BC Assessment’s annual property valuations show East Kootenay homes have increased in value since last year.
The 2024 property assessments show most communities in the Southern Interior have seen increases since 2023’s valuations.
Cranbrook’s assessments are up by five per cent, an average single family home in the Key City is valued at $468,000 in 2024, up from $446,000 in 2023.
Canal Flats homes saw the largest hike in valuations, climbing an average of 13 per cent from 2023.
Meanwhile, Kimberley’s average assessed value climbed by six per cent while Fernie’s grew by one per cent.
The only Kootenay-Columbia communities to see decreases in average valuations were Midway, Nelson and Castlegar, while Salmo’s valuation averages remained on par with 2023.
See more information from BC Assessment below:
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.
“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% to +5% in the Thompson-Okanagan communities whereas Kootenay Columbia changes are slightly more at -10% to +10%. 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.
The summaries below provide estimates of typical 2023 versus 2024 assessed values of properties throughout the region. These examples demonstrate market trends for single-family residential properties by geographic area throughout the Southern Interior:*
These examples demonstrate market trends for single-family residential properties by geographic area:*
KOOTENAY COLUMBIA COMMUNITIES:
| Single Family Homes Changes by Community | 2023 Typical Assessed Value
as of July 1, 2022 |
2024 Typical Assessed Value
as of July 1, 2023 |
%
Change |
| Castlegar | $497,000 | $490,000 | -1% |
| Cranbrook | $446,000 | $468,000 | +5% |
| Fernie | $836,000 | $848,000 | +1% |
| Grand Forks | $403,000 | $409,000 | +1% |
| Greenwood | $235,000 | $245,000 | +4% |
| Kimberley | $472,000 | $499,000 | +6% |
| Nelson | $674,000 | $670,000 | -1% |
| Revelstoke | $801,000 | $839,000 | +5% |
| Rossland | $579,000 | $618,000 | +7% |
| Trail | $350,000 | $352,000 | +1% |
| Elkford | $344,000 | $350,000 | +2% |
| Invermere | $588,000 | $645,000 | +10% |
| Sparwood | $414,000 | $418,000 | +1% |
| Creston | $414,000 | $419,000 | +1% |
| Golden | $553,000 | $591,000 | +7% |
| Canal Flats | $285,000 | $322,000 | +13% |
| Fruitvale | $418,000 | $445,000 | +7% |
| Kaslo | $470,000 | $485,000 | +3% |
| Midway | $338,000 | $330,000 | -2% |
| Montrose | $437,000 | $446,000 | +2% |
| Nakusp | $387,000 | $401,000 | +4% |
| New Denver | $361,000 | $387,000 | +7% |
| Radium Hot Springs | $454,000 | $482,000 | +6% |
| Salmo | $375,000 | $373,000 | 0% |
| Silverton | $395,000 | $405,000 | +3% |
| Slocan | $381,000 | $428,000 | +12% |
| Warfield | $385,000 | $402,000 | +4% |
THOMPSON OKANAGAN COMMUNITIES:
| Single Family Homes Changes by Community | 2023 Typical Assessed Value
as of July 1, 2022 |
2024 Typical Assessed Value
as of July 1, 2023
|
%
Change |
| Kelowna | $987,000 | $953,000 | -3% |
| West Kelowna | $964,000 | $912,000 | -5% |
| Lake Country | $972,000 | $955,000 | -2% |
| Penticton | $727,000 | $708,000 | -3% |
| Summerland | $788,000 | $776,000 | -2% |
| Keremeos | $505,000 | $498,000 | -1% |
| Oliver | $610,000 | $609,000 | 0% |
| Osoyoos | $684,000 | $673,000 | -2% |
| Princeton | $389,000 | $378,000 | -3% |
| Peachland | $889,000 | $884,000 | -1% |
| Armstrong | $663,000 | $670,000 | +1% |
| Enderby | $538,000 | $536,000 | 0% |
| Vernon | $714,000 | $725,000 | +2% |
| Coldstream | $888,000 | $922,000 | +4% |
| Salmon Arm | $667,000 | $657,000 | -2% |
| Spallumcheen | $583,000 | $610,000 | +5% |
| Sicamous | $490,000 | $510,000 | +4% |
| Lumby | $568,000 | $560,000 | -1% |
| Kamloops | $689,000 | $678,000 | -2% |
| Barriere | $427,000 | $395,000 | -8% |
| Clearwater | $445,000 | $400,000 | -10% |
| Merritt | $475,000 | $438,000 | -8% |
| Ashcroft | $422,000 | $389,000 | -8% |
| Cache Creek | $324,000 | $321,000 | -1% |
| Chase | $507,000 | $492,000 | -3% |
| Clinton | $238,000 | $224,000 | -6% |
| Logan Lake | $445,000 | $437,000 | -2% |
| Lillooet | $388,000 | $398,000 | +3% |
| Sun Peaks | $1,651,000 | $1,457,000 | -12% |
| Lytton | $162,000 | $204,000 | +26% |
*All data calculated based on median values.
– Article includes information from BC Assessment
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