KELOWNA — In the next few days, owners of more than 208,000 properties throughout the Okanagan can expect to receive their 2019 assessment notices, which reflect market value as of July 1, 2018.
"The majority of residential home owners within the Okanagan can expect a +5% to +15% change compared to last year's assessment," says Thompson Okanagan Assessor Katrina LeNoury. "Local communities and individual housing may experience changes greater or lesser than the average, as market values are based on local market demand and conditions."
As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Okanagan's estimated range of percentage changes to 2019 assessment values by property type compared to 2018. Please note property assessments may vary by jurisdiction or municipality within the region.
Residential Single Detached Homes | 0% to +15% | 0% to +20% |
Residential Strata Units (e.g. condominiums) | 0% to +20% | 0% to +25% |
Commercial | -5% to +20% | -5% to +20% |
Light Industrial | 0% to +20% | +5% to +20% |
Overall, the Okanagan's total assessments increased from about $108 billion in 2018 to $118.6 billion this year. A total of about $2.5 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties. The Okanagan area forms a part of BC Assessment's Thompson Okanagan region and includes the Shuswap (Sicamous to Sorrento) in the north, then south through all of the Okanagan communities to the Canada/US border at Osoyoos and west to Princeton.
The summaries below provides estimates of average 2018 versus 2019 assessed values of properties throughout the region. The average is represented by the median, or mid point, value that removes the influence of outliers.
These examples demonstrate market trends for single-family residential properties by geographic area:
| Kelowna | $590,00 | $632,000 | +7% |
| West Kelowna | $577,000 | $614,000 | +6% |
| Lake Country | $575,000 | $619,000 | +7% |
| Penticton | $445,000 | $481,000 | +8% |
| Summerland | $466,000 | $517,000 | +10% |
| Keremeos | $240,650 | $270,200 | +12% |
| Oliver | $352,000 | $381,000 | +8% |
| Osoyoos | $382,000 | $414,000 | +8% |
| Princeton | $183,750 | $198,000 | +7% |
| Peachland | $542,500 | $582,500 | +7% |
| Armstrong | $353,750 | $384,000 | +8% |
| Enderby | $292,000 | $300,000 | +2% |
| Vernon | $411,000 | $447,000 | +8% |
| Coldstream | $550,000 | $590,000 | +7% |
| Salmon Arm | $307,000 | $364,000 | +5% |
| Spallumcheen | $307,000 | $364,000 | +18% |
| Sicamous | $251,000 | $293,800 | +17% |
| Lumby | $290,600 | $323,400 | +11% |
These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic area for select urban communities:
| Kelowna | $ 341,000 | $ 376,000 | +10% |
| West Kelowna | $ 369,000 | $ 402,000 | +9% |
| Penticton | $ 257,400 | $ 281,000 | +9% |
| Vernon | $ 240,950 | $ 274,500 | +14% |
BC Assessment's website at bcassessment.ca includes more details about 2019 assessments, property information and trends such as lists of 2019'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 2019 property assessments for anywhere in the province. As a new option, property owners can unlock additional property search features by registering for a free BC Assessment custom account to store/access favourites, create comparisons and use our new interactive map.
"Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2018 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Assessor Katrina LeNoury.
"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 Katrina LeNoury.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.
"It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes," explains LeNoury. "How your assessment changes relative to the average change in your community is what may affect your property taxes."
The Okanagan BC Assessment office is located at:
300-1631 Dickson Ave
Kelowna, BC
V1Y 0B5
During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca
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Media contact:
Katrina LeNoury
Thompson Okanagan Assessor, BC Assessment
Tel. 1.866.825.8322 Ext. 19325
Email: katrina.lenoury@bcassessment.ca
