January 11, 2024 – As we step into the new year, many homeowners in the Okanagan region have likely received their eagerly anticipated 2024 Property Assessment notices in the mail. Now, the question on everyone’s mind is: how does this year’s assessment compare to the previous year? Let’s delve into the numbers and insights provided by BC Assessment, specifically focusing on the Okanagan region, which includes urban centers like Kelowna and Kamloops, along with all surrounding Okanagan and Thompson communities.
Comparing to Last Year’s Assessments
Property assessments are out and Kelowna’s single-family residences have dropped on average by three per cent to an average assessed value of $953,000. West Kelowna single-family homes dropped by five percent to an average of $912,000 while Lake Country holds the highest average price in the Central Okanagan, dropping just two per cent to $955,000. Peachland homes dropped just one percentage point but stayed the lowest in the region at an average of $884,000. Rural residential properties were the only exception with a minimal increase of 0.8 per cent.
More Information Online
For those seeking further details, BC Assessment’s website at bcassessment.ca is a treasure trove of information about the 2024 property assessments. It provides insights into property trends, including lists of the top-valued residential properties across the province for 2024.
Property owners are encouraged to register for a free BC Assessment custom account, unlocking additional property search features. This includes checking a property’s 10-year value history, storing/accessing favorites, creating comparisons, monitoring neighborhood sales, and utilizing the interactive map.