Average Kamloops home value cracks $400,000

Image Credit: FILE PHOTO

KAMLOOPS - Kamloops residents can expect an increase in their taxes thanks to rising property assessments.

B.C. Assessment has released their assessed values for homes and properties in the province and in Kamloops owners can expect to see land value rise up to 15 per cent as the Thompson region’s total assessment rose by more than $1 billion, with $284 million of that from new construction.

While most property types in Kamloops, like residential or commercial, are expected to rise a maximum of 10 per cent compared to 2016, light industrial owners may see a jump of up to 15 per cent in the city.

For homeowners, Sahali will see the biggest rise as property values could jump more than $30,000. North Shore properties received the smallest bump of about $12,000. The average home will move from $387,000 to $408,000.

Average Kamloops homes in each neighbourhood will rise:

  1. Sahali - $34,000
  2. South Sahali - $32,000
  3. Juniper Ridge - $29,000
  4. Aberdeen and Dufferin - $29,000
  5. Barnhartvale - $17,000
  6. Valleyview - $16,000
  7. Batchelor Heights and Westmount - $15,000
  8. Westsyde - $14,000
  9. Heffley Creek and Rayleigh - $14,000
  10. North Shore - $12,000

Property values outside of Kamloops but inside the Thompson region may actually decrease in value. Residential detached homes could drop by 5 per cent or rise 15 per cent, while commercial and light industrial could drop by 5 per cent or rise by 10 per cent. Communities in the region include Clearwater, Clinton, Merritt and Chase.

The biggest jump in the region will be for property owners in Sun Peaks, who may see a jump as high as 30 per cent. Sun Peaks also remains the most expensive location in the region, with average property values around $832,000. In Cache Creek there’s also a big range, as properties assessed value may drop by 15 per cent or rise by 15 per cent.

  • City of Kamloops: 0 per cent to +10 per cent
  • District of Barriere: 0 per cent to +15 per cent
  • District of Clearwater: -10 per cent to +10 per cent
  • City of Merritt: -5 per cent to +15 per cent
  • Village of Ashcroft: 0 per cent to +10 per cent
  • Village of Cache Creek: -15 per cent to +15 per cent
  • Village of Chase: -5 per cent to +10 per cent
  • Village of Clinton: 0 per cent to +10 per cent
  • District of Logan Lake: 0 per cent to +10 per cent
  • District of Lillooet: -5 per cent to +15 per cent
  • Village of Lytton: -5 per cent to +5 per cent
  • Sun Peaks: 0 per cent to +30 per cent

Property owners will get their assessments in the mail this week. The evaluation is based on the expected market value of the property as of Jul 1, 2016.

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