Housing values up in Kamloops in 2019; down in much of the Okanagan

The value of a single-family home in Kamloops climbed seven per cent in 2019 when compared to the previous year but dropped in many Okanagan towns and cities.

B.C. Assessment released its annual report on property values today, Jan. 2 as 280,800 assessment notices are being mailed out.

“Throughout the Thompson, the majority of homeowners can expect an increase in value compared to last year," Thompson area deputy assessor Tracy Shymko said in a news release.

The biggest jump in the Thompson-Okanagan was 25 per cent in Clinton, where a typical single-family home climbed in value from $120,000 to $150,000. By comparison, the seven per cent increase in Kamloops took a similar home to $461,000, up from $431,000.

In the Okanagan, Kelowna saw a drop in value of two percent to $629,000, but it’s still the most expensive city in the region. Sun Peaks topped the list of communities of all sizes at $829,000 a drop of two per cent.

West Kelowna values fell one per cent to $607,000, Penticton fell by three per cent to $469,000. Peachland, Coldstream and Spallumcheen also saw drops in value.

Vernon was up four per cent to $463,000.

The assessed values are based on on data effective July 1, 2019 versus July 1, 2018.

Overall, property values in the region climbed from $147.7 billion to $153.1 billion, with $2.7 billion of that increase coming from new construction, subdivisions and re-zonings.

"It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes," Shymko said. "As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."

Below are the new typical single-family home values in the Thompson and Okanagan region as provided by B.C. Assessment with the percentage change in brackets:

• Ashcroft, $261,000 (+17%)
• Armstrong, $400,000 (+4%)
• Barrier, $246,000 (+11%)
• Cache Creek $181,000 (+11%)
• Chase, $305,000 (+7%)
• Clearwater, $243,000 (+5%)
• Clinton, $150,000 (+25%)
• Coldstream, $581,000 (-2%)
• Enderby, $304,000 (+1%)
• Kamloops, $461,000 (+7%)
• Kelowna, $629,000 (-2%)
• Keremeos, $275,000 (+2%)
• Lake Country, $627,000 (+1%)
• Lillooet, $257,000 (+20%)
• Logan Lake $245,000 (+7%)
• Lumby, $340,000 (+5%)
• Lytton, $160,000 (+17%)
• Merritt, $289,000 (+9%)
• Oliver, $389,000 (+2%)
• Osoyoos, $430,000, (+4%)
• Peachland, $574,000 (-1%)
• Penticton, $469,000 (-3%)
• Princeton, $215,000 (+9%)
• Salmon Arm, $413,000 (+3%)
• Sicamous, $298,000 (+1%)
• Spallumcheen, $345,000 (-5%)
• Summerland, $526,000 (-2%)
• Sun Peaks, $829,000 (-2%)
• Vernon, $463,000 (+4%)
• West Kelowna, $607,000 (-1%)

B.C. Assessment’s website here includes more details about 2019 assessments, property information and trends such as lists of 2019’s top valued residential properties across the province.

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