Kamloops home values rose, on average, by six per cent in 2020, according to the latest property assessments.
BC Assessment has released its annual assessment notices online and paper copies are in the mail, expected to land on doorsteps in the coming days.
The average single-family residential home in Kamloops is valued at $488,000, compared to $461,000 a year earlier, equating to a six per cent increase. Strata condos and townhouses in Kamloops also rose, on average, by six per cent, valued at $285,000, compared to $269,000 a year earlier.
Thompson-Okanagan deputy assessor Tracy Wall explained assessments are based on market values as of July 1 the previous year.
A number of factors contribute to property assessments, including supply and demand and home improvements. Wall said the COVID-19 pandemic played a role this year, with home sales down at the onset of the pandemic in March and April of 2020 and rebounding later in the year, with more people working from home, historically low interest rates and folks limited ability to travel, due to public health orders to curb spread of the novel coronavirus. In addition, the city reported more additions and home renovation projects in 2020.
Wall said the province experienced moderate increases of up to 10 per cent. Smaller communities in the Thompson-Okanagan region, such as like Princeton, Keremeos and Lumby, saw more significant bumps in single-family home values, as did resort communities like Sun Peaks, where values increased, on average, by 11 per cent.
Kamloops’ residential assessments outpaced Kelowna, which saw a modest increase this year at three per cent for single-family homes and two per cent for condos and townhouses. Housing properties in the Little Apple, however, continue to be much higher than in Kamloops, with 2021 values averaging $650,000 for a single-family home and $372,000 for a condo and townhouse. That city saw the second-highest residential property value in the Thompson-Okanagan region — an Okanagan lakefront property at 4358 Hobson Dr. near Summerhill Pyramid Winery valued at $10.6 million.
Residents can find their assessment online at bcassessment.ca. If homeowners notice their assessment seems to out of step with those of their neighbours or something appears to be wrong, they should contact BC Assessment by calling 1-866-825-8322. Appraisers are available to speak with residents during daytime hours.
Disputes must be filed by Feb. 1.
• Total value of real estate in the Thompson-Okanagan region is $159 billion, which is up four per cent from 2020;
• The total value of new construction, subdivisions and rezoning is $2 billion;
• The top valued residential property in the region is valued at $10.7 million and is located in the District of Lake Country;
• The total number of properties on the 2021 roll is 2,114,885, a one per cent increase over 2020;
• The total value of real estate in British Columbia in 2021 was $2.01 trillion, a four per cent increase over 2020.