North Okanagan homeowners to see jump in property values this year | iNFOnews | Thompson-Okanagan's News Source

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North Okanagan homeowners to see jump in property values this year

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January 03, 2017 - 9:49 AM

NORTH OKANAGAN - Homeowners in the North Okanagan can expect to see an increase in their property values this year.

Assessment notices arrive this week, and the majority of residential homeowners in the North Okanagan and Shuswap will see a bump in their home values, according to B.C. Assessment.

The assessments, which reflect market value as of July 1, 2016, show the biggest jump in the North Okanagan and Shuswap regions is in Enderby. The value of a single family, residential home rose roughly eight per cent to an average of $262,300 in 2017, up from $242,300 in 2016.

Vernon was close behind, with single family homes rising to $444,100, up 7.6 per cent from $412,800 in 2016.

The community with the highest home prices in the area is Coldstream, where the average single family home is valued at $581,300 this year, up nearly seven per cent compared to $543,600 in 2016.

Salmon Arm, Armstrong, Spallumcheen, Lumby and Sicamous all saw increases between roughly three and seven per cent.

Overall, the Okanagan’s total assessments increased to $98 billion this year up from $89 billion in 2016. A total of almost $1.7 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.

“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2016 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” deputy assessor Tracy Wall says in a media release.

If you are still concerned about your assessment after speaking to an appraiser, you can submit a notice of complaint by Jan. 31 for an independent review.

Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online. 

Other North Okanagan and Shuswap communities:

  • Armstrong: up 5.9 per cent to $330,500 this year, from $312,000 in 2016
  • Salmon Arm: up 7.2 per cent to $375,900 this year, from $350,500 in 2016
  • Spallumcheen: up 3.6 per cent to $374.000 this year, from $360,900 in 2016
  • Sicamous: up 6.4 per cent to $280,800 this year, from $265,500 in 2016.

To contact a reporter for this story, email Charlotte Helston or call 250-309-5230 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

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News from © iNFOnews, 2017

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