BC Assessment has mailed its 2021 assessments to the owners of more than 283,500 properties throughout the Thompson Okanagan. Spotlight file photo

BC Assessment has mailed its 2021 assessments to the owners of more than 283,500 properties throughout the Thompson Okanagan. Spotlight file photo

Princeton property values skyrocket

On average single family homes increase 17 per cent in value, in one year

Princeton house values are skyrocketing, according to the province.

BC Assessment has mailed its 2021 assessments to the owners of more than 283,500 properties throughout the Thompson Okanagan. The assessments reflect the market value as of July 1, 2020.

Princeton homes have seen 17 per cent increase in value – on average from $215,000 to $$252,000 in the past year.

“For the Okanagan, the majority of homeowners can expect to see moderate value changes compared to last year,” said Tracy Wall, Okanagan area deputy assessor.

READ ALSO: Property values decrease in Penticton, rise elsewhere in South Okanagan Similkameen

READ ALSO: B.C. assessed home values to dip 2.5% in 2020

“Some of our smaller communities such as Keremeos, Princeton, Enderby and Lumby are seeing notably higher increases in residential values compared to last year.”

In Penticton, that increase was two per cent, but in Keremeos it was 11 per cent. Home values in Summerland dropped 2 per cent.

In the Thompson area, the majority of property owners will see assessments of zero to 10 per cent, said Tracy Shymko, Thompson area deputy assessor.

Throughout the Thompson and Okanagan region, total assessments increased from $152.8 billion in 2020 to $159.3 billion in 2021. A total of about $2.4 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.

Individual community assessments for single family homes are as follows:

• Kelowna — three per cent increase, from $629,000 to $650,000

• West Kelowna — four per cent increase, from $607,000 to $632,000

• Lake Country — seven per cent increase, from $627,000 to $673,000

• Penticton — two per cent increase, from $469,000 to $479,000

• Keremeos — 11 per cent increase, from $275,000 to $304,000

• Princeton — 17 per cent increase, from $215,000 to $252,000

• Summerland — two per cent decrease, from $526,000 to $517,000

• Oliver — seven per cent increase, from $389,000 to $416,000

• Osoyoos — one per cent increase, from $429,000 to $433,000

• Peachland — three per cent increase, from $573,000to $590,000

• Enderby — 12 per cent increase, from $303,000 to $339,000

• Armstrong — seven per cent increase, from $399,000 to $425,000

• Vernon — three per cent increase, from $463,000 to $479,000

• Coldstream — four per cent increase, from $581,000 to $606,000

• Lumby — 13 per cent increase, from $340,000 to $384,000

• Salmon Arm — three per cent increase, from $413,000 to $426,000

• Spallumcheen — seven per cent increase, from $342,000 to $367,000

• Sicamous — seven per cent increase, from of $298,000 to $318,000

Provincewide, there are 2,114,885 properties on the British Columbia assessment role, an increase of one per cent from the previous year. The value of real estate in British Columbia is $2.01 trillion, according to assessment figures. This is an increase of nearly 4.2 per cent from 2020.

Each year, real estate sales are used to determine property values throughout the province.

Property owners can compare their property values with others in the province by visiting bcassessment.ca and using Find Your Assessment. Information is also available under Property Information and Trends on the website.

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