You can now find out the updated value of your home
Homeowners across the region can now see how much their property has risen in price as the B.C. Assessment Authority has released its assessed value for 2022.
B.C. Assessment updated its website allowing homeowners to see what the value of their home was assessed as of July 1, 2021.
The website also gives the assessment value for 2021, allowing homeowners to work out what percentage their property value has increased.
And statistics show single-family homes across Kamloops and the Okanagan to have increased in market value by roughly 30 per cent in 2021.
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Numbers released in November 2021 by the Association of Interior Realtors show the benchmark market price for a single-family home in the Central Okanagan to be $978,500, a 33 per cent increase from the same month in 2020.
The price of single-family homes in the North Okanagan and the Shuswap and Revelstoke areas was lower at $703,500 and $658,500 respectively, although both regions still saw increases at more than 30 per cent.
The average price for a single-family home in Kamloops rose from $553,000 at the beginning of 2021 to $669,225 by November that year. A 21 per cent increase.
Prices in the South Okanagan saw the smallest increase, however, a single-family home fetched $774,543 in October 2021, a $48,402 increase since January that year.
The Canadian Real Estate Association says housing sales will likely not be as extreme in 2022 as last year, but that prices will continue to increase.
It's important to note that the assessed value of homes differs from the market value — what someone would likely pay it, considering all factors.
To see your property's new value search your address at B.C. Assessment's website here.
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