Assessed property values in Nakusp saw one of the largest increases last year for the Kootenay region.
Property values for single family homes jumped 16 per cent on average last year to $226,000, according to B.C. Assessment.
It was a large increase from 2019, when home prices only went up by 1 per cent.
READ MORE: Speculation tax doesn’t slow B.C.’s hot housing market
Kelly Roberts, owner of Royal LePage Selkirk Realty, said it was one of the busiest years in her 33-year career.
“COVID-19 didn’t really hurt our market,” she said.
“I really wasn’t expecting that.”
One of the main reasons for the sharp rise in home prices was low inventory, said Roberts.
She said local real estate is shifting from a buyers to sellers market.
Roberts said more people from outside Nakusp are looking for homes in our area, including from Vancouver. With a rise in remote work, COVID-19 was a catalyst for people deciding to move to rural areas from city life.
The community with the largest increase for property values was Salmo at 19 per cent.
Overall, every single region in B.C. reported a zero to 10 per cent increase in valuation.
The most expensive property in our region is in Windermere at $6.1 million.
Since 2016, property values have gone up by more than 40 per cent in Nakusp.
Do you have something to add to this story, or something else we should report on? Email:jocelyn.doll@revelstokereview.com
Â
@RevelstokeRevueeditor@revelstoketimesreview.comLike us on Facebook and follow us on Twitter.
