Property valuations are in the mail for BC homeowners.
BC Assessment has sent its 2021 ratings to the owners of more than 283,500 properties across the Thompson Okanagan. The ratings reflect the market value as of July 1, 2020.
“For the Okanagan, the majority of homeowners can expect moderate changes in value compared to last year,” said Tracy Wall, assistant appraiser for the Okanagan region.
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“Some of our smaller communities like Keremeos, Princeton, Enderby and Lumby are seeing significantly higher increases in housing values compared to last year.”
In the Thompson area, the majority of homeowners will see ratings from 0 to 10 percent, said Tracy Shymko, associate appraiser in the Thompson area.
Across the entire Thompson and Okanagan region, total valuations increased from $ 152.8 billion in 2020 to $ 159.3 billion in 2021. In total, approximately $ 2.4 billion of the region’s updated valuations came from new builds, subdivisions, and new buildings the reallocation of real estate.
Individual community ratings for single family homes are as follows:
- Kelowna – three percent up from $ 629,000 to $ 650,000
- West Kelowna – up four percent from $ 607,000 to $ 632,000
- Lake Country – seven percent up from $ 627,000 to $ 673,000
- Penticton – two percent up from $ 469,000 to $ 479,000
- Keremeos – Up 11 percent from $ 275,000 to $ 304,000
- Princeton – 17 percent up from $ 215,000 to $ 252,000
- Summerland – 2 percent decrease from $ 526,000 to $ 517,000
- Oliver – seven percent up from $ 389,000 to $ 416,000
- Osoyoos – one percent increase from $ 429,000 to $ 433,000
- Peachland – Up 3 percent from $ 573,000 to $ 590,000
- Enderby – 12 percent up from $ 303,000 to $ 339,000
- Armstrong – 7 percent increase from $ 399,000 to $ 425,000
- Vernon – three percent up from $ 463,000 to $ 479,000
- Coldstream – up four percent from $ 581,000 to $ 606,000
- Lumby – Up 13 percent from $ 340,000 to $ 384,000
- Low in Salmon – 3 percent increase from $ 413,000 to $ 426,000
- Spallumcheen – seven percent more from $ 342,000 to $ 367,000
- Sicamous – 7 percent increase from $ 298,000 to $ 318,000
Nationwide there are 2,114,885 properties in the British Columbia appraisal roll, a one percent increase over the previous year. The value of real estate in British Columbia is estimated at $ 2.01 trillion. This corresponds to an increase of almost 4.2 percent compared to 2020.
Property sales are used each year to determine property values across the province.
Property owners can compare their property values to those in the province by visiting bcassessment.ca and using Find Your Assessment. You can also find information under Property Information and Trends on the website.
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