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‘Stable values’ touted for 2020’s Okanagan property assessments

Click to play video '2020 Property Assessments' 2020 Property Assessments
It's a new year and that means Okanagan home owners are about to receive their 2020 propert assessments.

The top-assessed home in the Okanagan continues to be a waterfront house in Kelowna’s Lower Mission neighbourhood, according to BC Assessment.

The home at 4358 Hobson Rd. is listed at $10.363 million. Built in 1974, it has 9,761 square feet of living space, including four bedrooms and six bathrooms, and rests on 1.764 acres.

Right behind that home, though, is a house in Lake Country listed at $10.254 million.

On Thursday, BC Assessment announced that homeowners throughout the Thompson and Okanagan regions can expect to see their 2020 property assessment notices, which reflect market value as of July 1, 2019.

READ MORE: 9 of B.C.’s 10 most expensive homes take a valuation haircut for 2020

It also listed the top 100 valued homes in the Thompson and Okanagan.

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The Lake Country home, located at 12990 Pixton Rd. sits on just 0.86 acres but features more than 12,000 square feet of living space – 4,771 on the first floor, 4,113 feet on the second floor and 4,294 in the basement. Built in 2009, it has five bedrooms and nine bathrooms.

Those two homes were the only residences to crack the $10-million mark in the Thompson and Okanagan regions, according to BC Assessment. There were two in the $9 million range, followed by six at $8 million and 13 at $7 million.

All those homes are listed as being in the Central Okanagan.

Click to play video 'Property values down across Metro Vancouver in 2020 assessment' Property values down across Metro Vancouver in 2020 assessment
Property values down across Metro Vancouver in 2020 assessment

As for what Okanagan homeowners can expect, BC Assessment says assessments can range from a 10-per cent drop to a 10-per cent increase.

“For the Okanagan region, the majority of homeowners can expect to see stable values with slight changes from last year,” said Okanagan deputy assessor Tracy Wall.

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“Commercial and industrial properties have shown increases, especially in the North Okanagan.”

Wall says the assessments are important, because “it forms the basis of the property taxes that everyone will be paying later this year in the summer.”

Stability may be an overarching theme for the region, but it’s important to point out that assessments can vary widely.

For example, that Hobson Road home was assessed at $10.553 million last year, but is now assessed $200,000 lower at $10.363 million. And that home on Pixton Road? It was assessed at $8.136 million last year, but is now worth $2 million more at $10.254 million.

According to BC Assessment stats, here are the regional averages, showing assessed values from 2019 to 2020, and the percentage change.

Single family residences

  • Sicamous – 2019: $294,000; 2020: $298,000; Change: +1 per cent
  • Salmon Arm — 2019: $401,000; 2020: $413,000; +3 per cent
  • Enderby — 2019: $300,000; 2020: $304,000; +1 per cent
  • Armstrong — 2019: $384,000; 2020: $400,000; +4 per cent
  • Spallumcheen — 2019: $364,000; 2020: $345,000; -5 per cent
  • Vernon — 2019: $447,000; 2020: $463,000; +4 per cent
  • Coldstream — 2019: $590,000; 2020: $581,000; -2 per cent
  • Lumby – 2019: $323,000; 2020: $340,000; +5 per cent
  • Lake Country — 2019: $619,000; 2020: $627,000; +1 per cent
  • Kelowna – 2019: $643,000; 2020: $629,000. -2 per cent
  • West Kelowna — 2019: $614,000; 2020: $607,000; -1 per cent
  • Peachland — 2019: $582,000; 2020: $574,000; -1 per cent
  • Summerland — 2019: $517,000; 2020: $526,000; +2 per cent
  • Penticton — 2019: $481,000; 2020: $469,000; -3 per cent
  • Oliver — 2019: $381,000; 2020: $389,000; +2 per cent
  • Osoyoos — 2019: $413,000; 2020: $430,000; +4 per cent
  • Princeton — 2019: $197,000; 2020: $215,000; +9 per cent
  • Keremeos — 2019: $270,000; 2020: $275,000; +2 per cent

Strata homes

  • Kelowna — 2019: $370,000; 2020: $364,000; Change: -2%
  • West Kelowna — 2019: $402,000; 2020: $387,000; Change: -4 per cent
  • Penticton — 2019: $281,000; 2020: $287,000; Change: +2 per cent
  • Vernon — 2019: $275,000; 2020: $285,000; Change: +4 per cent

For more about BC Assessment, click here.

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“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions,” said Wall.

“But those who feel that their property assessment does not reflect market value as of July 1, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January.”