Value of Okanagan property continues steady climb

OKANAGAN – It’s almost time for the annual release of B.C. Assessment’s property values and the chance to check online what your neighbour’s house is worth.

Property value increases in the Okanagan are looking a lot like 2017 with many detached single family homes up between 10 and 20 per cent, according to a press release from B.C. Assessment.

B.C. Assessment is sending out thousands of early-notification letters to property owners who's valuations rose more than 20 per cent, however most of them were in the Lower Mainland and B.C. Assessment spokesman Tim Morrison would not provide details about the Okanagan.

"It's more of a Vancouver story for the early notification letter," he said in an email.

However, the biggest increases this year may be in the condo market where increases of 10 to 30 per cent are expected in Metro Vancouver, the Fraser Valley, Vancouver Island and the Okanagan Valley.

Commercial and industrial properties are up 10 to 20 per cent across most of the province and even higher in the Lower Mainland.

Valuations for the entire province will be available online Jan. 2 and can be searched by individual property addresses.

According to the B.C. Assessment website, it considers comparable sales as well as the size, quality, age, condition, view and location when determining the value.

B.C. communities typically use the B.C. Assessment valuations to determine their property tax mil rate.

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