Property assessments continue to increase in the South Okanagan

Home owners in Summerland and Keremeos can expect some of the biggest increases in property value when their 2019 assessment notices arrive in their mailboxes over the next few days.

In Keremeos, the average assessed value for a single-family home has risen from $240,650 to $270,200, an increase of 12 per cent. In Summerland, it’s a 10 per cent increase, from $466,000 to $517,000.

At 18 and 17 per cent, respectively, Spallumcheen and Sicamous saw the biggest increases in the B.C. Assessment’s Thompson-Okanagan region.

Thompson-Okanagan assessor Katrina LeNoury said the majority of residential home owners in the Okanagan can expect a five to 15 per cent increase in their property assessment.

“It is very similar to last year,” said LeNoury, noting that the Okanagan has seen similar increases in property values over the last three years. “It would be fair to say there has been a cooling in the Vancouver market, but other regions are still seeing increases.”

Penticton, Oliver, Osoyoos, and Princeton all fall in the middle of that range, with increases of seven and eight per cent.

LeNoury emphasizes that these are averages, and individual home owners may experience larger or smaller increases than the average.

“Market values are based on local market demand and conditions,” she said.

Overall, the Okanagan’s total assessments increased from about $108 billion in 2018 to $118.6 billion this year with about $2.5 billion of that due to new construction, subdivisions and rezoning of properties.

The honor of the most expensive home in the Okanagan goes to Kelowna this year, where a waterfront property was assessed at more than $10.5 million.

According the B.C. Assesment’s annual report, most of the properties on the top 100 list fall into the West Kelowna and Kelowna area. The first smaller community to make it on the list is Coldstream, where a $6.177-million property is ranked at No. 39.

Across the province, though, the Okanagan doesn’t even make it into the top 500, which range from an $73.12-million home in Vancouver’s Point Grey neighbourhood to an $11.63-million home on the West Vancouver waterfront.

Dori Lionello, president of the South Okanagan Real Estate Board, said that January and February is traditionally a quieter time for real estate sales, but the local market has still been busy and there is still a number of cases of multiple offers being made from properties.

“Prices are stable, but we are not seeing the urgency on the part of Vancouver buyers,” said Lionello. “They are still coming, they still want to be here.”

If you are concerned about your property’s assessed value, LeNoury suggests contacting BC Assessment.

“I really would encourage property openers to look at our website. There has been quite a few changes this year to make it easier,” she said. That includes an interactive map and other user-friendly features to make it easier to find your property.

A phone call, she said, can also yield information that might help allay concerns, but if they do want to file an appeal, the deadline is Jan. 31.

“They have to file an appeal letter with us by Jan. 31,” said Le Noury. “We do encourage people to give us a call. A lot of times we can provide information on why it has changed.”

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.

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New Year’s Eve Dinner – On New York TIME

Celebrate the coming year with a New York-inspired New Year’s Dinner experience at TIME Winery & Kitchen.

Tue  December 31, 2019  5:00 PM – 10:00 PM

$59 + taxes & gratuity per person (food only) 

Enjoy a celebratory bubbles toast with us at 9 pm, as we countdown to 2020 on New York TIME.

Visit our website for full menu details (6 pm and 9 pm seating available)

  1. Seating is limited. For reservations, please call 236-422-2556 or email chelsea@encorevineyards.ca

Organizer’s Info:

Christmas Light UP @ Silver Star

One of our biggest nights of the year is back! Come up and enjoy the magic of SilverStar’s annual Christmas Light Up!

Christmas Light UP - Dan Jones

 

 

 

 

 

 

Join us for a night of festivities to kick off the holiday season. We’ll have fun for the whole family: everything from local crafts and talents, hot food and drinks, sleigh rides, fire dancers, fireworks, Santa Claus and more. All in the heart of our mountain village. This is one fun-filled night you’ll definitely not want to miss out on!

*Please note: Our parking lots fill up early (before 5pm) for this event. Please car pool and take advantage of local shuttle services. There will be shuttles running from the parking lots to the village and it’s recommended to park in E lot so that you don’t miss anything while searching for closer parking.

Cost: FREE

New this year: We will be offering $10 sightseeing rides ($30 for 4) on the gondola! There’s nothing quite like seeing the village lights from the top of the mountain inside a cozy gondola cabin. If you’re lucky with your timing, you may even witness the fireworks during your ride! There will be multiple locations in the village to purchase a sight seeing ticket. The gondola will be running from 5pm to 7:30pm with last cabin loading at 7:20pm.

*Season pass holders ride for free

  • Friday, November 29, 2019
  • 5:00 PM  7:30 PM
  • SilverStar Mountain Resort123 Shortt StreetBC, V1B 3M1Canada

Google Calendar  ICS

* Please double check date, time and location with the host, as this information is subject to change *

Housing Market Update Webcast November 2019

Watch BCREA Chief Economist Brendon Ogmundson discuss the October 2019 statistics.

Click here to visit our YouTube channel. Read the news release here.

For more information, please contact:
Brendon Ogmundson
Chief Economist
Direct: 604.742.2796
Mobile: 604.505.6793
Email: bogmundson@bcrea.bc.ca

Home Sales Continue Normalization Trend in October

Vancouver, BC – November 13, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 7,666 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, an increase of 19.3 per cent from the same month last year. The average MLS® residential price in the province was $724,045, an increase of 5.1 per cent from October 2018. Total sales dollar volume was $5.55 billion, a 25.4 per cent increase from the same month last year.

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“Most markets around the province are returning to a more typical level of sales activity,” said BCREA Chief Economist Brendon Ogmundson. “That recovery in sales and slower listings activity is putting upward pressure on prices in many markets.”

MLS® residential active listings in the province were up 1 per cent from September 2018 to 36,567 units, although down slightly when compared on a seasonally adjusted basis. With sales and listings down, overall market conditions in the province have tightened, with a sales-to-active listings ratio of 21 per cent.

Year-to-date, BC residential sales dollar volume was down 9 per cent to $45.3 billion, compared with the same period in 2018. Residential unit sales were 6.2 per cent lower at 65,468 units, while the average MLS® residential price was down 3 per cent year-to-date at $691,618.

For more information, please contact: 

Brendon Ogmundson
Chief Economist
Direct: 604.742.2796
Mobile: 604.505.6793
Email: bogmundson@bcrea.bc.ca