Southern Interior 2025 Property Assessments Announced
KELOWNA, BC, Jan. 2, 2025 /CNW/ - The 2025 property assessments, which reflect market value as of July 1, 2024, have been announced for property owners of nearly 445,000 properties throughout the Southern Interior. The updated property values are now available at bcassessment.ca in addition to 2025 Property Assessment Notices being mailed to each property owner.
"For 2025, most homeowners can expect generally flat property assessment value changes in the -5% to +5% range for many Thompson Okanagan communities while homeowners in Kootenay Columbia areas may see a higher rate of change in the 0% to +10% range," says Deputy Assessor Boris Warkentin. "For property owners throughout the Southern Interior, there may be a delay in receiving your 2025 Assessment Notices due to ongoing Canada Post backlogs, but anyone can check updated values at bcassessment.ca, using our online property search service."
As B.C.'s provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The newly released 2025 property assessment details can be searched and accessed any time at bcassessment.ca by using BC Assessment's Find your property assessment online service.
Overall, the Southern Interior's total assessments increased from about $315 billion in 2024 to nearly $323 billion this year. A total of about $5.29 billion of the region's updated assessments is from new construction, subdivisions and the rezoning of properties.
BC'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 2024 versus 2025 assessed values of properties throughout the region.
These examples demonstrate market trends for single-family residential properties by geographic area throughout the Southern Interior:*
THOMPSON OKANAGAN COMMUNITIES:
Single Family Homes Changes by Community |
2024 Typical Assessed Value as of July 1, 2023 |
2025 Typical Assessed Value as of July 1, 2024 |
% Change |
City of Kelowna |
$952,000 |
$938,000 |
-1 % |
City of West Kelowna |
$912,000 |
$904,000 |
-1 % |
District of Lake Country |
$955,000 |
$930,000 |
-3 % |
City of Penticton |
$708,000 |
$693,000 |
-2 % |
District of Summerland |
$776,000 |
$763,000 |
-2 % |
Village of Keremeos |
$499,000 |
$500,000 |
0 % |
Town of Oliver |
$609,000 |
$619,000 |
+2 % |
Town of Osoyoos |
$673,000 |
$667,000 |
-1 % |
Town of Princeton |
$379,000 |
$379,000 |
0 % |
District of Peachland |
$884,000 |
$887,000 |
0 % |
City of Armstrong |
$670,000 |
$639,000 |
-5 % |
City of Enderby |
$535,000 |
$535,000 |
0 % |
City of Vernon |
$724,000 |
$721,000 |
0 % |
District of Coldstream |
$921,000 |
$902,000 |
-2 % |
City of Salmon Arm |
$656,000 |
$661,000 |
+1 % |
Township of Spallumcheen |
$616,000 |
$623,000 |
+1 % |
District of Sicamous |
$510,000 |
$503,000 |
-1 % |
Village of Lumby |
$560,000 |
$571,000 |
+2 % |
City of Kamloops |
$678,000 |
$693,000 |
+2 % |
District of Barriere |
$396,000 |
$403,000 |
+2 % |
District of Clearwater |
$400,000 |
$407,000 |
+2 % |
City of Merritt |
$438,000 |
$457,000 |
+4 % |
Village of Ashcroft |
$389,000 |
$416,000 |
+7 % |
Village of Cache Creek |
$321,000 |
$318,000 |
-1 % |
Village of Chase |
$492,000 |
$490,000 |
0 % |
Village of Clinton |
$223,000 |
$234,000 |
+5 % |
District of Logan Lake |
$437,000 |
$450,000 |
+3 % |
District of Lillooet |
$398,000 |
$394,000 |
-1 % |
Sun Peaks Mountain |
$1,457,000 |
$1,486,000 |
+2 % |
Village of Lytton |
$204,000 |
$233,000 |
+14 % |
*All data calculated based on median values. |
These examples demonstrate market trends for single-family residential properties by geographic area:*
KOOTENAY COLUMBIA COMMUNITIES:
Single Family Homes |
2024 Typical Assessed Value as of July 1, 2023 |
2025 Typical Assessed Value as of July 1, 2024 |
% Change |
City of Castlegar |
$490,000 |
$520,000 |
+6 % |
City of Cranbrook |
$468,000 |
$503,000 |
+7 % |
City of Fernie |
$847,000 |
$856,000 |
+1 % |
City of Grand Forks |
$408,000 |
$423,000 |
+4 % |
City of Greenwood |
$245,000 |
$249,000 |
+1 % |
City of Kimberley |
$498,000 |
$533,000 |
+7 % |
City of Nelson |
$669,000 |
$681,000 |
+2 % |
City of Revelstoke |
$839,000 |
$860,000 |
+3 % |
City of Rossland |
$616,000 |
$616,000 |
0 % |
City of Trail |
$352,000 |
$376,000 |
+7 % |
District of Elkford |
$350,000 |
$390,000 |
+11 % |
District of Invermere |
$645,000 |
$680,000 |
+5 % |
District of Sparwood |
$419,000 |
$419,000 |
0 % |
Town of Creston |
$418,000 |
$422,000 |
+1 % |
Town of Golden |
$590,000 |
$634,000 |
+7 % |
Village of Canal Flats |
$322,000 |
$326,000 |
+1 % |
Village of Fruitvale |
$445,000 |
$455,000 |
+2 % |
Village of Kaslo |
$483,000 |
$490,000 |
+1 % |
Village of Midway |
$329,000 |
$341,000 |
+4 % |
Village of Montrose |
$446,000 |
$451,000 |
+1 % |
Village of Nakusp |
$401,000 |
$419,000 |
+4 % |
Village of New Denver |
$386,000 |
$401,000 |
+4 % |
Village of Radium Hot |
$482,000 |
$488,000 |
+1 % |
Village of Salmo |
$373,000 |
$379,000 |
+2 % |
Village of Silverton |
$405,000 |
$429,000 |
+6 % |
Village of Slocan |
$423,000 |
$409,000 |
-3 % |
Village of Warfield |
$402,000 |
$408,000 |
+1 % |
*All data calculated based on median values. |
These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic area for select Southern Interior urban communities:*
Strata Homes (Condos/Townhouses) By Community |
2024 Typical Assessed Value as of July 1, 2023 |
2025 Typical Assessed Value as of July 1, 2024 |
% Change |
City of Kelowna |
$512,000 |
$493,000 |
-4 % |
City of West Kelowna |
$523,000 |
$538,000 |
+3 % |
City of Penticton |
$403,000 |
$405,000 |
0 % |
City of Vernon |
$401,000 |
$400,000 |
0 % |
City of Kamloops |
$398,000 |
$401,000 |
+1 % |
Sun Peaks Mountain Resort |
$764,000 |
$767,000 |
0 % |
City of Cranbrook |
$262,000 |
$270,000 |
+3 % |
City of Nelson |
$527,000 |
$562,000 |
+7 % |
*All data calculated based on median values. |
BC Assessment's website at bcassessment.ca includes more details about 2025 assessments, property information and trends such as lists of 2025's top valued residential properties across the province and an interactive map.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2025 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment account to check a property's 10-year value history, store/access favourites, create comparisons, and monitor neighbourhood sales.
"Property owners can find valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2024 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Warkentin.
"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel," adds Warkentin.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," explains Warkentin. "As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."
Have questions?
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.
MEDIA
BACKGROUNDER
January 2, 2025
Facts on B.C. Property Assessments
- Total number of British Columbia properties assessed in 2025 is 2,207,009, an almost one percent increase from 2024.
- Total value of British Columbia real estate in 2025 is about $2.83 trillion, an increase of about 1.5 percent from 2024.
- Total amount of British Columbia non-market change for 2025, including new construction, rezonings and subdivisions is approximately $38.3 billion, a decrease of over 3 percent from 2024's $39.6 billion.
- In B.C., approximately 88.5 percent of all properties are classified with some residential (Class 1) component.
- Over 98 percent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
- Assessments are the estimate of a property's market value as of July 1, 2024 and physical condition as of October 31, 2024. This common valuation date ensures there is an equitable property assessment base for property taxation.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
- Real estate sales determine a property's value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
- Our property assessments provide the foundation for local and provincial taxing authorities to raise over $10 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
- BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and try our Assessment Search tool.
- For more information on property assessments, real estate market trends, and lists of the province's top valued residential properties, please visit bcassessment.ca and click on the Property Information & Trends link.
SOURCE BC Assessment
Media contact: Boris Warkentin, Southern Interior Deputy Assessor, BC Assessment, Tel. 1.866.825.8322 Ext. 19254 / Cell: 1-250-718-6280, Email: [email protected]; Additional contacts: Tracy Shymko, Deputy Assessor (Kamloops Area Communities), BC Assessment, Tel. 1.866.825.8322 Ext. 23231/ Cell: 1-250-371-7808, Email: [email protected]; Sharlynn Hill, Deputy Assessor (Kootenay Columbia Communities), BC Assessment, Tel. 1.866.825.8322 Ext. 22232 / Cell 1-250-420-7278, Email: [email protected]
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