While almost all of B.C.’s top priced homes are in Vancouver, the Okanagan did crack the top 500 list with some pricey properties.
Four Kelowna and two Lake Country homes made the list, which was updated Jan. 4, 2022.
A $14 million Kelowna home is the most expensive single family residence in the Okanagan at No. 296 on the provincial list. The Hobson Road Rock House value increased from $10.6 million last year.
Other highly valued properties include an $11.2 million dollar Pritchard Drive home in West Kelowna, a Kelowna Lakeshore Drive acreage worth $12.2 million, a custom home along the banks of Okanagan Lake at Sheerwater Court in Kelowna valued at $11.9 million, a five-bedroom home at Pixton Road in Lake Country worth $13.5 million and another Lake Country home on Juniper Cove Road valued at $12.3 million.
While it didn’t make the top 500 in B.C., a Coldstream home did make the top 100 in the Thompson Okanagan. The Kalavista Drive waterfront family residence is valued at $8.6 million.
READ MORE: Penticton’s most expensive property worth almost $8 million
Lake Country boasts the most expensive average single-family home in the region, assessed at $886,000, a 32 per cent increase over last year. Kelowna and West Kelowna are next followed by Peachland, where values increased 39 per cent.
Coldstream assessments rose more than $20,000 to an average of $817,000 while Vernon saw a $165,000 jump to $644,000.
Penticton isn’t far behind at $637,000, while Summerland surpasses both at $695,000. Osoyoos properties are in the $600,000 range, Armstrong’s average is $578,000 (a 34 per cent increase), comparable to Salmon Arm’s $574,000.
The average Spallumcheen home is worth $521,000 (the largest increase at 42 per cent) while Lumby’s is $503,000 and Enderby’s is $468,000.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” Thompson Okanagan deputy assessor Tracy Shymko said. “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.”
The average strata home in Vernon is valued at $350,000, up 25 per cent from last year.
The period from July 1, 2020 to July 1, 2021 in Vernon saw a 33.9 per cent increase and 30.6 per cent for rural Vernon.
Spallumcheen had the biggest jump, 41.2 per cent, followed by Enderby at 34, Armstrong at 33.8, Coldstream at 31.7 and Lumby at 28.9.
In the next few days, owners of more than 286,000 properties throughout the Thompson Okanagan can expect to receive their 2022 assessment notices, which reflect market value as of July 1, 2021.
“The real estate market has been robust in the Okanagan and most property owners can expect higher assessment values for 2022 with many communities seeing increases over 30 per cent,” Okanagan area deputy assessor Tracy Wall said. “Sadly, we recognize that some Okanagan homeowners have been impacted by wildfires and flooding and they are encouraged to contact BC Assessment to discuss the damage to their property.”
Overall, the Thompson Okanagan’s total assessments increased from $159.3 billion in 2021 to $204.2 billion this year. A total of about $3.3 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
– with files from Cole Schisler, Black Press Media
READ MORE: Assessed home values jump up more than 30 per cent across Central Okanagan
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