KELOWNA — 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.
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.
“Most homeowners throughout the Southern Interior can expect modest changes and even some decreases in their assessment values,” 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 BC’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 Changes by Community | 2023 Typical Assessed Value
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 Assessed Value
as of July 1, 2022 |
2024 Typical Assessed Value
as of July 1, 2023 |
%
Change |
| 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.
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.”
Source: bcassessment.ca