Property values fell in Kamloops and most of the Okanagan in 2023
A Lake Country home continues to be the most expensive in the Southern Interior for the second straight year even though it lost more than $300,000 in its assessed value.
The home, at 12990 Pixton Rd. in Lake Country, was assessed at $16,997,000 as of July 1, 2023, according to BC Assessment’s latest data released today, Jan. 2.
That makes it the 181st most expensive home in BC.
Second on the list in the Southern Interior was a house at 4358 Hobson Rd. in Kelowna at $14,028,000, down almost $600,000 from last year when it was also number two on the list.
READ MORE: This Lake Country home is most expensive in B.C. Interior
Property values fell in four of the five largest cities in the Thompson Okanagan from 2022.
“With the softer real estate market, most changes in home values will be somewhere between -10% to +5% in the Thompson-Okanagan communities,” Southern Interior deputy assessor Boris Warken said in a news release.
Of the region’s five largest cities, values dropped the most in West Kelowna, by 5%, to a typical value of $912,000.
Kelowna at $953,000 and Penticton at $708,000 both fell by 3% while Kamloops residential values dropped by 2% to $678,000.
Vernon’s typical property values were assessed at $725,000, a 2% increase from 2022.
Sun Peaks had the highest assessed value in the region at almost $1.5 million, a drop of 12% from last year.
The most expensive house in BC continued to be at 3085 Point Grey Rd. in Vancouver. It was assessed at $81.8 million in 2023, up $777,000 from 2022.
Of the 500 properties in BC with the highest assessed values, five were in the Southern Interior. The rest were in the Lower Mainland, on Vancouver Island or on the Gulf Islands.
Of the top 100 assessed residential properties in the Southern Interior, only four were outside of the Okanagan, including two in Invermere and one each in Windermere and Fernie.
Individual property assessments are being mailed out this week or people can look at the latest assessed values, here.
These values are used to determine how much each property will pay in municipal and other taxes this year.
The Southern Interior had a total assessed value of $315 billion in 2023 with $6 billion in new construction.
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