Lake Country home values shoot up to No. 1 in Okanagan

Average Lake Country home worth $673,000 compared to $650,000 in Kelowna, $632,000 in West Kelowna and $590,000 in Peachland

Homes in Lake Country took the biggest jump in value in 2020 among residential properties in the Central Okanagan.

The assessment for an average single-family home in the town of 15,000 people rose seven cent, from $627,000 to $673,000.

That makes Lake Country the priciest market for single-family homes in the Central Okanagan.

Kelowna had the top spot in 2019, with an average assessment of $629,000, but with an average rise in value of 3% last year the new typical valuation is $650,000.

“For the Okanagan, the majority of homeowners can expect to see moderate value changes compared to last year,” Tracy Wall, Okanagan area deputy assessor for the B.C. Assessment Authority, said in a Monday news release.

“Some of our smaller communities, such as Keremeos, Princeton, Enderby and Lumby are seeing notably higher increases in residential values compared to last year,” Wall said.

Homeowners can now check the assessment value of their own property, and any other for which they know the street address, at bcassessment.ca

Here are the assessments for single-family homes in various Okanagan communities. The first number is this year’s valuation, the second is last year’s, and the third is the percentage change.

Lake Country — $673,000, $627,000, up 7% Kelowna — $650,000, $629,000, up 3% West Kelowna — $632,000, $607,000, up 4% Peachland — $590,000, $573,000, up 3% Vernon — $479,000, $463,000, up 3% Penticton — $479,000, $469,000, up 2% A typical condo or townhouse in Kelowna rose 2% in value, from $364,000 to $372,000. A comparable property in West Kelowna fell 3% in value, from $387,000 to $374,000.

The assessments are said to reflect a property's value on July 1 in the preceding year. The valuations are based on such things as sale price of comparable properties in the area, and the home’s size, age, quality, condition, and view.

A review of Central Okanagan homes currently listed for sale shows all are selling above their assessed value, some by more than $100,0000.

While average home prices were only slightly above 2019 levels through the first half of last year, reflecting unease in the market due to the COVID-19 pandemic, the market has shown more strength since last July.

Average prices for all types of single-family home rose from August through November, to more than $850,000 from about $775,000, according to the Okanagan Mainline Real Estate Board.

“Seasonally, we normally see the market start to calm down towards the colder winter months, however that was not the case for October,” OMREB president Kim Heizmann said in November.

“This seems to be a trend across the province as demand for more living space continues to drive consumer incentives,” said Heizmann, who added homes were selling faster in the fall of 2020 than earlier in the year.

The Daily Courier compared the assessments to sale prices of some randomly chosen houses currently on the market.

Here are the properties, along with a brief description of them, and their selling price with their assessed value in brackets:

1. 620 Hardie Rd, Rutland, three bedrooms, three baths, built in 1986, $615,000 ($508,000)

2. 455 Dougall Rd, Rutland, four bedroom, two bath, 2,112 sq.-ft, built in 1958, $535,000 ($437,000)

3. #18 – 1818 Peak Point Ct., West Kelowna, townhome, $619,000 ($568,000)

4. 10618 Teresa Rd., Lake Country, four bedroom, two bath, built in 1978, $529,000 ($492,000)

5. 4739 Peachland Pl., Peachland, three bedroom, four bath, built in 1992, $699,000 ($637,000)

6. 540 Gerstmar Rd., Rutland, four-bed, three-bath, built 1969, $749,000 ($637,000)

7. 3157 Shetland Rd., North Glenmore, four bed, three bath, built in 2009, $729,000 ($650,000)

8. 1161 Trevor Rd., West Kelowna, five bed, three bath, built 1974 $699,888, ($677,000)

9. 596 Arrowleaf Lane, four bed, four bath, Upper Mission, $849,000 ($701,000)

10. 1133 Windermere Ct., Lower Mission, three bed, four bath, $789,000 ($693,000)

11. 3920 Gallagher's Circle, Gallagher’s Canyon, built 2014, 2,300 square feet, $859,000, ($754,000)

12. 685 Central Ave., downtown Kelowna, six bed, three bath, built 1959, $899,000 ($681,000)