West Kelowna home values rise 15 per cent
The most expensive residential properties in the Okanagan are in Lake Country, where the typical single family home now costs $727,000.
The town of 13,000 people once again tops the list of 18 Valley communities in terms of average home prices, according to newly-released information from BC Assessment.
“It shows that Lake Country is a desirable place to live,” Mayor James Baker said Tuesday.
“In terms of people being able to afford that kind of housing, I suppose it’s a good thing,” he said. “But on the other hand, it means we probably don’t have as diverse a population as some other communities.”
Average house prices in Lake Country have been the highest of any Okanagan town or city in three of the past four years. The community has also seen a building boom, with three successive years of record construction values.
“Lake Country is central to two larger population centres, in Kelowna and Vernon,” Baker said, describing the town’s appeal. “Plus, we’re very close to the airport and UBCO, and those are two huge economic drivers that attract a lot of people.”
Homes in Lake Country rose 17 per cent in value over the past year, from the 2017 average assessment of $619,000. Only two other Okanagan communities experienced the same rate of valuation increase ó Kelowna and Osoyoos.
If that rate of increase were to to continue for the next two years, the average home in Lake Country will cost just under $1 million in 2020.
Currently, the Valley’s second-most expensive housing is in Kelowna, where the average single-family home has an assessed value of $727,000, up from $619,000 last year. In Kelowna, the average strata unit rose 16 per cent in value, from $325,000 to $377,000.
A typical single-family home in West Kelowna rose 15 per cent in value over the past year, from $588,000 $682,000.
In Peachland, a typical single-family home is now worth $612,000, up 16 per cent from $527,000 a year ago.
Here’s a look at some randomly chosen properties for sale in West Kelowna and how their sale prices compare to the assessed value, which can be found on the BC Assessment website.
— Unit 305 at 3220 Skyview Lane in the Copper Sky condo complex, has an assessed value of $292,000. It’s for sale for $300,000.
— Unit 411 at 2070 Boucherie Rd. in the Tuscany Villas condo complex, has an assessed value of $289,000. Its asking price is $325,000.
— In Peachland, a Àve-bedroom, four-bath home built in 2012 has an assessed value of $780,000. It’s listed for sale at $859,000.
— A four-bedroom, four-bath home on Casa Grande Drive has an assessed value of $828,000. Built in 1992, it’s currently for sale, with an asking price of $959,000.
Assessments are based on sales of similar properties, as well as a home's size, age, quality, condition, view and location.
In Kelowna, a typical property with a commercial classiÀcation experienced a valuation increase between zero and 30 per cent, with light industrial properties rising in value between zero and 20 per cent.