Small communities in Thompson-Okanagan saw big increases in property assessments

Property values in most of the bigger cities in the Thompson-Okanagan region only grew slightly in 2020.

But some of the region’s smallest communities saw double digit increases, according to B.C. Assessment figures released today, Jan. 4, based on property values as of July 1, 2020.

Of the region’s five biggest cities, Penticton saw the smallest increase at two per cent, Kelowna and Vernon’s values went up three per cent and West Kelowna by four percent.

Kamloops values went up by six per cent.

By contrast, Princeton had the biggest increase in the region at 17 per cent, followed by Logan Lake at 15 per cent, Cache Creek at 14 percent and Lumby at 13 per cent.

Sun Peaks had the most valuable properties in the Thompson-Okanagan with a typical single family home being assessed at $920,000 and a typical condo at $531,000.

The cheapest homes are in Lytton, which was one of only two communities in the region to see a decline in values with the typical home falling seven per cent to $149,000.

Summerland’s assessed values dropped by two per cent.

Assessed values for more than 283,500 properties in the region went up by $6.5 billion to $59.3 billion, with $2.4 billion of that being from new construction.

Assessment notices are in the mail to property owners this week and the list of the most valuable residential properties will be coming out later today.

Here are the single family property value increases and typical values for the region’s towns and cities:

• Sun Peaks, up 11 per cent to $920,000
• Lake Country, up 7% to $673,000
• Kelowna, up 3% to $650,000
• West Kelowna, up 4% to $632,000
• Coldstream, up 4% to $606,000
• Peachland, up 3% to $590,000
• Summerland, down 2% to $517,000
• Kamloops, up 6% to $488,000
• Penticton, up 2% to $479,000
• Vernon, up 3% to $479,000
• Osoyoos, up 1% to $433,000
• Salmon Arm, up 3% to $426,000
• Armstrong, up 7% to $425,000
• Oliver, up 7% to $416,000
• Lumby, up 13% to $384,000
• Spallumcheen, up 7% to $367,000
• Enderby, up 12% to $339,000
• Merritt, up 12 per cent to $323,000
• Sicamous, up 7% to $318,000
• Chase, up 2% to $309,000
• Keremeos, up 11% to $304,000
• Logan Lake, up 15 per cent to $282,000
• Ashcroft, up 5% to $273,000
• Barriere, up 10% to $270,000
• Lillooet, up 6% to $270,000
• Clearwater, up 5% to $255,000
• Princeton, up 17% to $252,000
• Cache Creek, up 14% to $207,000
• Clinton, up 2% to $153,000
• Lytton, down 7% to $149,000

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