Top 10 Communities: Residential Property Assessments Jump

A total of almost $460 million of the region's updated assessments is from new construction, subdivisions and rezoning

This typical Revelstoke heritage home is listed by Remax at $369,000, assessment values in Revelstoke went up 21% last year.

This typical Revelstoke heritage home is listed by Remax at $369,000, assessment values in Revelstoke went up 21% last year. — Photo courtesy Remax Revelstoke

Overall, the Kootenay Columbia region's total assessments increased from $38.6 billion in 2017 to $40.87 billion this year. A total of almost $460 million of the region's updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment's Kootenay Columbia region covers the southeast portion of the province from Fernie to Grand Forks and from Revelstoke to Cranbrook.

The summary below provides estimates of average 2017 versus 2018 assessed values of residential homes throughout the region. These examples demonstrate market trends for single-family residential properties by geographic area.

Here is a list of the Top 10 Communities ranked by percentage (%) increase in assessed value: 

Community                2017 Assessment      2018 Assessment      % Change

City of Revelstoke          $360K                          $436K                      +21%

Village of Fruitvale         $221K                          $259K                     +17.2%

Village of Midway           $183K                          $209K                     +14.2%

City of Rossland             $271K                          $303K                     +11.8%

Town of Golden              $302K                          $335K                    +10.9%

City of Grand Forks        $213K                          $234K                     +9.9%

City of Nelson                 $378K                          $413K                     +9.3%

City of Trail                     $179K                          $195K                     +8.9%

Village of Radium Hot Springs     $311K             $337K                      +8.4%

Town of Creston             $232K                           $250K                     +7.8%

"The majority of residential home owners within the region can expect an increase compared to last year's assessment," says Deputy Assessor Ramaish Shah. "Some markets have moved more than others. Revelstoke, for instance, has seen strong demand for housing over the past year. Some areas have seen a decrease in demand as well, and this is reflected in the current assessed values."

During the month of January, office hours (Nelson and Cranbrook) are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca

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