The Okanagan, when compared to other parts of British Columbia’s Interior, is pricey, especially when it comes to home prices.
But if you think the Okanagan is expensive, try Vancouver.
On Wednesday, B.C. Assessment announced that property owners throughout the province can expect their 2019 assessments in the mail soon.
In the Okanagan, approximately 208,000 property owners will be receiving their assesments, which, according to B.C. Assessment, reflects market value as of July 1, 2018.
The most expensive home in the Okanagan, at 4358 Hobson Road in Kelowna, is valued at $10,553,000. While that’s a lot of scratch, it doesn’t come close to the most expensive home in B.C., a Vancouver home at 3085 Point Grey Road that’s listed at an eye-popping $73,120,000.
Matter of fact, Vancouver homes dominate the top 500 homes in B.C., with nine of 10 hailing from the Point Grey, Kitsilano, or Shaughnessy neighbourhoods. The lone exception is a home worth $56,757,00 on James Island in the Gulf Islands near Victoria.
Further, the Okanagan’s most expensive home doesn’t even crack the top 500 homes in B.C., a list that ends at $11,629,000, a home on Kew Cliff Road in West Vancouver.
The second most expensive home in the Okanagan is at 1683 Pritchard Drive in West Kelowna. It was listed at $9,788,000. Last year, the Hobson Road home was listed at $10,029,000, while the Pritchard Drive home was worth $9,092,000.
In urban areas of the Okanagan, residential single detached homes can expect to see increased values up to 15 per cent. For condos and light commercial properties, between 0 and 20 per cent; and for commercial properties, between -5 per cent and +20 per cent.
For rural areas of the Okanagan, the assessments range between 0-20 per cent for residential single detached homes; 0-20 per cent for condos; -5 to +20 for commercial; and 5 to 20 per cent for light industrial.
According to B.C. Assessment, “overall, the Okanagan’s total assessments increased from about $108 billion in 2018 to $118.6 billion this year. A total of about $2.5 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. The Okanagan area forms a part of B.C. Assessment’s Thompson Okanagan region and includes the Shuswap in the north, then south through all of the Okanagan communities to the Canada-U.S. border at Osoyoos and west to Princeton.”
In Kelowna, the assessed value of the average home in 2018 was $590,000. In 2019, it went up to $632,00, an increase of seven per cent. Other changes are below:
- West Kelowna, $577,000 to $614,000; 6 per cent
- Lake Country, $575,000 to $619,000; 7 per cent
- Penticton, $445,000 to $481,000; 8 per cent
- Summerland, $466,000 to $517,000; 10 per cent
- Keremeos, $240,650 to $270,200; 12 per cent
- Oliver, $352,000 to $381,000; 8 per cent
- Osoyoos, $382,000 to $414,000; 8 per cent
- Princeton, $183,750 to $198,000; 7 per cent
- Peachland, $542,500 to $582,500; 7 per cent;
- Armstrong, $353,000 to $384,000; 8 per cent
- Enderby, $292,000 to $300,000, 2 per cent
- Vernon, $411,000 to $447,000; 8 per cent
- Coldstream, $550,000 to $590,000; 7 per cent
- Salmon Arm, $307,000 to $364,000, 5 per cent
- Spallumcheen, $307,000 to $364,000, 5 per cent
- Sicamous, $251,000 to $293,000; 17 per cent
- Lumby, $290,000 to $323,400, 11 per cent.
Strata residential properties
- Kelowna, $341,000 to $376,000; 10 per cent
- West Kelowna, $369,000 to $402,000; 9 per cent
- Penticton, $257,000 to $281,000; 9 per cent
- Vernon, $240,000 to $274,500; 14 per cent
The top 10 most expensive Okanagan properties listed by B.C. Assessment:
- 4358 Hobson Road, Kelowna, $10,553,000
- 1683 Pritchard Drive, West Kelowna, $9,788,000
- 18250 Juniper Cove Road, Lake Country, $9,500,000
- 2523 Whitworth Road, West Kelowna, $8,593,000
- 4594 Fuller Road, Kelowna, $8,336,000
- Unit 10, 180 Sheerwater Court, Kelowna, $8,251,000
- 12990 Pixton Road, Lake Country, $8,136,000
- 7280 Highway 97 South, Peachland, $8,074,000
- 405 Hobson Crescent, Kelowna, $7,866,000
- 370 Braeloch Road, Kelowna, $7,835,000
“Property owners can find a lot of information on our website, including answers to many assessment-related questions,” said LeNoury. “But those who feel that their property assessment does not reflect market value as of July 1, 2018 or see incorrect information on their notice, should contact B.C. Assessment as indicated on their notice as soon as possible in January.”
For more information about B.C. Assessment, click here.