Home prices rise since assessments
Homeowners wondering about the accuracy of their 2020 property assessments should remember the valuations reflect the likely selling point last July 1.
A review of 12 Kelowna-area 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.
As it does every year, BC Assessment uses July 1 as the valuation date for property notices that are sent out in early January of the following year.
This year, BC Assessment says the average single-family home in Kelowna has an assessed value of $650,000, which is 3% higher than $629,000 assessment for the same property in 2019.
Most of the 12 randomly selected Kelowna area properties currently on sale that were examined by The Daily Courier on Monday had asking prices considerably in excess of their new assessed value.
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 square feet 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 Gertsmar 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).