Property assessments soar across Central Okanagan

Property assessments across the Central Okanagan have surged, with the average single-family home pegged at above $800,000.

According to data released by BC Assessment, most communities saw increases of upwards of 30 per cent. Assessments will be arriving in mailboxes over the coming days, reflecting assessments as of July 1.

In Kelowna, assessment values are up 34 per cent year-over-year, with the typical single-family home coming in at $869,000, compared to $650,000 in 2020.

Values in Lake Country are the second highest in the Thompson-Okanagan region, at $886,000, up 32 per cent from $672,000 last year.

The most expensive area in the region is Sun Peaks, which carries a $1.14 million figure.

Across the bridge, assessments in West Kelowna are up 34 per cent, to $856,000. In Penticton, property values are up 33 per cent to $637,000.

The only community that saw growth under 25 per cent in Thompson-Okanagan was Clinton at 17. A typical single-family home in the village is $176,000.

A jump in assessment does not necessarily mean a jump in property taxes.

Overall, the Thompson-Okanagan's total assessments increased from $159.3 billion in 2021, to $204.2 billion this year, according to BC Assessment.

A total of about $3.3 billion of the region's updated assessments is from new construction, subdivisions, and the rezoning of properties.

Anyone whose property was impacted by the 2021 flood, mudslides or wildfires should contact the assessment agency.