Assessed values for a ‘typical’ or median single-family residential property in Salmon Arm rose by three per cent for 2020 over 2019 and by just one per cent for Sicamous. (File photo)

Shuswap residents see property values increase

BC Assessment Authority releases property assessments for 2020

If you’re a Shuswap property owner, you’ve already received or will be receiving your property assessment.

According to the BC Assessment Authority, Salmon Arm and Sicamous are included in the Okanagan region, while Chase is in the Thompson.

BC Assessment states that in Salmon Arm, the “typical” or median assessed value for single-family residential properties rose by three per cent from $401,00 for 2019 (as of July 1, 2018) to $413,000 for 2020 (as of July 1, 2019).

In Sicamous, the assessed value of a typical single-family residential property rose by just one per cent from $294,000 to $298,000.

“For the Okanagan region, the majority of homeowners can expect to see stable values with slight changes from last year,” said Tracy Wall, deputy assessor for the Okanagan. “Commercial and industrial properties have shown increases, especially in the North Okanagan.”

Read more: CMHC expects housing market to recover in next two years after declines

Read more: Survey – Salmon Arm houses cheaper to buy than many towns in B.C.

In Chase, the assessed value of a typical single-family residential property rose more than those in Salmon Arm or Sicamous, increasing seven per cent from $286,000 to $305,000.

“Throughout the Thompson, the majority of homeowners can expect an increase in value compared to last year,” said Tracy Shymko, deputy assessor for the Thompson region. “Comparing July 2018 and July 2019, home values have risen consistently for most of Kamloops and the Thompson with a few communities seeing increases slightly higher than others, especially in Clinton, Lillooet, Ashcroft and Lytton.”

Shymko said Chase may be seeing a higher percentage increase in the past year than Salmon Arm because the property values in Chase are lower. She noted that Chase is still in the sub-$300,000 range while Salmon Arm has surpassed it.

BC Assessment collects, monitors and analyzes property data throughout the year. Property assessments may vary by jurisdiction or municipality within the region.

BC Assessment’s website at bcassessment.ca includes more details about 2020 assessments, property information and trends such as lists of 2020’s top valued residential properties across the province.



marthawickett@saobserver.net

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