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Kelowna  

Assessments in the mail

B.C.'s most expensive home has been assessed at $64 million.

That makes the Okanagan's priciest residential property a comparative bargain at just $9.5 million.

The richest home in the province is located at 3085 Point Grey Rd. in Vancouver's Kitsilano neighbourhood. It's assessed at $63,870,000 and boasts more than 15,000 square feet of living space. The owner is Lululemon founder Chip Wilson.

The Thompson-Okanagan champ is located on the Kelowna waterfront, at at 4358 Hobson Rd. It's home to Rock House Style and is assessed at $9,510,000, with almost 10,000 square feet of living space.

But with a massive price tag, comes a massive tax bill. Property taxes are calculated off assessment value, and homeowners will find out exactly how much they'll be paying in coming days.

Owners of more than 222,000 properties throughout the Okanagan can expect to receive their 2016 assessment notices in the mail. The notices reflect market value as of July 1, 2015, and can be checked out online now.

“The majority of residential home owners within the region can expect a modest increase in value, compared to last year’s assessment,” says deputy assessor Tracy Wall. “The Central Okanagan’s urban areas will see the greatest increases in assessed values along with Penticton, Salmon Arm, Spallumcheen and Lumby.”

BC Assessment collects, monitors and analyzes property data throughout the year.

According to its findings, non-strata residential properties went up, on average, 9.63 per cent in Kelowna, 7.25 per cent in West Kelowna, 5.43 per cent in Vernon, 7.93 per cent in Penticton and a whopping 10.23 per cent in Salmon Arm.

Residential properties lost value in Princeton and Sicamous.

The average cost of a non-strata home in Kelowna now sits at $567,600, up from the 2015 assessed average value of $517,700.

Overall, the Okanagan’s total assessments increased from $88 billion in 2015 to $94 billion this year.

Almost $1.7 billion of that is from new construction, subdivisions and rezoning of properties.

According to BC Assessment, the 100 most expensive homes in the province are all valued at more than $16 million. Meanwhile, the priciest 100 Okanagan homes all have an assessed value greater than $3.5 million. 

This year, BC Assessment launched a new website that includes more details about assessments, property information and trends. The updated site also provides self-service access that allows anyone to search, check and compare 2016 property assessments anywhere in the province.

“Property owners can find a lot of information on our website, including answers to many assessment-related questions. But, those who feel their property assessment does not reflect market value as of July 1, 2015, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Wall.

If, after speaking to an appraiser, a homeowner still disagrees with their assessment, they may submit an appeal by Feb. 1, for independent review. 

To check out the current assessed value of your home click here. 

To check out the list of the priciest 500 properties in the province click here, and for further details about trends region by region, you can click here

Join the discussion

The summary below provides estimates of typical 2016 versus 2015 assessed values of residential homes throughout the Okanagan. These examples demonstrate market trends for single-family residential properties by geographic area:   

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