Kamloops and Okanagan housing values up 10% to 15%
The average value of homes in Kamloops and the Okanagan increased by 10% to 15% between 2021 and 2022.
Those numbers are based on the value given to properties by B.C. Assessment as of July 1, 2022.
“It is important to think about your assessment as what you could have sold your home for around July 1 of the past year and not necessarily in today’s real estate market,” Thompson area assessor Tracy Shymko said in a news release.
Housing prices have steadily fallen in recent months from their peak last spring.
READ MORE: Housing price slide in Okanagan, Kamloops eases in November
The value of a typical single-family house in Kelowna was up 14% to $988,000, West Kelowna was up by 13% to $964,000, Penticton was up 14% to $727,000 Vernon was up 11% to $714,000 and Kamloops was up 11% to $689,000.
Sun Peaks saw the biggest increase of 44% to $1,647,000, which is the highest of any area in the Thompson-Okanagan and the only one with an average single-family house being worth more than $1 million.
Big White Ski Resort is not part of the Thompson-Okanagan and property values there are not broken out separately in the Kootenay regional report.
The lowest single-family home values in the Thompson-Okanagan are in Clinton. They saw a 41% increase year over year to $248,000.
Condo/townhouse price increases ranged from 14 to 19% in the region’s five largest cities.
West Kelowna had the highest typical value at $547,000, a 17% increase while condo/townhouse were the most affordable in Vernon at $399,999, a 14% increase.
Thompson Okanagan’s total assessments increased to $234.3 billion this year. About $3.8 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
The assessed property values are used to calculate municipal property tax each year.
The 10% to 15% increase does not mean taxes will go up by that much since each municipality sets their own tax rates.
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