Homeowners in the city of Kamloops could see up to a 10 per cent increase in property values next year.

That’s according to preliminary data from BC Assessment, which notes that condo owners could see anywhere from a 5 per cent drop to a 15 per cent increase in value.

Property Assessor Tina Ireland says the numbers show signs of a moderating housing market across the province.

“In the Lower Mainland for instance, we are seeing the values of single family homes and strata properties go down, but when you move away from the Lower Mainland things change,” she said on NL Newsday. “On the Island for instance, in the Victoria market you are seeing decreases but as you move up island, you are seeing increases.”

“In the Thompson-Okanagan, the market is stable again, so it’s down slightly about 5 per cent upwards to 10 per cent.”

Ireland says they don’t focus too much on the reasons for the changes in assessments from year to year.

“I mean there are so many different reasons for why a certain person or a vendors pay a price or sell for a particular price,” she noted. “It’s quite complicated, there’s lots of different variables, so we don’t really get too involved with the why, we just reflect what’s happening in the market.”

She pointed out that BC Assessment calculates property assessments based on July 1 of the previous year to ensure fairness.

“When properties similar to your property are sold around July 1, those sales prices are used to calculate your assessed value,” she added. “Our job is to make sure your assessment is fair and accurate as compared to your neighbours.”

Finalized assessments – which will be used to determine property taxes – will be released on January 2nd, along with a number of resources for property owners that will be available online.