As red-hot housing cools around the province, home values in Kamloops continue to rise
On Thursday, BC Assessment released its annual numbers, which reveal, on average, a seven per cent increase to single-family detached properties in Kamloops.
The typical assessed value for a home as of July 1, 2019 was $461,000, compared to $431,000 the previous year. Strata residential properties saw a similar spike, at eight per cent ($269,000 in 2019, compared to $248,000 in 2018).
Tracy Wall, BC Assessment’s Thompson-Okanagan deputy assessor, said the organization evaluates assessments based on the marketplace.
“We determine what a property could have theoretically sold for as of July the first each year,” Wall said. “For the 2020 assessments, we would have been looking at sales around July the first and then compared them to all those properties that didn’t sell.”
Most neighbourhoods, including Juniper, Valleyview, North Kamloops, Sahali and Aberdeen, saw an increase of between five to 10 per cent. One area, Rose Hill, experienced a slight decline, while the largest increase was realized in Barnhartvale, at between 10 and 15 per cent.
Throughout the Thompson region surrounding Kamloops, changes in single-family home values ranged from a decrease of five per cent to an increase of up to 20 per cent. Smaller Interior communities saw significant spikes: Ashcroft and Lytton housing prices increased by 17 per cent, while Lillooet jumped by 20 per cent and Clinton by 25 per cent.
High-cost housing markets around the province, meanwhile, appear to be stabilizing.
Sun Peaks and Kelowna saw a minor decline of two per cent in assessed value for single-family homes, while West Kelowna dropped by one per cent and Penticton dropped by three per cent. Home values in the Lower Mainland generally fell, with the biggest drop felt in West Vancouver, at minus 16 per cent.
Minister of Municipal Affairs and Housing Selina Robinson released a statement touting government efforts to cool the housing market. Multi-level government policies enacted to slow it down have included the foreign homebuyers’ tax, speculation tax and the mortgage stress test.
Robinson said people living in regions hardest hit by property value increases, such as the Lower Mainland and on Vancouver Island, are seeing a “moderating trend in housing prices.”
“As we move into the next decade, we will continue our work to stabilize the market and support investment in new housing supply, while we ensure that more families and businesses are able to be part of our economic success,” Robinson said.
Residents can expect their property assessments in the mail in the coming days, but can also search their details online at bcassessment.ca.
Residents have until Jan. 31 to file an appeal, which can be done online or by mail.
Properties with significant increases were warned in November.
Top 10 residential assessments for Kamloops:
1. 2175 Running Horse Ranch Rd. (Upper Sahali): $2,153,000
2. 1490 Westerdale Dr. (Aberdeen): $2,104,000
3. 201 Harper Rd. (Dallas): $1,981,000
4. 1300 Finlay Ave. (Juniper Ridge): $1,952,000
5. 3080 Kicking Horse Dr. (Juniper Ridge): $1,952,000
6. 850 Lorne St. (downtown): $1,910,000
7. 2622 Thompson Dr. (Valleyview): $1,829,000
8. 6251 Meadowland Cres. North (Barnhartvale): $1,750,000
9. 132 Fernie Pl. (Guerin Creek): $1,732,000
10. 1000 Fernie Rd. (Guerin Creek): $1,724,000
Top 10 valued residential properties in B.C.:
1. 3085 Point Grey Rd., Vancouver, $64,946,000
2. 4707 Belmont Ave., Vancouver, $58,728,000
3. James Island, $56,747,000
4. 4719 Belmont Ave., Vancouver: $36,042,000
5. 4743 Belmont Ave., Vancouver: $32,771,000
6. 2815 Point Grey Rd., Vancouver: $32,588,000
7. 4773 Belmont Ave., Vancouver, $31,720,000
8. 17146 20th Ave., Surrey: $31,524,000
9. 4857 Belmont Ave., Vancouver: $30,208,000
10. 35220 Cassiar Ave., Abbotsford: $30,022,000