In the next few days, owners of more than 227,000 properties throughout the Okanagan region can expect to receive their 2018 assessment notices which reflect market value as of July 1, 2017.
Deputy Assessor Tracy Wall says 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,” said Wall.
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 North Okanagan region. These examples demonstrate market trends for single family residential (or strata where noted) properties by geographic area:
(The numbers are represented in the following order: Community, 2017 Assessments, 2018 Assessments, Change in Value Percentage)
Lake Country $619,000, $727,000 +17 per cent
Armstrong $326,000, $371,000 +13 per cent
Enderby $260,000, $302,000 +16 per cent
Vernon $441,000, $493,000 +11 per cent
Vernon (Strata) $230,000, $259,000 +12 per cent
Coldstream $578,000, $664,000 +14 per cent
Salmon Arm $371,000, $415,000 +11 per cent
Spallumcheen $372,000, $395,000 +6 per cent
Sicamous $313,000, $355,000 +13 per cent
Lumby $278,000, $320,000 +15 per cent