Kelowna sees nearly 10 per cent jump in property values

KELOWNA – Homeowners in the Central Okanagan can expect some of the biggest increases in property assessments in the Okanagan region when official notices hit mailboxes this week.

B.C. Assessment says the average single-family home in Kelowna went up 9.63 per cent to $567,600, with Lake Country close behind at 9.16 per cent and an average home value of $557,400.

The average value for a West Kelowna home is $538,100 for 2016, up 7.25 per cent, while an average home in Peachland is valued at $480,500, up 5.79 per cent from last year.

B.C. Assessment breaks out strata title properties in the larger communities and valuations in Kelowna have also increased in 2016, up 7.54 per cent putting the value of the average strata property at $232,200.

Salmon Arm and Spallumcheen proved to be the hot spots for the region, both going up just over 10 per cent. An average home in Salmon Arm is worth $356,400 and $364,900 in Spallumcheen.

Both Penticton and Lumby showed strength this year as well. Penticton residential valuations increased 7.93 per cent to an average of $409,500 while Lumby homeowners saw their average valuation jump 8.57 per cent to $270,900

Overall, property assessments in the Okanagan region rose to $94 billion this year, from $88 billion for 2015. The Okanagan region covers some 222,000 residential, commercial and industrial properties.

B.C. Assessment uses sales and other data to establish the value of a house as of July 1 each year and municipalities use that information to help set property taxes for the following year.

To contact a reporter for this story, email John McDonald at jmcdonald@infonews.ca or call 250-808-0143. To contact the editor, email mjones@infonews.ca or call 250-718-2724.