2017 property assessments to arrive soon

Single family homes in Kelowna are seeing increased values at an average of 11%.

That's according to BC Assessment, which is publishing this year's valuations for the Okanagan region.

Deputy Assessor Tracy Wall says increases to home values in Kelowna were the highest this year that they've seen in awhile.

"For single family homes, they're up a little over 11% on average, and for strata properties, around 14% increase on average," she said

"The ranges were even higher. We're looking at ranges of 0-20% for single family homes, and up to an increase of 30% for stratified properties."

She says the average single family home price has soared.

"What we saw in Kelowna was (an average price of) $561,600, and it went up to $624,000 - our average value for a single family home in Kelowna," she said.

Wall also says some property value increases have been closer to 40%.

"It's the value as of July 1, 2016, what your property could have sold for. So depending on market activity it can go up or down or stay the same," she said.

"But this was the highest increase we've seen in several years."

The highest-valued home in Kelowna was a $9.23 million dollar house on Hobson Road, which was over a million dollars more than the next-highest, on Pritchard Drive in West Kelowna.

Municipalities with the lowest value increases were Princeton and Spallumcheen, which both saw average increases to single family home values of under 4%.