Assessed values for homes in Kamloops are up seven per cent in new numbers from BC Assessment.
The average assessed value in Kamloops, as of July 1, 2019, is $461,000, compared to $431,000 a year earlier.
Thompson-Okanagan assessor Tracy Wall says that values is a sign of trends in the real estate market.
“There’s been a lot of demand in the Thompson region, for all of our communities. And certainly, perhaps supply is starting to thin out a little bit as a result of demand. And that’s resulted in these increases overall.
Wall says the entire Kamloops area saw an increase on average, except for Sun Peaks which is down by two per cent.
“It’s based on sales activities. What we had seen the year before is that there were numerous sales, and the values were showing a very steep increase. And this year again, around July 1st, we would’ve looked at actual sales to determine the market value for assessment purposes. And what we found is that the prices folks were paying was a little bit less.”
Assessed values had risen by $129,000 on average in Sun Peaks last year, but values have dropped by $18,000 this year.
The largest increases, percentage-wise, for property assessments in the Thompson-Nicola region this year are in Clinton at 25 per cent, Lillooet at 20 per cent, and Ashcroft and Lytton at 17 per cent, respectively.
Lytton saw the largest year-over-year increase for a dollar figure, at $42,000 on average, with Ashcroft close behind at $38,000.
Property owners can see their updated assessed values by clicking here.
Single Family Homes
By Community |
2019 Typical
Assessed Value as of July 1, 2018 |
2020 Typical
Assessed Value as of July 1, 2019 |
%
Change
|
City of Kamloops | $431,000 | $461,000 | +7% |
Barriere | $221,000 | $246,000 | +11% |
Clearwater | $230,000 | $243,000 | +5% |
Merritt | $266,000 | $289,000 | +9% |
Ashcroft | $222,000 | $261,000 | +17% |
Cache Creek | $163,000 | $181,000 | +11% |
Chase | $286,000 | $305,000 | +7% |
Clinton | $120,000 | $150,000 | +25% |
Logan Lake | $230,000 | $245,000 | +7% |
Lillooet | $215,000 | $257,000 | +20% |
Lytton | $138,000 | $160,000 | +17% |
Sun Peaks | $847,000 | $829,000 | -2% |