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For the longest time, the most expensive place to live in the Okanagan was Kelowna.
Not anymore. That distinction now goes to Lake Country.
According to figures released by BC Assessment, the cost of an average home in Lake Country is $634,000. That's an increase of 16.3 per cent over a year ago, and $10,000 more than the average residential home in Kelowna.
West Kelowna is third at $593,000 (up 10.7 per cent), while Coldstream is fourth at $581,300 (up 6.9 per cent).
At the other end of the scale, the lowest property prices in the region can be found in Princeton, with an average assessed value of $203,600, an increase of just 3.2 per cent over the previous year.
During the next several days, property owners in the Okanagan will begin receiving assessment notices in the mail. Assessments reflect market value as of July 1.
Overall, the Okanagan’s total assessments increased from $89 billion in 2016 to $98 billion this year. A total of almost $1.7 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
The most expensive home in the Okanagan is a relative bargain this year. The home at 4358 Hobson Rd. has an assessed value of $9,238,000. That's a decrease of $272,000 from the previous assessment.
Meanwhile, the most expensive home in the province skyrocketed by nearly 20 per cent.
Lululemon founder Chip Wilson's mansion in Vancouver's Point Grey neighbourhood has been assessed at $75.8 million. A year ago, it had an assessed value of $63.87 million.
The amount you will pay in municipal taxes is tied directly to the value of the property provided through the yearly assessment.
"Those who feel that their property assessment does not reflect market value as of July 1, 2016, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said deputy assessor Tracy Wall.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a notice of complaint (appeal) by Jan. 31, for an independent review."
