Assessments in the Mail
In the next few days, owners of more than 227,000 properties throughout the Okanagan can expect to receive their 2018 assessment notices in the mail.
The average Vernon home increased 11% to $493,000. The increase in Coldstream is 14% to $664,000.
Armstrong properties are up 13%, Lumby is 15, but Enderby saw the biggest percentage increase at 16%. Spallumcheen properties saw on average, an increase of 65.
The most expensive property in the Okanagan, is a waterfront home on Hobson Road in Kelowna at $10,029,000 There are 3 Coldstream properties in the top 100 of the Okanagan, ranging from 5.8-million for a Kalavista Drive home to 4.5-million, also on Kal Lake.
The highest valued in the province is on Point Grey Road in Vancouver. Lululemon founder Chip Wilson's mansion is valued at nearly 79 million dollars.
"The majority of residential home owners within the region can expect a moderate increase compared to last year's assessment," says Deputy Assessor Tracy Wall. "Some properties in our region were impacted by spring floods or summer wild fires. The local BC Assessment staff have identified most of these properties to ensure they receive an accurate assessment. It is still possible that some properties may still need to be reviewed, so owners may want to contact our office for more information if they have not already been contacted."
Overall, the Okanagan's total assessments increased from $98 billion in 2017 to $119 billion this year. A total of over $2.5 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties. The Okanagan forms part of BC Assessment's Thompson Okanagan region. The Okanagan portion includes the Shuswap (Sicamous to Sorrento) in the north, then south through all of the Okanagan communities to the Canada/US border at Osoyoos and west to Princeton.
The summary below provides estimates of average 2017 versus 2018 assessed values of residential homes throughout the region. These examples demonstrate market trends for single family residential (or strata where noted) properties by geographic area:
Community 2017 Assessments 2018 Assessments Percentage Change in Value (2018 vs. 2017)
Penticton $431,000 $502,000 +16%
Penticton (Strata)$246,000 $284,000 +15%
Summerland $500,000 $582,000 +16%
Keremeos $253,000 $273,000 +7%
Oliver $375,000 $327,000 +14%
Osoyoos $402,000 $472,000 +17%
Princeton $202,000 $224,000 +10%
Kelowna $619,000 $725,000 +17%
Kelowna (Strata)$325,000 $377,000 +16%
Peachland $527,000 $612,000 +16%
Lake Country$619,000 $727,000 +17%
West Kelowna$588,000 $682,000 +15%
Armstrong $326,000 $371,000 +13%
Enderby $260,000 $302,000 +16%
Vernon $441,000 $493,000 +11%
Vernon (Strata)$230,000 $259,000 +12%
Coldstream $578,000 $664,000 +14%
Salmon Arm $371,000 $415,000 +11%
Spallumcheen$372,000 $395,000 +6%
Sicamous $313,000 $355,000 +13%
Lumby $278,000 $320,000 +15%
"Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Wall.
"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel," adds Wall.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.