FILE PHOTO.
Image Credit: pexels.com
January 02, 2025 - 6:00 PM
Property prices across the Southern Interior have largely declined according to the latest figures from BC Assessment.
Today, Jan. 2, BC Assessment announced its 2025 property assessments, which reflect market value as of July 1, 2024.
The assessed value of a single-family home in Kelowna, Penticton and Vernon all fell, while Kamloops saw a slight increase.
The assessed value of a single-family home in Kelowna now sits at $938,000 a 1% drop from $952,000 in 2024.
Penticton saw a 2% drop for a single-family home from $708,000 last year to $693,000 for 2025.
Vernon's drop in price was minuscule with assessments going from $724,000 last year to $721,000 this year – a 0.4% decrease.
Kamloops was the only major city in the Southern Interior to buck the trend with assessed values going from $678,000 to $693,000 – a 2% increase.
"For 2025, most homeowners can expect generally flat property assessment value changes in the -5% to +5% range for many Thompson-Okanagan communities while homeowners in Kootenay Columbia areas may see a higher rate of change in the 0% to +10% range," BC Assessment deputy assessor Boris Warkentin said in a media release.
"For property owners throughout the Southern Interior, there may be a delay in receiving your 2025 Assessment Notices due to ongoing Canada Post backlogs, but anyone can check updated values at bcassessment.ca, using our online property search service."
BC Assessment said that total assessments in the Southern Interior increased from about $315 billion in 2024 to nearly $323 billion this year. Much of the increase – $5.3-billion – came from new construction, subdivisions and the rezoning of properties.
The assessment value shouldn't be confused with what a property will sell for. The benchmark price of a single-family home in the Central Okanagan in July 2024 was $1,025,200 – 9% higher than the assessed value.
Homeowners must also remember that a drop in assessed value doesn't necessarily mean a drop in their municipal tax bill.
In the Okanagan, the City of Armstrong saw the steepest decline in assessed value with values dropping 5% from $670,000 to $639,000.
In the Thompson, the Village of Ashcroft saw the largest increase with the assessed value of a single-family home going from $389,000 to $416,000 – a 7% increase.
The Village of Lytton was the only place in the region that saw a double-digit increase in assessed value with a single-family property going from $204,000 to $233,000.
Across the entire region, Sun Peaks Mountain Resort has the highest assessed value with a 2% increase this year taking a single-family home to shy of $1.5-million.
To find out a property's assessed value go here.
Image Credit: BC ASSESSMENT
Image Credit: BC ASSESSMENT
To contact a reporter for this story, email Ben Bulmer 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.
We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above. SUBSCRIBE to our awesome newsletter here.
News from © iNFOnews, 2025