Homeowners throughout the Okanagan Valley this week discovered that their property is worth significantly more than it was last year.
According to BC Assessment’s 2018 numbers, the value of properties in the Kelowna area went up a whopping 17% in 2017.
Even with that significant increase, properties in the Okanagan are nowhere close to the assessed value of Lower Mainland homes.
In fact, not a single home outside of Vancouver could crack the top 100 highest property value list.
That’s not to say there are not some expensive homes in the Okanagan.
Here are the top 10 according to the 2018 BC Assessments:
1) 4358 Hobson Rd, Kelowna
2) 1683 Pritchard Dr, West Kelowna
3) 2523 Whitworth Rd, West Kelowna
4) 12990 Pixton Rd, Lake Country
5) 4594 Fuller Rd, Kelowna
"BC Assessment looks at a number of factors when valuing property," said the acting assessor for the Thompson Okanagan region, Tracy Wall. "Things that can add value are the location, the size of the property, how large the home is, how new it is, what other additional amenities it might have like pools, garages or workshops. All of these factors are considered."
Rounding out the top ten highest valued properties in the Okanagan were:
Click here for a list of the 100 top valued residential properties in B.C.
According to BC Assessment, residential home sales in similar neighbourhoods, of similar size and age, help set the base for a home assessment then adjustments are made for each home based amenities and other factors.
"Property values usually change as a result of real-estate market forces," explained Wall. "But no two houses are the same. Different levels of residential zoning play a factor and things such as having a good or bad view, good or bad property access and even the shape of the lot."
Have you seen your 2018 BC Assessment yet? Click here to search your address.
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