In the next few days, owners of more than 280,800 properties throughout the Thompson Okanagan can expect to receive their 2020 assessment notices, which reflect market value as of July 1, 2019.
"For the Okanagan region, the majority of home owners can expect to see stable values with slight changes from last year," says Okanagan area Deputy Assessor Tracy Wall. "Commercial and industrial properties have shown increases, especially in the North Okanagan."
As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Thompson Okanagan's estimated range of percentage changes to 2020 assessment values by property type compared to 2019. Please note property assessments may vary by jurisdiction or municipality within the region.
Overall, the Thompson Okanagan's total assessments increased from about $147.7 billion in 2019 to $153.1 billion this year. A total of about $2.7 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment's Thompson Okanagan region includes the urban centres of Kelowna and Kamloops as well as all surrounding Okanagan and Thompson communities as listed below.
The summaries below provides estimates of typical 2019 versus 2020 assessed values of properties throughout the region.
These examples demonstrate market trends for single-family residential properties by geographic area:
Single Family Homes 2019 Typical Assessed Value 2020 Typical Assessed Value % Change
(By community) (As of July 1, 2018) (As of July 1, 2019)
City of Kelowna $643,000 $629,000 -2%
West Kelowna $614,000 $607,000 -1%
Lake Country $619,000 $627,000 +1%
Penticton $481,000 $469,000 -3%
Summerland $517,000 $526,000 +2%
Keremeos $270,000 $275,000 +2%
Oliver $381,000 $389,000 +2%
Osoyoos $413,000 $430,000 +4%
Princeton $197,000 $215,000 +9%
Peachland $582,000 $574,000 -1%
Armstrong $384,000 $400,000 +4%
Enderby $300,000 $304,000 +1%
Vernon $447,000 $463,000 +4%
Coldstream $590,000 $581,000 -2%
Salmon Arm $401,000 $413,000 +3%
These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic area for select urban communities:
Strata Homes 2019 Typical Assessed Value 2020 Typical Assessed Value % Change
(By community) (As of July 1, 2018) (As of July 1, 2019)
Kelowna $370,000 $364,000 -2%
West Kelowna $402,000 $387,000 -4%
Penticton $281,000 $287,000 +2%
Vernon $275,000 $285,000 +4%
"Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Wall. "If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel."
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.