Okanagan becoming ‘Canada’s California’
Wency Leung
Sun
Property values in Vernon and the city’s outlying areas jumped more than 30 per cent last year, rising faster than any other jurisdiction in the province, according to BC Assessment figures released on Tuesday.
The total value of the Vernon assessment area, which includes communities surrounding the city, reached $21.3 billion for 2007, up 30.2 per cent from the previous year.
That compared with B.C.’s overall assessment roll, which rose 23 per cent from a year ago.
BC Assessment’s 2007 figures are based on property values as of July 1, 2006.
For the city of Vernon alone, the assessment of all property classes was valued at $5.75 billion, an increase of 32.5 per cent from a year ago.
In Kelowna, property values also showed robust growth, as the overall assessment roll jumped nearly 27 per cent to $30.2 billion.
“There are a strong number of Albertans coming to Okanagan for residential properties, but there’s an international market there as well,” said Jim Inverarity, Okanagan area assessor for BC Assessment.
Inverarity said waterfront land in the Okanagan rose in value by 35 to 50 per cent last year.
“That’s the third year in a row that’s happened,” he said.
A single family waterfront home in Kelowna that would have been assessed at $1.7 million in 2005 was valued at $2.3 million last year.
The value of commercial property, which showed modest growth of 10 per cent or less in previous years, has begun to catch up, rising by 25 to 35 per cent last year, he added.
Vernon-based realtor Dawn Taylor said waterfront land in Vernon that was worth $10 per square foot some 40 years ago is now worth around $10,000 per square foot as a growing number of Albertans are looking for second homes across the provincial border.
“I kind of think of the Okanagan as Canada’s California,” Taylor said.
She said she was surprised at the number of offers she received last summer when one of her clients put his estate for sale at $2.2 million.
“I’d say in one day, we got seven offers on that,” she said.
Other areas in the B.C. Interior also saw strong increases in assessment values.
Prince George’s assessment roll increased to $5.51 billion, up 21.9 per cent from a year ago.
Kamloops’ assessment roll rose 23.7 per cent to almost $9.4 billion, while Cranbrook’s was up 27.6 per cent at $1.85 billion.
© The Vancouver Sun 2007