The assessed value of single-family homes in Sun Peaks rose more than any other community in British Columbia last year, according to new data from BC Assessment.
The provincial Crown corporation released data showing assessment trends across B.C.’s five regions on Tuesday, Jan. 3, tracking value changes from July 1, 2021, to July 1, 2022. Municipalities use this data to determine property taxes for individual properties.
In Sun Peaks, the average assessed value of a single-family home rose by 44 per cent. The average assessed property value is around $1.6 million.
Nearby municipality Clinton ranked second with a 41 per cent increase, while the average assessed value of a single-value home in Kamloops rose by 11 per cent.
BC Assessment also provided average increases for strata properties like condos. Sun Peaks only saw an increase of 11 per cent, with the average condo or townhouse assessed at $758,000.
Tax impact varies
Tracy Shymko, a BC Assessment deputy assessor for the Thompson Okanagan region, told SPIN the village’s strong market growth over the past year contributed to the rise in assessed values.
“We did see a very strong market in Sun Peaks,” she said. “There were well over 20 sales of residential properties.”
Shymko explained that Sun Peaks’ assessed value increase doesn’t mean there’ll be a similar rise in property taxes.
“Tax shifts based on the average residential property assessment,” she said. “Municipalities will take the average increase … taxes go up if you’re above the average.”
In Sun Peaks, that means properties valued at $1.6 million or more will likely see a tax increase in 2023. Owners can expect to receive their property assessments as early as Jan. 3 and can search for their address on the BC Assessment website.
In its press release, BC Assessment also advised homeowners that because the housing market has fluctuated since July 1, 2022, the assessed value of a property may not match its current market value.
Priciest home passes $5M
Although Sun Peaks didn’t grace the list of the 100 most expensive properties in the Thompson Okanagan region, the municipality’s priciest addresses are still pretty impressive.
According to data provided to SPIN by BC Assessment, the Sun Peaks property with the highest taxable value was 4137 Douglas Crt., assessed at $5.2 million. In Kamloops, the highest assessed property only had a value of around $3 million.
Shymko said compared to other B.C. destinations like Whistler (where one property was assessed at $32.9 million), Sun Peaks still offers competitive prices on luxury homes.
“Sun Peaks is really a destination that’s getting on the map,” she said. “For luxury vacation homes, [properties] are still affordable.”