah, the deputy assessor for Kootenay-Columbia, said the difference is because the first number includes all residential buildings, including apartment buildings and other multi-family dwellings.
“It’s a larger summary than just looking at single-family properties,” he said.
The total value of all properties in Revelstoke increased by almost $70 million to $1,482,708,710 in 2016, from $1,415,538,000 in 2015.
It’s the first significant increase in home values since 2010; last year property values went up by only third of a percent.
Property values are up throughout the Kootenay-Columbia region, which Revelstoke was moved to this year from the Okanagan. Revelstoke has one of the highest average home values in the region, behind only Fernie ($448,000), Invermere ($371,000), Nelson ($333,000), and Radium ($331,000). Not surprisingly, the top five are all resort communities.
“The majority of residential home owners within the region can expect an increase, compared to last year’s assessments,” said Shah.
According to BC Assessment, the most valuable home in the Revelstoke area is at 3669 Catherwood Road; it’s assessed at $2,251,000. One other home, at Revelstoke Mountain Resort, is valued at more than $2 million.
BC Assessment launched a new website this year that includes more details on property values.
Assessments are being mailed out this week and appeals can be filed until February 1. If you don’t want to wait, you can see your assessment online.