Property values in Kelowna area up 10 per cent from last year | iNFOnews | Thompson-Okanagan's News Source

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Property values in Kelowna area up 10 per cent from last year

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January 03, 2017 - 1:43 PM

KELOWNA – As property values across the Okanagan climb, Kelowna and the surrounding areas continue to lead the way.

B.C. Assessment's latest figures show the Okanagan’s total assessments increased to $98 billion this year from $89 billion in 2016.

Deputy assessor Tracy Wall says the majority of residential homes increased in value ranging from 0 to 30 per cent relative to last year.

“The highest increases are in the Central Okanagan with the City of Kelowna being at the peak,” she says.

For the first time, Lake Country unseated Kelowna as the area with the highest average in the Okanagan. An average single family home in the relatively rural Lake Country is assessed at $634,000, up 16.3 per cent over a year ago.

An average home in Kelowna this year is at $624,000; last year that number was $561,600.

West Kelowna is not far behind, up 10.7 per cent to $593,000.

Assessments are an estimate of a property’s market value as of July 1 and physical condition as of October 31.

“Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property,” the release says. “When estimating a property’s market value, B.C. Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.”

For more detailed information visit the B.C. Assessments website.

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