Subjects: SVY, ECO
Southern Interior 2024 Property Assessments in the Mail
KELOWNA, BC, Jan. 2, 2024 /CNW/ - In the next few days, owners of nearly 500,000 properties throughout the Southern Interior can expect to receive their 2024 assessment notices, which reflect market value as of July 1, 2023.
"Most homeowners throughout the Southern Interior can expect modest changes and even some decreases in their assessment values depending on the community," says Southern Interior Deputy Assessor Boris Warkentin. "With the softer real estate market, most changes in home values will be somewhere between -10% to +5% in the Thompson-Okanagan communities whereas Kootenay Columbia changes are slightly more at -10% to +10%. Lytton is the exception with larger increases as market activity recovers in the community."
As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, the Southern Interior's total assessments increased from $303 billion in 2023 to almost $315 billion this year. A total of almost $5.9 billion of the region's updated assessments is from new construction, subdivisions and the rezoning of properties. BC Assessment's Southern Interior region includes the main urban centres of Kelowna, Kamloops, and Cranbrook as well as all surrounding Okanagan, Thompson, and Kootenay Columbia communities as listed below.
The summaries below provide estimates of typical 2023 versus 2024 assessed values of properties throughout the region. These examples demonstrate market trends for single-family residential properties by geographic area throughout the Southern Interior:*
THOMPSON OKANAGAN COMMUNITIES:
Single Family Homes Changes by Community | 2023 Typical Assessed Value as of July 1, 2022 | 2024 Typical Assessed Value as of July 1, 2023 | % Change |
Kelowna | $987,000 | $953,000 | -3 % |
West Kelowna | $964,000 | $912,000 | -5 % |
Lake Country | $972,000 | $955,000 | -2 % |
Penticton | $727,000 | $708,000 | -3 % |
Summerland | $788,000 | $776,000 | -2 % |
Keremeos | $505,000 | $498,000 | -1 % |
Oliver | $610,000 | $609,000 | 0 % |
Osoyoos | $684,000 | $673,000 | -2 % |
Princeton | $389,000 | $378,000 | -3 % |
Peachland | $889,000 | $884,000 | -1 % |
Armstrong | $663,000 | $670,000 | +1 % |
Enderby | $538,000 | $536,000 | 0 % |
Vernon | $714,000 | $725,000 | +2 % |
Coldstream | $888,000 | $922,000 | +4 % |
Salmon Arm | $667,000 | $657,000 | -2 % |
Spallumcheen | $583,000 | $610,000 | +5 % |
Sicamous | $490,000 | $510,000 | +4 % |
Lumby | $568,000 | $560,000 | -1 % |
Kamloops | $689,000 | $678,000 | -2 % |
Barriere | $427,000 | $395,000 | -8 % |
Clearwater | $445,000 | $400,000 | -10 % |
Merritt | $475,000 | $438,000 | -8 % |
Ashcroft | $422,000 | $389,000 | -8 % |
Cache Creek | $324,000 | $321,000 | -1 % |
Chase | $507,000 | $492,000 | -3 % |
Clinton | $238,000 | $224,000 | -6 % |
Logan Lake | $445,000 | $437,000 | -2 % |
Lillooet | $388,000 | $398,000 | +3 % |
Sun Peaks | $1,651,000 | $1,457,000 | -12 % |
Lytton | $162,000 | $204,000 | +26 % |
*All data calculated based on median values. |
These examples demonstrate market trends for single-family residential properties by geographic area:*
KOOTENAY COLUMBIA COMMUNITIES:
Single Family Homes | 2023 Typical as of July 1, 2022 | 2024 Typical Assessed Value as of July 1, 2023 | % Change |
Castlegar | $497,000 | $490,000 | -1 % |
Cranbrook | $446,000 | $468,000 | +5 % |
Fernie | $836,000 | $848,000 | +1 % |
Grand Forks | $403,000 | $409,000 | +1 % |
Greenwood | $235,000 | $245,000 | +4 % |
Kimberley | $472,000 | $499,000 | +6 % |
Nelson | $674,000 | $670,000 | -1 % |
Revelstoke | $801,000 | $839,000 | +5 % |
Rossland | $579,000 | $618,000 | +7 % |
Trail | $350,000 | $352,000 | +1 % |
Elkford | $344,000 | $350,000 | +2 % |
Invermere | $588,000 | $645,000 | +10 % |
Sparwood | $414,000 | $418,000 | +1 % |
Creston | $414,000 | $419,000 | +1 % |
Golden | $553,000 | $591,000 | +7 % |
Canal Flats | $285,000 | $322,000 | +13 % |
Fruitvale | $418,000 | $445,000 | +7 % |
Kaslo | $470,000 | $485,000 | +3 % |
Midway | $338,000 | $330,000 | -2 % |
Montrose | $437,000 | $446,000 | +2 % |
Nakusp | $387,000 | $401,000 | +4 % |
New Denver | $361,000 | $387,000 | +7 % |
Radium Hot Springs | $454,000 | $482,000 | +6 % |
Salmo | $375,000 | $373,000 | 0 % |
Silverton | $395,000 | $405,000 | +3 % |
Slocan | $381,000 | $428,000 | +12 % |
Warfield | $385,000 | $402,000 | +4 % |
*All data calculated based on median values. |
These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic area for select Southern Interior urban communities:*
Strata Homes (Condos/Townhouses) Changes by Community | 2023 Typical as of July 1, 2022 | 2024 Typical as of July 1, 2023 | % |
Kelowna | $517,000 | $513,000 | -1 % |
West Kelowna | $547,000 | $523,000 | -4 % |
Penticton | $413,000 | $403,000 | -2 % |
Vernon | $399,000 | $401,000 | 0 % |
Kamloops | $405,000 | $398,000 | -2 % |
Sun Peaks | $758,000 | $764,000 | +1 % |
Cranbrook | $247,000 | $262,000 | +6 % |
Nelson | $558,000 | $526,000 | -6 % |
*All data calculated based on median values. |
BC Assessment's website at bcassessment.ca includes more details about 2024 assessments, property information and trends such as lists of 2024's top valued residential properties across the province.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2024 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property's 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.
"Property owners can find valuable information on our website including answers to many assessment-related questions. Those who feel that their property assessment does not reflect market value as of July 1, 2023, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Warkentin.
"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 January 31st, for an independent review by a Property Assessment Review Panel," adds Warkentin.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," explains 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."
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.
MEDIA BACKGROUNDER
January 4, 2024
Facts on B.C. Property Assessments and the 2024 Assessment Roll
- Total number of British Columbia properties on the 2024 Roll is 2,184,692, a 1% increase from 2023.
- Total value of all B.C. real estate on the 2024 Roll is over $2.79 trillion, an increase of 3% from 2023.
- Total amount of 'non-market change', including new construction, rezoning and subdivisions is approximately $39.62 billion, an increase of over 18% from the 2023 Roll of $33.52 billion.
- In B.C., approximately 88.5% of all properties are classified with some residential (Class 1) component.
- Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment. Assessments are the estimate of a property's market value as of July 1, 2023 and physical condition as of October 31, 2023. This common valuation date ensures there is an equitable property assessment base for property taxation.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
- Real estate sales determine a property's value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
- BC Assessment's assessment roll provides the foundation for local and provincial taxing authorities to raise nearly $10 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
- BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and use "Find your property assessment".
- For more information on the 2024 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit bcassessment.ca and click on the "Property Information & Trends" link.
SOURCE BC Assessment
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