Homeowners throughout the Okanagan Valley can expect a significant increase in their property assessment this year, according to B.C. Assessment.
The assessed value of a single-family residential home in the Kelowna area has increased 17 per cent to an average $725,000.
Owners of more than 227,000 properties throughout the Okanagan region can expect to receive their 2018 assessment notices over the next few days.
The assessments reflect market value as of July 1, 2017.
The increase in Kelowna-area home values reflect the landscape across the region.
Lake Country assessed values also increased 17 per cent to an average of $727,000 for a residential home.
In West Kelowna, assessments increased 15 per cent to an average home price of $682,000.
In the south Okanagan, home values increased 16 per cent in the Penticton area to an average home price of $502,000.
In the Vernon area, assessments are up 11 per cent to $493,000.
“The majority of residential home owners within the region can expect a moderate increase compared to last year’s assessment,” says deputy assessor Tracy Wall.
“Some properties in our region were impacted by spring floods or summer wild fires. The local B.C. Assessment staff have identified most of these properties to ensure they receive an accurate assessment,” Wall added.
The priciest single-family home in the Thompson Okanagan region is located at 4358 Hobson Rd. in Kelowna with an assessed value of more than $10 million.
Second is a West Kelowna residence at 1683 Pritchard Dr , valued at $ 9.09 million.
The most expensive residential property in the south Okanagan is located at 903 Dent St. in Summerland. It is assessed at $5.16 million.
Overall, the Okanagan’s total assessments increased from $98 billion in 2017 to $119 billion this year, according to B.C. Assessment.
A total of over $2.5 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
WATCH: Kelowna home buyers facing higher prices because of limited listings
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Kelowna home buyers facing higher prices because of limited listings -
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Commercial real estate market booming in Kelowna -
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West Kelowna building boom part of regional trend -
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Home sales soar in south Okanagan -
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Boomers and Millennials making the Okanagan home -
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