Assessments in Okanagan 5-15% higher
The value of most Okanagan homes has increased between five and 15 per cent during the past year, BC Assessment says.
By contrast, some homes in the Metro Vancouver area have dropped in value between five and 10 per cent, the agency says.
“It’s a real mix in property value changes, but the market can best be summed up as showing signs of stability across most areas of the province,” assessor Tina Ireland said in a release issued Thursday by BC Assessment.
Homeowners will receive the assessment notices, which play a key role in determining how much municipal tax they’ll pay, in early January.
Last year, homes in Lake Country had the highest assessments of any region in the Okanagan.
A typical single-family home in Lake Country was assessed at $727,000, while in Kelowna the comparable figure was $725,000. A typical strata home in Kelowna was assessed last year at $377,000.
Last year’s average single-family home assessments for other Okanagan communities were: $682,000 in West Kelowna, $612,000 in Peachland, $582,000 in Summerland, $502,000 in Penticton and $493,000 in Vernon.
The Okanagan community where single-family homes had the lowest assessed value last year was Keremeos, at $273,000.