The assessed value of single-family homes in Sun Peaks fell by 12 per cent, according to data released by BC Assessment on Jan. 2.
BC Assessment is a crown corporation that tracks trends in the assessed value of properties throughout the province, comparing valuations from July 1, 2022 to July 1, 2023. Municipalities use the data to determine property taxes.
The decrease is the biggest for all properties in the Thompson Okanagan. The average single-family home’s assessed value for 2024 is $1.4 million, down from the $1.6 million in 2023. Last year, single-family homes in Sun Peaks saw the province’s most significant jump in assessed value, rising by 44 per cent.
Tracy Shymko is the deputy assessor for Kamloops and Thompson area communities, and she attributed the change to cooling real estate sales with higher interest rates.
“Some of the resort municipalities did see a higher decrease than others,” Shymko explained. “When interest rates go up, and the market cools, those are typically the first types of properties that react to that as property owners aren’t looking for secondary dwellings.”
Property value assessments are based on current sales in the area and other factors like property size, age and location.
BC Assessment provided data to SPIN showing the property with the highest taxable value for this year goes to 4121 Sundance Dr., coming in at $4.7 million. Last year’s highest-valued home was $5.2 million.
While the assessed value of single-family dwellings decreased, the assessed value of strata condos and townhomes in Sun Peaks rose slightly – by one per cent. Last year’s typical assessed value was $758,000 and in 2024 the typical value is $764,000.
Condo stratas tend to respond differently than single-family dwellings because they are more affordable for purchasers, Shymko said.
“Condo units are still quite achievable to purchase for families and people looking to get into the market.”
The tiny increase was “surprising” Shymko noted, because the strata market in Sun Peaks has been aggressively increasing over the last few years.
Shymko said she didn’t have data to attribute the decline in property values in Sun Peaks to the underused housing tax or the foreign buyers ban, two pieces of federal legislation impacting real estate.
Anyone who wants to dispute their assessment has until Jan. 31 to appeal.
What did you think of this story?
Sun Peaks Independent News is your essential source for community news in Sun Peaks. Your feedback after we publish a story helps ensure we're always improving our reporting to better serve you.
