Home values generally flat in Thompson-Okanagan

Photo: Colin Dacre

Home values in the Thompson-Okanagan were mostly flat or saw very modest growth, according to new data released Thursday by BC Assessment.

The annual update to the agency’s property value database saw assessment changes in the -5% to +5% range for many Thompson-Okanagan communities. Kootenay Columbia communities saw values change in the 0% to +10% range.

Property assessment notices are in the mail, but anyone can check their assessments now online here. Assessments are as of July 1, 2024.

Single-detached home values fell slightly in Kelowna (-1%), West Kelowna (-1%), Lake Country (-3%), Penticton (-2%), Summerland (-2%), Coldstream (-2%), Armstrong (-5%), Osoyoos (-1%) and Salmon Arm (+1%).

Values were completely flat in Peachland, Vernon, Enderby and Chase.

Home values rose slightly in Thompson region communities like Kamloops (+2%), Merritt (+4%), Logan Lake (+3%) Sun Peaks (+2%).

A full list of typical home prices, including those for strata units, in all Thompson-Okanagan municipalities is here.

Overall, the Southern Interior's total assessments increased from about $315 billion in 2024 to nearly $323 billion this year. A total of about $5.29 billion of the region's updated assessments is from new construction, subdivisions and the rezoning of properties.

Owners have until Jan. 31 to file an appeal of their property’s valuation.

"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," explains Deputy Assessor Boris Warkentin.

"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."

Photo: BC Assessment