Published: Fri, January 12, 2018
Business | By Max Garcia

Kamloops home values in 2018 property assessment numbers are up again

Kamloops home values in 2018 property assessment numbers are up again

Each property owner in the province should expect their own 2018 assessment notices in the mail over the coming days.

"In our western markets, the City of Richmond, the City of Delta, and the South Surrey area specifically, we did see single family homes stay either relatively, no change or a slight decrease this year, as people are either moving east or they're looking for alternative housing in that market", he said.

Last year, in response to the massive increase in single-family home values, the provincial government raised the threshold at which owners begin to lose the homeowners grant - bumping it from $1.2 million to $1.6 million of assessed value.

In the rural area residential properties saw a 3.25 per cent increase, light industrial was up 0.37 per cent and business and other properties were up 1.49 per cent. "But definitely the demand is there and that's reflected in the sale prices and ultimately to the assessments".

Assessor Tina Ireland said in a BC Assessment release that the market has remained strong across the Island and across property types.

All communities in the Okanagan region saw their assessments increase by double-digit percentages with the exceptions of Keremeos (seven per cent) and Spallumcheen (six per cent).

"It could be an affordability thing, as that product is generally more affordable than a single-family home, or it could be a desire for some people to live in a strata".

The assessed value of a single-family residential home in the Kelowna area has increased 17 per cent to an average $725,000.

A 1908 heritage house in the Grand Boulevard area went up two per cent in the past year, for instance, to about $1.6 million.

Property values drop in north, rise in the south as 2018 assessments mailed out
Kamloops home values in 2018 property assessment numbers are up again

If your property value goes up significantly more than the average increase in your municipality, your tax bill will see a significant hike as well.

Rural Chilliwack, Langley City and Abbotsford saw the highest average increases in residential property values with 22 per cent, 20 per cent and 18 per cent, respectively.

Realtor Aaron Jasper said the increases show demand for condos and townhouses clearly outstripping demand for detached properties, a market where many are already priced out.

Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property.

The value of most homes in the region will increase with owners of residential strata units, or condos and townhouses, seeing the biggest rise: 10-40 per cent.

Bobby Ross, a real estate agent with Pemberton Holmes, agrees the assessment notices have little impact on the real estate market.

BC Assessment's website provides a map of the top 500 most valuable residential properties in the province.

Residents who disagree with their assessment are encouraged to contact BC Assessment and if they remain dissatisfied with the result, they can file an appeal by January 31 for an independent review. The physical condition is based on how the property was on October 31, 2017.

Like this: