Kamloops households will see an average of an eight per cent increase in property values, after BC Assessment released its 2019 assessments.
They are in the mail and were made public online Wednesday.
“The trend was very similar from what we saw a year ago to what we’re seeing today,” BC Assessment deputy assessor Graham Held said.
Single-family dwellings and condos in Kamloops are up eight per cent, with the average house rising from $397,550 in 2018 to $431,000 in 2019 and condos bumping from $229,500 to $248,000. Year-over-year increases are due to supply and demand. Assessments are based on B.C.’s real estate market as of July 1 the year prior. Last year, fewer houses sold during that time in Kamloops than the two previous years.
“We actually had fewer sales this year than in previous years,” Held said. “We’re down to just about the 2015 level for sales.”
Industrial/commercial and apartment values also rose, though not as quickly as single-family and condo assessments. The majority of commercial properties increased by five per cent, Held said.
About 1,350 property owners in the Thompson region received notices in December warning their assessments would be higher than normal. The highest increase amount was unavailable. The number of notices, however, was down from 1,500 issued last year. The Thompson region has more than 72,000 properties.
“The typical property was moving in a very tight range from 2017 to 2018,” Held said.
The top-three valued homes in Kamloops are located in Sahali, Aberdeen and Juniper. Held, however, said neighbourhoods did not experience significant variation. Barnhartvale saw the smallest increase at about five per cent, while Juniper jumped about 12 per cent.
“So those sort of bookend the neighbourhoods in the City of Kamloops and everything is sort of falling in that narrow range,” Held said.
The Thompson region increased overall, from $27 billion last year to $29.5 billion in 2019.
Sun Peaks property values spiked. Average single-family homes in the resort community increased 18 per cent this year, at $847,000 compared to $718,000 in 2018, and condos rose 23 per cent, from $361,000 to $443,000.
In B.C., real estate was valued at nearly $2 trillion, with values rising overall by 7.45 per cent this year. The highest-valued property in the province is the $73.1-million decade-old home in Kitsilano, reportedly home to Lululemon founder Chip Wilson. The house decreased in value from nearly $79 million last year.
Meanwhile, Kelowna’s top residential property was valued at $10.5 million and Kamloops’ priciest home, located at 1490 Westerdale Dr., valued at $2 million.
Property assessments impact property taxes. If a home rises by more than the average, they can expect to take more of the tax burden and vice versa, if a property increases by less than the average.
Those who wish to dispute their property assessments can contact BC Assessment, by calling the local office 250-376-6281. It is located at 805 Renfrew Ave. in North Kamloops.
A plethora of information, including a searchable database of this year’s property assessments, is also available online at bcassessment.ca. Appeals go to an independent property assessment review panel. Notices of complaints must be filed by Jan. 31. The review process wraps up mid-March.
Less than two per cent of properties typically appeal in B.C., with about half of those going to the review panel and an unknown amount of property assessments adjusted.
Top 10 valued properties in Thompson region:
- 5250 Lauder Rd., Quilchena - $2,778,000
- 4141 Douglas Crt., Sun Peaks - $2,603,000
- 4117 Sundance Dr., Sun Peaks - $2,511,000
- 4121 Sundance Dr., Sun Peaks - $2,506,000
- 4137 Douglas Crt., Sun Peaks - $2,476,000
- 280 Rue Cheval Noir, Tobiano - $2,462,000
- 5788 Coalmont Rd., Merritt - $2,457,000
- 2816 Orton Rd., Kamloops - $2,279,000
- 5270 Lauder Rd., Quilchena - $2,251,000
- 920 Harwood Dr., Blue River - $2,205,000
Top 10 valued properties in Kamloops:
- 1490 Westerdale Dr., Kamloops - $2,074,000
- 1300 Finlay Ave., Kamloops - $1,991,000
- 3080 Kicking Horse Dr., Kamloops - $1,990,000
- 850 Lorne St., Kamloops - $1,904,000
- 6251 Meadowland Cres. North, Kamloops - $1,761,000
- 2622 Thompson Dr., Kamloops - $1,749,000
- 1000 Fernie Rd., Kamloops - $1,731,000
- 1815 North River Dr., Kamloops - $1,683,000
- 2070 High Forest Pl., Kamloops - $1,670,000
- 3575 Sage Dr., Kamloops - $1,656,000
Editor's note: This story previously noted 438 Waddington Dr. as the top valued property in the city, but it has since been removed from the list because it is not a single-family residence.