With the exception of Cache Creek, Chase, and Lillooet, the majority of property owners in Kamloops and the surrounding area can expect to see their 2025 assessments increase by between two and 14 per cent over last year, according to the BC Assessment Authority, which released its latest housing assessment figures on Dec. 31.
Values remain generally flat across the province compared to the previous year, with BC Assessment noting that prices only fluctuated within a range of plus or minus three per cent in most communities, including major urban areas such as Vancouver, Victoria, and Kelowna.
Average residential prices in Vancouver were down 0.8 per cent, and the only Lower Mainland communities where the values of single family homes rose by more than three per cent were Burnaby and Pemberton. Average residential valuations dropped by two per cent in Victoria, and 2.9 per cent in Kelowna.
“For 2025, most homeowners can expect generally flat property assessment value changes in the -5% to +5% range for many Thompson Okanagan communities,” said Deputy Assessor Boris Warkentin in a statement. “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 www.bcassessment.ca, using our online property search service."
In Kamloops the typical assessed value of the average single family home is $693,000, up two per cent from $678,000 last year.
In Ashcroft, the assessed value of an average single family home is $416,000, up seven per cent from $389,000 last year. Clinton saw a five per cent increase from last year (from $223,000 to $234,000), while Cache Creek saw a one per cent decline, from $321,000 to $318,000.
The most expensive properties in the region continue to be in Sun Peaks, where the average assessed value is $1,486,000. That's a two per cent increase over last year, when the average value was $1,457,000.
The only community in the region that saw a major increase in the typical assessed value was Lytton, which increased by 14 per cent, from $204,000 to $233,000. Last year saw an increase of 26 per cent in assessed value, which BC Assessment noted was due to market activity recovering in the community, which suffered a devastating fire in June 2021 that destroyed 90 per cent of the downtown core.
The 2025 assessments reflect market value as of July 1, 2024, showing what your home could have sold for then, and might not necessarily reflect the real estate market as of January 2025. 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.
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 www.bcassessment.ca and use “Find your property assessment”. You can enter your property address to look at your own assessment, and also click on neighbouring properties to see assessed values on your street or in your area or town.
Homeowners have until Jan. 31 to appeal their 2025 assessment notice. BC Assessment’s website includes more details about 2025 assessments, as well as answers to many assessment-related questions. Those who feel that their property assessment does not reflect market value as of July 1, 2024, or who see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January.
If a property owner is still concerned about their assessment after speaking to an appraiser, they can submit a Notice of Complaint (Appeal) by Jan. 31, 2025 for a review by a Property Assessment Review Panel. These panels, which are independent of BC Assessment, are appointed annually by the provincial government, and typically meet between Feb. 1 and March 15 to hear formal complaints.
In addition to the website, property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322). During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.
On its website, and on the property assessment notices themselves, BC Assessment tries to educate people about the correlation between their property assessment and the actual taxes they pay, noting that an assessment increase or decrease does not mean taxes will necessarily go up or down by a corresponding figure. Instead, how your individual assessment changes relative to the average change in your community is what may affect your property taxes. Taxes are typically only affected if a property is above or below the average value change for your community.
