Shopping malls increasing their value in the Okanagan, holding their own in Kamloops | iNFOnews | Thompson-Okanagan's News Source

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Shopping malls increasing their value in the Okanagan, holding their own in Kamloops

January 05, 2020 - 7:00 AM

After dropping in assessed value in 2018, most Kelowna shopping malls headed in the other direction in 2019.

Orchard Park Shopping Centre is, by far, the largest commercial operation in the B.C. Interior. B.C. Assessment valued it at $302.5 million as of July 1, 2019, up 2.2 per cent from last year.

But, according to a MCL Real Estate Group blog, it had dropped by 3.6 per cent the previous year. Most other malls were down four to eight per cent that year, except the Capri Centre Mall that had climbed by 4.5 per cent.

The Capri is up again in value for 2019 to $56.6 million compared to $51 million the year before.

The 2019 values for the largest commercial centres in Kelowna mostly went up slightly in 2019 with Orchard Plaza assessed at $71.4 million, Spall Plaza ($54.6 million), Baron Centre ($51.2 million) and Walmart ($51.4 million).

In Kamloops, the Aberdeen mall stayed at the same value from 2018 to 2019 at $83 million.

The Village Green in Vernon rose in value in 2019 to $79 million from $77.5 million in 2018 while Cherry Lane in Penticton went up to $73.1 million from $71.6 million in 2018.

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