Own property in B.C.’s Interior? If so, it’s worth more today than it was one year ago.
BC Assessment says its annual property assessments are being mailed out and that homeowners can expect to see them soon. And, for 2023, most Interior homeowners can expect to see a noticeable rise in their property’s value.
In the Okanagan, for example, BC Assessment says house values are up 10 to 15 per cent, while “condos and townhomes are up a bit higher.”
“Assessments are valued as of July 1, meaning everyone’s annual assessment is a reflection of what your home could have sold for around that time,” said Tracy Wall, deputy assessor for the Okanagan.
BC Assessment says a typical home in Kelowna was worth $869,000 as of July 1, 2021. One year later, on July 1, 2022, that same home is now valued at $988,000, a change of 14 per cent.
Below are estimates for single-family residential properties in the Southern Interior, showing prices from 2021 to 2022 and the percentage increase.
- Kelowna: $869,000 to $988,000, up 14 per cent
- West Kelowna: $855,000 to $964,000, up 13 per cent
- Lake Country: $886,000 to $972,000, up 10 per cent
- Penticton: $637,000 to $727,000, up 14 per cent
- Osoyoos: $601,000 to $685,000, up 14 per cent
- Princeton: $338,000 to $389,000, up 15 per cent
- Peachland: $820,000 to $890,000, up nine per cent
- Armstrong: $578,000 to $663,000, up 15 per cent
- Vernon: $644,000 to $714,000, up 11 per cent
- Coldstream: $816,000 to $887,000, up nine per cent
- Salmon Arm: $573,000 to $668,000, up 17 per cent
- Kamloops: $619,000 to $689,000, up 11 per cent
- Merritt: $416,000 to $475,000, up 14 per cent
- Cache Creek: $285,000 to $324,000, up 14 per cent
- Lillooet: $346,000 to $390,000, up 13 per cent
- Sun Peaks: $1,146,000 to $1,647,000, up 44 per cent
Below are estimates for condos and townhomes in the Southern Interior, showing prices from 2021 to 2022 and the percentage increase.
- Kelowna: $446,000 $519,000, up 16 per cent
- West Kelowna: $467,000 to $547,000, up 17 per cent
- Penticton: $349,000 to $414,000, up 19 per cent
- Vernon: $349,000 to $399,000, up 14 per cent
- Kamloops: $344,000 to $408,000, up 19 per cent
- Sun Peaks: $685,000 to $758,000, up 11 per cent
“Home assessments for Kamloops and the surrounding area are rising about 10 to 15 per cent for most communities, whereas some communities will be notably higher,” said Thompson area assessor Tracy Shymko.
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“It is important to think about your assessment as to what you could have sold your home for around July 1 of the past year and not necessarily in today’s real estate market.”
Below are estimates for single-family residential properties in the Kootenay-Columbia region, showing prices from 2021 to 2022 and the percentage increase.
- Castlegar: $422,000 to $497,000, up 18 per cent
- Cranbrook: $396,000 to $446,000, up 13 per cent
- Fernie: $705,000 to $838,000, up 19 per cent
- Grand Forks: $362,000 to $403,000, up 11 per cent
- Kimberley: $403,000 to $472,000, up 17 per cent
- Nelson: $644,000 to $675,000, up five per cent
- Revelstoke: $718,000 to $801,000, up 12 per cent
- Rossland: $500,000 to $579,000, up 16 per cent
- Trail: $302,000 to $350,000, up 16 per cent
- Creston: $360,000 to $414,000, up 15 per cent
- Golden: $518,000 to $553,000, up seven per cent
- Fruitvale: $383,000 to $418,000, up nine per cent
- Nakusp: $342,000 to $387,000, up 13 per cent
- New Denver: $286,000 to $361,000, up 26 per cent
- Radium Hot Springs: $397,000 to $454,000, up 14 per cent
- Slocan: $295,000 to $381,000, up 29 per cent
Below are estimates for condos and townhomes in the Kootenay-Columbia region, showing prices from 2021 to 2022 and the percentage increase.
- Cranbrook: $221,000 to $247,000, up 12 per cent
- Nelson: $513,000 to $559,000, up nine per cent
Below are estimates for single-family residential properties in Northern B.C., showing prices from 2021 to 2022 and the percentage increase.
- 100 Mile House: $321,000 to $405,000, up 26 per cent
- Burns Lake: $217,000 to $235,000, up eight per cent
- Bella Coola: $190,000 to $231,000, up 21 per cent
- Dawson Creek: $261,000 to $280,000, up seven per cent
- Fort St James: $178,000 to $199,000, up 12 per cent
- Fort St John: $329,000 to $343,000, up four per cent
- Houston: $226,000 to $257,000, up 14 per cent
- Kitimat: $329,000 to $345,000, up five per cent
- Mackenzie: $157,000 to $161,000, up three per cent
- McBride: $157,000 to $197,000, up 26 per cent
- Prince George: $401,000 to $450,000, up 12 per cent
- Prince Rupert: $389,000 to $443,000, up 14 per cent
- Quesnel: $294,000 to $329,000, up 12 per cent
- Smithers: $438,000 to $498,000, up 14 per cent
- Stewart: $122,000 to $157,000, up 28 per cent
- Telkwa: $416,000 to $445,000, up seven per cent
- Terrace: $439,000 to $461,000, up five per cent
- Tumbler Ridge: $145,000 to $151,000, up four per cent
- Valemount: $268,000 to $345,000, up 28 per cent
- Vanderhoof: $280,000 to $325,000, up 16 per cent
- Williams Lake: $342,000 to $395,000, up 16 per cent
Below are estimates for condos and townhomes in Northern B.C., showing prices from 2021 to 2022 and the percentage increase.
- Prince George: $219,000 to $248,000, up 13 per cent
- Fort St John: $196,000 to $201,000, up three per cent
- Dawson Creek: $193,000 to $214,000, up 11 per cent
- Kitimat: $197,000 to $231,000, up 17 per cent
- Smithers: $336,000 to $364,000, up eight per cent
- Terrace: $225,000 to $225,000. No change
- Williams Lake: $129,000 to $166,000, up 29 per cent
BC Assessment says if a property owner disagrees with the assessment, they can speak to an appraiser or submit a notice of complaint by Jan. 31.
It also said more than 98 per cent of property owners accept their assessment without proceeding to a formal, independent review.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” added Shymko.
“As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
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