We'll soon find out what impact pandemic had on property assessments in Okanagan, Kamloops | iNFOnews | Thompson-Okanagan's News Source

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We'll soon find out what impact pandemic had on property assessments in Okanagan, Kamloops

Image Credit: SUBMITTED/B.C. Assessment
January 04, 2021 - 7:00 AM

What was the impact of COVID-19 on property prices in the Thompson-Okanagan last year?

The region’s real estate markets had a dismal March and April, 2020 due to COVID-19 pandemic restrictions on the economy, but have since rebounded.  

Homeowners will have an opportunity to find out what the impact was early in the new year as B.C. Assessment prepares release up-to-date data on Jan. 4.

B.C. Assessment has already provided early notification to 21,542 property owners in the province who are projected to see an increase of 20 per cent or more above average change in their local taxing jurisdiction. The early notices were sent out Dec. 3.

Monday’s release will include changes in value for single-family homes and condominiums in Kamloops and the Okanagan, reflecting market values as of July 1, 2020.

Property values in the Thompson-Okanagan exceeded $153 billion in 2019.

Last year’s assessment information saw the highest changes in Fraser Valley properties, with the Ashcroft market up 17 per cent, Cache Creek up 110 per cent, Clinton up 25 per cent, Lillooet up 20 per cent and Lytton up 17 per cent in 2019.

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