Revelstoke home values increased for the first time in five years — but just barely.
BC Assessment released its assessment rolls this morning and for the first time since 2010 the total value of Revelstoke homes went up — but only by a measly third of a per cent.
The overall value of business and industrial properties in Revelstoke increased by 4.17 per cent.
The total value of all properties in Revelstoke increased by $18,769,000 to $1,415,538,000 in 2015, up from $1,396,769,000 last year. Of that, $4.2 million was due to new construction.
According to BC Assessment, the average home that was worth $310,000 in 2014 is now worth $313,000.
Properties were evaluated on July 1, 2014.
Revelstoke is part of the North Okanagan assessment region, which also includes Vernon and the Shuswap. The total property value is up across the region to $27,173,940,965 this year from $26,221,360,408 last year. Almost $393 million of that increase is from new construction.
“Most homes in North Okanagan are worth more in value compared to last year’s assessment roll,” said Jason Sowinski, Deputy Assessor, in a news release. “Most home owners in the North Okanagan will see modest changes in the -5% to +10% range.”
The last time the Revelstoke assessment roll increased was 2010, when the total value of all property in Revelstoke peaked at about $1.6 billion.
In B.C., the biggest assessment increases took place in the northwest, where Kitimat saw home values jump by almost 38 per cent, while in Terrace property values jumped by more than 28 per cent.
The percentages reflect the total value of all properties, and includes the impact of new construction. The assessment of individual properties varies.
Assessment notices will be sent out in the mail in early January. You can also search for a homes assessment value online at bcassessment.ca.