House price assessments increase roughly 30 per cent in Kamloops, Okanagan
Numbers released today show homeowners across Kamloops and the Okanagan have seen their properties increase by roughly 30 per cent or more in 2021.
Statistics released from B.C. Assessment show property price increases for single-family homes increased by 34 per cent in both Kelowna and Vernon in 2021, with Penticton's prices increasing by 33 per cent, and Kamloops by 27 per cent.
B.C. Assessment statistics reflect the market value as of July 1, 2021.
At the top of the list is Keremeos where prices have increased by a whopping 48 per cent in 2021. In joint second place, Spallumcheen, Sicamous, and Logan Lake, all saw property prices for single residential family homes rise by 42 per cent.
In Peachland and Osoyoos prices were up 39 per cent, while Enderby saw prices increase 38 per cent.
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The huge increases are in stark contrast with last year's assessed value where the price of a single-family home in Vernon only rose by three per cent compared to the year before.
Strata residential properties also saw large increases in Kelowna at 20 per cent, West Kelowna and Vernon at 25 per cent, Penticton at 22 per cent, and Kamloops at 21 per cent.
According to B.C. Assessment, the Thompson-Okanagan's total assessed value increased from $159.3 billion in 2021 to $204.2 billion this year.
Roughly $3.3 billion in new assessed value came from new construction, subdivisions and the rezoning of properties.
To see your property's new value search your address at B.C. Assessment's website here.
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