KELOWNA – The property assessments for more than 445,000 properties throughout the Southern Interior of BC, have now been released, reflecting market value as of July 1,2024.
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.
Areas included are Kelowna, Kamloops, and Cranbrook as well as all surrounding Okanagan, Thompson, and Kootenay Columbia.
“For 2025, most homeowners can expect generally flat property assessment value changes in the -5% to +5% range for many Thompson Okanagan communities while homeowners in Kootenay Columbia areas may see a higher rate of change in the 0% to +10% range,” says Deputy Assessor Boris Warkentin.
The total number of BC properties assessed in 2025 is 2,207,009, an almost one percent increase from 2024 and the total value is about $2.83 trillion, an increase of about 1.5 percent from 2024. The amount of non-market change for 2025, including new construction, rezonings and subdivisions is approximately $38.3 billion, a decrease of over 3 percent from 2024’s $39.6 billion.
BC’s 2025 Top 500 Valued Homes can be seen here
A property owner may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel if they feel the assessment is inaccurate. Typically, about 2% of property owners contest the assessments and proceed to a formal independent review.
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.
The Lower Mainland region includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast.
BC Assessment’s website at bcassessment.ca includes more details about 2025 assessments, property information and trends such as lists of 2025’s top valued residential properties across the province and an interactive map.
Business Examiner Staff