Average single family homes in Kamloops see 27 per cent assessment growth, Merritt may need to be reassessed

KAMLOOPS — 2021 was another hot year for the Thompson Okanagan real estate market.

Nearly every city saw property assessments increase between 20 and 35 per cent – including Kamloops.

“The province saw increases across the board,” Thompson Okanagan Deputy Assessor Tracy Shymko explains. “Kamloops was pretty typical at that 20 to 30 per cent. In our region we did see some areas that did see that 30 to 35 per cent increase. Places like Barriere, Chase, Clearwater were all in that range, so a little bit higher than Kamloops.”

Single family homes in Kamloops grew by an average of 27 per cent (from $488,000 to $619,000) while strata properties such as townhouses and condos rose by 19 per cent (from $285,000 to $346,000). Shymko says there also didn’t appear to be any one neighbourhood that saw notable increases compared to others.

“This year it was pretty stable from community to community. So if you were in Valleyview or Westsyde or Dallas, the increases were very, very similar,” she says.

Assessments are the estimate of a property’s market value as of July 1 and physical condition as of Oct. 31. For properties in Lytton, Spences Bridge, Merritt, and others damaged by summer wildfires and November flooding, their assessments may need to be adjusted.

“Lytton would be based on the condition as of Oct. 31, so if they had fire damage or substantial fire damage as of Oct. 31, their assessment would reflect that,” Shymko notes. “But with Merritt and Princeton, and in between Spences Bridge where much of the flooding was, that (assessment) was Oct. 31 and the floods happened Nov.15, so they would be getting an assessment notice pre-damage.”

People with destroyed or damaged properties are asked to contact BC Assessment by the end of January to make sure their assessments are accurate.

“We really want to connect with those people and make sure that we can help them if at all possible.”

Assessments in Merritt are up 29% from 2021 levels, with the average single family home now valued at $418,000 up from 323,000.

To dispute an assessment value, or update property information, BC Assessment can be reached at 1-866-825-8322.

Single family home assessments for the Thompson Okanagan region.