House values increase on average 11% (image credit - CFJC Today)

By Michael Reeve

HOME ASSESSMENTS

2022 property assessments see median Kamloops values approach $700,000

Jan 3, 2023 | 4:15 PM

KAMLOOPS — Homeowners across British Columbia will soon receive their 2022 assessments in the mail. On average, Kamloops homeowners saw the value of their homes increase by 11 per cent in 2022, meaning the median single family home is now valued at $689,000.

The 11 per cent increase in Kamloops is lower than many surrounding communities including Kelowna and Merritt both at 14 per cent, Salmon Arm at 17 per cent and Clearwater at 29 per cent.

In July, the real estate market in British Columbia was only just beginning to come down from the pandemic highs that saw housing prices and sales skyrocket thanks to low interest rates. Despite the market cooling off since, B.C. Assessment is legislated to complete assessments based of July 1 values.

“Some people will see that what they could get for their house today is not what they could have gotten back in July. But, for most property owners in the Kamloops region that shift hasn’t been as too dramatic and everybody is getting a July 1 evolution date,” said Tracy Shymko, Acting Assessor for the Thompson Okanagan.

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Shymko noted that no individual neighbourhood in Kamloops saw a disproportionate increase compared to the rest of the community when it comes to single family homes; instead, it was property types that saw the most variation.

“The single-family was pretty consistent across the board. One thing that we did see was that in the city of Kamloops, the strata-residential property type was a little bit higher than residential. They are seeing more of that 15-to-20 per cent increase, where as the single family residential was in the 10-to-15 per cent increase,” added Shymko.

People affected by the 2021 floods and fires who may be in the rebuilding phase are advised to contact B.C. Assessment, while anybody wishing to file a dispute about the assessment done of their property has until the end of the month to fill out the form on their website.

“You do need to appeal your property assessment by the end of January, so January 31 is the date that you must appeal by,” stated Shymko. “It is a fairly simple process where you can go onto our website and there is an online form that ensures that you have filled out all the correct information that we need to understand your concerns about your property.”

Reassessed homes will still be valued off of July 1, 2022 figures.