Housing assessments in region stabilize, with Slocan seeing greatest increase
By Castlegar Source
In the next few days, owners of nearly 500,000 properties throughout the Southern Interior can expect to receive their 2024 assessment notices, which reflect market value as of July 1, 2023.
In Castlegar and Nelson, typical assessments went down by one per cent, whereas in Trail and Grand Forks, they went up by one percent. Rossland, Fruitvale and New Denver all saw a seven-per-cent jump, while Slocan and Canal Flats topped the list at 12 per cent and 13 per cent, respectively.
“Most homeowners throughout the Southern Interior can expect modest changes and even some decreases in their assessment values,” says Southern Interior Deputy Assessor Boris Warkentin. “With the softer real estate market, most changes in home values will be somewhere between -10 per cent to +5 per cent in the Thompson-Okanagan communities, whereas Kootenay Columbia changes are slightly more at -10 per cent to +10 per cent. Lytton is the exception with larger increases as market activity recovers in the community.”
As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, the Southern Interior’s total assessments increased from $303 billion in 2023 to almost $315 billion this year. A total of almost $5.9 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties. BC Assessment’s Southern Interior region includes the main urban centres of Kelowna, Kamloops, and Cranbrook as well as all surrounding Okanagan, Thompson, and Kootenay Columbia communities as listed below.
For a full breakdown, see https://info.bcassessment.ca/news/Pages/Southern-Interior-2024-Property-Assessments-in-the-Mail.aspx
