File Photo (Image Credit: CFJC Today)

By James Peters

Property Assessments

New assessments show average six per cent property value jump in Kamloops

Jan 4, 2021 | 11:10 AM

KAMLOOPS — Annual assessments are in the mail for property owners across British Columbia – with most homeowners seeing another moderate hike in their assessed values.

Within the City of Kamloops, owners of single family homes will see an average assessed value increase of six percent. That’s down slightly from a seven percent average increase in 2020. The average value of a single family home in Kamloops is now $488,000.

Owners of condos and townhomes in Kamloops will also see an increase of six percent on average.

Outlying communities in the region also showed modest hikes. They range from an average increase of two percent in both Chase and Clinton to 12 percent in Merritt and 15 percent in Logan Lake.

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The outlier is Lytton, where the average assessed value dropped by seven percent.

Property owners will get assessment notices in the mail, but can also find updates at the B.C. Assessment website.

Image Credit: B.C. Assessment

The assessment authority has also released snapshots of the most valuable residential properties in the region and the province.

Of the 100 most valuable properties in the Thompson-Okanagan, nearly all are within the cities of Kelowna and West Kelowna. However, the most valuable property is within the District of Lake Country, overlooking Okanagan Lake. The property at 12990 Pixton Road is assessed at a value of more than $10.7 million.

The most valuable properties in B.C. are predominantly within the City of Vancouver. The highest assessed value goes to a home at 3085 Point Grey Road in the Kitsilano neighbourhood, at more than $66.8 million. The seven-bedroom mansion, owned by Lululemon found Chip Wilson, overlooks English Bay. Its value rose by nearly $2 million this year, after dropping by more than $8 million in 2020.